Your Compliance Management System (CMS) is what we like to refer to as your “house of compliance”. Culture is the foundation. It’s what everything is built upon. Then we have several pillars that are necessary to support the roof. These include your risk assessment, policies and procedures, training, audits and monitoring, complaint management, and reporting. The roof, board and management oversight, are those tasked with ensuring everything is running as it should…or that your “house” is in order. What a lot of institutions forget is that your CMS isn’t something you can get in place and then forget. It constantly needs work, for example, as new risks arise, new regulatory requirements come out, an unsatisfactory exam, etc. Institutions have to be ready, willing and able to adjust as needed.
David explains more in the video.
Published
2025/02/28