There is now an increased expectation from federal regulators and state regulators for credit unions to have a strong compliance management system (CMS) in place. Not only that, but you are expected to know the “ins and outs” of the system they have in place. By attending this eSchool,...
There is now an increased expectation from federal regulators and state regulators for credit unions to have a strong compliance management system (CMS) in place. Not only that, but you are expected to know the “ins and outs” of the system they have in place. By attending this eSchool, participants will answer:
- What is CMS?
- Why is it important?
- How do I audit my CMS?
Compliance Management Systems – A Regulatory Perspective
Speakers: Whitney Nicholas & Patricia O'Connell
Consumer Financial Protection Bureau (CFPB) expects every regulated entity under its supervision and enforcement authority to have an effective compliance management system…but how exactly are credit unions supposed to implement and manage the CMS to be in compliance? In this 60-minute informative session, we will walk through the existing agency guidance and requirements and discuss the impact these requirements have on credit unions.
The Bureau has provided CMS-specific procedures within the Supervision and Examination Manual which can be used by an entity to self-assess the effectiveness of its CMS, and focuses on the two interdependent control components that are essential for an effective CMS: (i)” Board and Management Oversight”; and (ii) a “Compliance Program”. This program includes policies and procedures, training, monitoring and/or auditing and consumer complaint response processes.
Additionally, this session will also cover common CMS exam findings and discuss NCUA’s approach to Compliance Management.
In this session you'll:
- Understand the federal regulatory requirements and the impacts on your credit union’s compliance management program
- Explore the two interdependent control components essential for an effective compliance management system
- Review common CMS exam findings and learn more about NCUA’s approach to compliance management
Compliance Auditing – How is Your CMS Performing?
Speaker: Stephanie Cartwright
Building an effective compliance audit is a necessary safeguard to keep your credit union out of compliance trouble and to meet examiner expectations. Audit programs designed to ask the tough questions, communicate results with management and ensure remediation are the best defense against non-compliance penalties.
In this session you’ll:
- Review key components of an effective compliance audit
- Understand the scope of your compliance plan
- Receive an audit checklist designed to cover the regulatory requirements
- Learn best practices in reporting and setting workpaper standards from a credit union compliance expert
Using RegTech to Manage Your Compliance Management System
Speaker: Tracy Blaske
Technology can ease the burden of managing the credit union’s compliance management system by providing a systematic method of executing the program and implementing changes when regulations change. Directed workflows ensure nothing falls through the cracks, task management incorporates compliance responsibilities into the process and real time monitoring drives accountability. Compliance planning helps ensure corrective actions are addressed and integrated within the credit unions policies, processes and procedures.
In this session you'll:
- Learn how compliance management technology supports board & management oversight
- Discover the power of mapping policies and procedures directly to your compliance program
- Explore tools to drive compliance testing, staff training and policy/document management
- Understand the cost-free functionality your credit union can take advantage of to help you implement regulatory change
Recorded eSchool length: 3 hours