RM principles should guide compliance management system development

An effective compliance management system allows organizations to pinpoint where legal and regulatory risks are…

greatest. This knowledge helps the institution direct its limited compliance resources to where they will have the most impact and helps make informed decisions regarding which business activities should be expanded, contracted or terminated.

The Consumer Financial Protection Bureau (CFPB) has generated acute awareness of the term compliance management system (CMS) since it started issuing its highly publicized consent orders in 2011. In these orders, the CFPB has invariably cited “significant weaknesses” in the subject party’s CMS, along with violations of specific federal consumer financial laws. The CFPB’s ubiquitous citing…

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