Assessment & Execution of Compliance Management System
Wanting to be proactive and worried about the state of CFPB exam readiness and its CMS, a national depository institution desired to assess, design and build a compliance infrastructure two to three years ahead of being supervised by the CFPB.
Performed CMS environment assessment, identifying need to establish and implement consumer protection policies and enterprise-wide operating procedures to include regulatory requirements and associated activities and controls.
Board, supervisory committee and business line leadership confidence that the organization will be CFPB “exam ready” and will appropriately leverage policies and operating procedures to provide day-to-day structure and discipline.
The client is one of the nation’s larger depository institutions, and needed assistance developing a robust compliance environment across all three lines of defense. A multi-year plan has been developed, the first phase relates to policy and procedure refinement, creation and development.
Bridgeforce deployed regulatory compliance expertise across all consumer banking areas to design, guide, direct and execute a robust enterprise-wide infrastructure and program.
Specifically, Bridgeforce was engaged to:
- Perform end-to-end assessments of existing policies and procedures
- Create policies for board approval and operating procedures for executive management approval
- Create and implement operating procedure change control process
- Identify process improvement opportunities, both regulatory and operational, for prioritized pursuit
- Develop and execute subsequent engagement phases, including assessment and augmentation of additional CFPB pillars and subcomponents