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Implementing Compliance Management Systems that Work for your Organization

At the Financial Services Collections and Operational Risk Conference, Bridgeforce presented to executives involved in credit, collections and operational risk from all facets of financial services – covering the need for a comprehensive Compliance Management System (CMS). Bridgeforce shared insights on CFPB Compliance Exam readiness that provided the audience with actionable takeaways to enhance their compliance programs.

The Consumer Financial Protection Bureau (CFPB) has made the need for a comprehensive CMS very clear, but provided flexibility regarding the details of implementation for each institution. This presentation addresses the considerations for the assessment, design, and deployment of such systems.

Within this presentation, Bridgeforce shares key themes for control components within a successful Compliance Management System:

  1. Board of Directors and Management Oversight
  2. Compliance Program
  3. Consumer Complaint Management Program
  4. Independent Compliance Audit

These key themes are outlined in the presentation material along with ways to transform theory into action by diving into the 1st Line of Defense control framework, which serves as a guide and framework for implementing an effective CMS.

Note: This presentation was also provided at CBA Live.

Category: Compliance