Compliance requirements as a result of new regulations have increased and are poised to become even more complex and burdensome in the near future. The Consumer Financial Protection Bureau (CFPB), for example, expects every entity it supervises to have an effective Compliance Management System (CMS) in place. A CMS is how a supervised entity performs the following:
- Establishes compliance responsibilities;
- Communicates those responsibilities to employees;
- Ensures responsibilities for meeting legal requirements and internal policies are incorporated into business process;
- Reviews operations to ensure responsibilities are carried out and legal requirements are met;
- Implements corrective actions to address identified deficiencies; and
- Updates tools, systems, and materials as necessary.
An effective CMS is comprised of the following three interdependent elements:
- Board and management oversight;
- Compliance program; and
- Compliance audit.
At CompVisory, our professionals are ready to assist you with developing an effective compliance program. We offer our clients cost effective solutions to their compliance, audit, and special projects challenges including assisting with developing an effective CMS. We offer a comprehensive package that provides our clients with longterm solutions to the root cause or causes of their challenges so they can face the influx of new regulations confidently.
The professionals at CompVisory are certified public accountants, certified internal auditors, certified information systems auditors, and attorneys. They are problem solvers trained to provide comprehensive solutions that you can deploy seamlessly. Our professionals can assist you with developing your CMS or can operate as your external compliance team.