Once you’ve determined that you need to undergo a CFPB audit, conducting a risk assessment enables you to find and address gaps before the audit begins. In this webinar, hear from speakers Todd Stephenson and Jessie Skibbe on how you can make a risk assessment work for you.
What is a Risk Assessment and Why Should I Care?
A risk assessment is a systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking. It involves evaluating operational, compliance, and reputational risks. Aside from being mandated by the CFPB, risk assessments help you:
- Maintain revenue and business operations
- Ensure future growth and opportunities
- Avoid costly lawsuits and fines
Risk assessments also help to instill confidence, develop a clear direction, and reduce costs for your organization. However, in order to reap these benefits, you’ll need to begin your risk assessment by:
- Identifying and understanding the federal, state, and local laws that are applicable to your organization. It is essential that you have a clear understanding of the laws that regulate your organization’s collection practices
- Staying up-to-date on consent orders and recent litigation
- Determining the most likely way of a violation of those laws will occur
- Establishing policies and procedures
- Documenting all remediation actions need and any changes as a result of the risk assessment
Listen to the full webinar to learn more about how you can make risk assessments work for your organization. For more information on how KirkpatrickPrice can help you conduct your risk assessment, contact us today!
When you begin preparing for your CFPB examination, it is critical that you develop and implement an internal audit process to provide an independent, objective evaluation the operational effectiveness of your organizational controls. In this webinar, Information Security Specialists at KirkpatrickPrice will review how to develop an internal audit process for your organization and why it is essential for CFPB compliance.
Why Should I Have an Internal Audit Process?
According to the CFPB, “An effective compliance management system commonly has four interdependent control components: board and management oversight, compliance program, response to consumer complaints, and compliance audit. When all of these four control components are strong and well-coordinated, a supervised entity should be successful at managing its compliance responsibilities and risks.”
How Do I Develop an Internal Audit Process?
To develop your internal audit process, you can begin by doing the following:
- Establishing authority for an internal audit process to operate: Your organization’s leadership, such as the Board of Directors or an owner, must give authorization and support for the policy.
- Creating a reporting structure: You will need to identify independence, daily operational reporting, and audit deliverable reporting.
- Determining the scope of the internal audit goals, deliverables, and objectives: Choose control frameworks and audit cycles.
- Gathering internal audit staffing: Select staff based on professional competencies, develop internal audit performance metrics, and establish internal audit compensation schedules.
- Developing an internal audit operational work process: Determine the documented frameworks needed, the audit plans to support those frameworks, the audit work paper requirements, and the data security and retention of audit work paper. You should also report the findings and recommendations, as well as the corrective action recommendations.
- Using an internal audit program evaluation and updating accordingly: Analyze your program to see if it provides an independent objective evaluation of the operational effectiveness of organizational controls; if it includes findings, recommendations, and corrective action reporting in a timely manner; and if it requires that the current business model/cycle be updated.
To learn more about how to develop an internal audit process to prepare for a CFPB examination, download the full webinar. For more information about CFPB compliance, contact us today.
Are you in the process of developing procedures for your organization? Are you unsure about what needs to be included in your company’s procedures? In this webinar, you’ll hear from Joseph Kirkpatrick, President of KirkpatrickPrice, as he provides an overview of the importance of establishing procedures for your organization and how to go about doing so in the most efficient way.
What are Procedures?
Often policies and procedures are mistaken as synonymous terms, but they mean different things. Where policies serve to define rules, guide employee decision making, are incorporated in the risk management process, and require enforcement, procedures are process or task instructions on how policy is followed, and they also communicate the responsibility for tasks or processes. When drafting procedures, they should include:
- Procedure reference
- Records of audit, change, and review
- Effective date
Having established procedures is crucial for all organizations in their attempt to meet their compliance objectives. Procedures help ensure that policies are implemented correctly and efficiently, thus assisting your organization in maintaining compliance.
What Do I Begin Drafting Procedures?
When you begin drafting your organization’s procedures, start at a high level and become more specific. For example:
- Step 1: Define the scope of your procedure, including a start and end point
- Step 2: Consider all possibilities and decision points
- Step 3: Interview the responsible parties
- Step 4: Utilize flow charts and checklists
These procedures should be written in a clear, concise format that utilizes active voice in the present tense. By organizing your procedures in a way that is easy to navigate, understand, and implement, your employees will be more likely to comply with them.
To learn more about procedure drafting, including what to do after you have drafted procedures and examples of effective procedures, download the full webinar. For more information about procedure development, contact us today.
Are you in the process of developing policies for your organization? Are you unsure about what needs to be included in your company’s policies? In this webinar, you’ll hear from Mike Haubenstock, Vice President and Chief Risk and Compliance Officer for Encore Capital, as he provides an overview of the importance of establishing policies for your organization and how to go about doing so in the most efficient way.
What Are Policies?
Often policies, procedures, and guidelines are mistaken as synonymous terms, but they mean different things. Procedures are instructions on how to execute a task or a process, whereas guidelines are best practices. When drafting policies for your organization, then, they are:
- What employees must do or not do
- Directives, limits, principles, and related rules
- Guides for employee decision making and actions
- Risk management processes
- Legal or regulatory requirements and our interpretation of them
- Mandatory rules that are enforced
Having established policies is crucial for all organizations in their attempt to meet their compliance objectives. Policies help define rules, control risk, create a common understanding and language, assist in training employees, and most importantly, help ensure compliance.
What Do I Include When Drafting a Policy?
When you begin drafting your organization’s policies, they should include:
- Acceptable versus unacceptable behavior
- Risk appetite or limits
- Approval authorities
- Exceptions and required authorization
- Consequences for non-compliance
- Roles and responsibilities
These policies should be written in a clear, concise format that utilizes active voice in the present tense. By organizing your policies in a way that is easy to navigate, understand, and implement, your employees will be more likely to comply with them.
To learn more about policy drafting, including what not to include in policies, how not to write policies, and examples of effective policies, download the full webinar. For more information about policy development, contact us today.
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