A solid foundation is the most important part of a house—and the same is true for compliance management systems.
However, it can be difficult to ensure that a bank’s compliance system is stable and reliable. There are many new regulations out there, and more are coming in August 2015. These regulations will require more than the proverbial paint job or new windows—most likely, they will require a complete renovation.
Four Foundational Elements of a Good Banking Compliance System:
According to this article in Mortgage Compliance Magazine four elements are necessary in a Compliance Management System (CMS) to satisfy regulators:
1) Board and management oversight
2) Compliance program (with training)
3) Response to consumer complaints and
4) Compliance audit
One of the benefits of having a good compliance foundation is an increase in customer satisfaction, because the focus is on protecting the consumer.
However, if your compliance house isn’t “built on the rock” so to speak, hefty fees could be levied against your company.
How is your financial institution taking action to ensure compliance? ATS Secured believes that we need to build this house together. Want to make your mortgage process easier and more accurate? Contact ATS Secured today.