This website uses cookies

This website uses cookies to ensure you get the best experience. By using our website, you agree to our Privacy Policy

International In-house Counsel Journal logoInternational In-house Counsel Journal logo

Why it's Important to Have an Effective Compliance Management System in Place

Abstract

Never before has regulatory compliance been a more important part of your business. Since the financial crisis of 2008, regulations like the Dodd-Frank Act have not only raised the compliance bar for lending organizations; they have made lenders materially responsible for compliance of their suppliers. The Consumer Financial Protection Bureau (CFPB), established to regulate financial institutions, has defined what it considers best compliance practices. It has released a long list of publications on compliance and risk, and how they should be managed effectively by today’s lending organizations. When their auditors pay you a visit, they will be looking for systematic and effective compliance framework within your organization. Although these guidelines refer to a “Compliance Management System (CMS),” they are vague as to what it should look like. In most organizations, the CMS is a combination of people, technology, and workflow. Whatever the configuration, guidelines are clear on what the product needs to be: rigorous and visible compliance with financial industry regulations.

Read Paper

Author

Company

United Lender Services logo

United Lender Services

United Lender Services, a USAA Company is a national title agency and appraisal management company. It provides title and real estate valuation services to the USAA membership and other lending institutions across the country.

Related Papers

UK Economic Crime and Corporate Transparency Act 2023 - Failure to prevent fraud: Storm in a tea cup?
The Failure to Prevent Fraud offence contained within the UK Economic Crime and Corporate Transparency Act 2023 (ECCTA) finally comes into effect on 1 September 2025 following the release of...Read more
Portrait image of Steve Holt
Steve Holt
Partner, Grant Thornton UK, UK
Portrait image of Oishi Ghosh
Oishi Ghosh
Forensic Investigation Services Manager, Grant Thornton UK, UK
Portrait image of Ollie Haselden
Ollie Haselden
Assistant Manager within the Forensics and Investigations department, Grant Thornton UK, UK
On A Strategic Management Approach to the New EU Risk-Based Compliance Regulations
CEOs cite the rise of disruptive digital technologies at the top of the list of trends that have had the greatest impact on how they are now leading their organisations....Read more
Portrait image of Constance E. Bagley
Constance E. Bagley
CEO, Founder, and General Counsel, Bagley Strategic Advisors LLC, USA
Portrait image of Andrej Savin
Andrej Savin
Professor, CBS LAW, Copenhagen Business School, Denmark
The Path to Compliance Success
Suddenly your ever growing portfolio of responsibilities includes ethics and compliance. How should you look at the existing program or start to build a program? What does success look like?...Read more
Portrait image of Michael Fawlk
Michael Fawlk
Founder & CEO, Exemplify Consulting LLC, Switzerland
Portrait image of Lorena Cobiella
Lorena Cobiella
Senior Consultant, Exemplify Consulting LLC, Switzerland
Formulating a Whistleblowing Policy and it's Implementation
In line with best international governance practices, all enterprises, throughout the world, would like to put in place a system through which employees and its business associates may report unethical...Read more
Portrait image of Bala Balakrishnan
Bala Balakrishnan
In-House Counsel, Symbiosis Institute of Business Management, India