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Compliance Management System Essentials

Today’s financial institutions must have sound compliance management systems (CMS). From making sure everyone is following policies and procedures to training staff to tracking, understanding, and implementing new regulations and predicting the impact of proposed rules, it’s a never-ending exercise in organization and education. This program provides a practical, risk-based review of the basic requirements of a CMS.

OnDemand
Recorded Monday,
July 15th, 2024
Presented by Kimberly Boatwright
1h 30m total length
2 CRCM Credits
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • BSA
  • CRA Compliance
  • Deposit Compliance
  • General Compliance
  • Lending Compliance
  • Risk Management/Legal
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Board Member
  • Community Reinvestment Act Officer
  • Compliance Officer
  • Internal Auditor

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Federal regulators require financial institutions to have a CMS. While each agency has its own definition of a CMS, it all boils down to one simple concept: how a financial institution manages consumer compliance risk. All regulators expect it.

A CMS is how an institution:

  • Learns about its compliance responsibilities
  • Ensures that employees understand these responsibilities
  • Ensures that requirements are incorporated into business processes
  • Reviews operations to ensure responsibilities are carried out and requirements are met
  • Takes corrective action and updates materials as necessary

In addition, it helps manage risk! A CMS helps manage risks associated with:

  • Changing product and service offerings
  • New legislation enacted to address developments in the marketplace
  • Noncompliance with consumer protection laws may result in: litigation, monetary penalties, and other formal enforcement actions

What You'll Learn

  • A review of the basic requirements of a CMS and tailoring them to your financial institution.
  • How changing regulatory requirements pose a risk if not tracked and managed properly.
  • Breaking down institutional silos to build and maintain a better CMS.
  • Reviewing, testing, and monitoring operations to ensure requirements are working as intended.
  • Training business units.
  • Correcting and preventing consumer harm.

Who Should Attend

This session is designed for anyone who needs a better understanding of a strong CMS. It may be particularly beneficial for new compliance officers, as well as those working in compliance, risk, auditing, and management.

Kimberly Boatwright

Instructor Bio

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC, and has more than two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC, and consumer compliance. During her career, she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.

Continuing Education Credit Information

Compliance Management System Essentials has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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