A sound CMS provides a never-ending exercise in organization and education. Federal regulators require financial institutions to have a CMS. While each agency has its own definition of a CMS, it all boils down to one simple concept: how a financial institution manages consumer compliance risk. All regulators expect it.

A CMS is how an institution:

• Learns about its compliance responsibilities
  
• Ensures that employees understand these responsibilities
  
• Ensures that requirements are incorporated into business processes
  
• Reviews operations to ensure responsibilities are carried out and requirements are met
  
• Takes corrective action and updates materials as necessary

In addition, a CMS helps manage risks associated with:

• Changing product and service offerings
  
• New legislation enacted to address developments in the marketplace
  
• Noncompliance with consumer protection laws may result in litigation, monetary penalties, and other formal enforcement actions.

What You'll Learn:

• A review of the basic requirements of a CMS and tailoring them to your financial institution
  
• How changing regulatory requirements pose a risk if not tracked and managed properly
  
• Breaking down institutional silos to build and maintain a better CMS
  
• Reviewing, testing, and monitoring operations to ensure requirements are working as intended
  
• Training business units
  
• Correcting and preventing consumer harm