Will your CMS stand up to regulator scrutiny?
November 1, 2016 2:00 - 3:00pm (ET) / 11:00am - 12:00am (PT)
In May, the FFIEC proposed changes to the agencies’ 40-year old Consumer Compliance Rating System. Rather than assigning ratings based strictly on technical compliance, examiners will be focusing on your Compliance Management System (CMS), with emphasis on:
- Board and management oversight;
- Regulatory change management processes;
- Effectiveness of policies and procedures (including compliance monitoring) in identifying and controlling risk;
- Whether problems are self-identified and promptly corrected; and
- Cause, severity and duration of any violations and the impact on consumers.