Chief Compliance Officer Series: Creating a Culture of Compliance

A Culture of Compliance

Are you curious about the steps you can take to create a positive culture of compliance within your organization? Are you looking for tips on how to create incentive programs, overcome bad habits, and eliminate negative behavior? Are you interested in learning about ways to communicate risk in order to change the direction of your management? This webinar will provide an overview of the ways in which you can create and implement a culture of compliance in your organization as a Chief Compliance Officer.

What is the Role of the Chief Compliance Officer?

As a Chief Compliance Officer, you should…

  • Maintain the authority to lead a compliance program independent from business units
  • Have strong leadership and communication skills
  • Be qualified and experienced
  • Administer the Compliance Management System (CMS)
  • Understand the requirements associated with the role
  • Identify and educate yourself on associated business risks
  • Ask the Board of Directors/Executive Management for their support
  • Involve management in the risk assessment process

What Makes an Effective Chief Compliance Officer?

We believe that there are three key components of being an effective leader, including the following:

  1. Vision: In order to drive change, you must have an idea of where you want to go. How can you inspire and lead others into this culture of change?
  2. Communication: In order to drive change, you must effectively communicate. How can you deliver clear expectations to your employees?
  3. Strategy: In order to drive change, it is imperative that a Chief Compliance officer should have a strategy or plan for continuous improvement. How is management demonstrating support of compliance? How are your continuing to create a positive culture of compliance?

Ultimately, the Chief Compliance Officer position is multifaceted; they are typically problem solvers, leaders, and bridge builders. By combining their leadership responsibilities with the leadership of other management personnel, management will act as a collective front to emphasize the importance of compliance throughout all areas of the organization.

To learn more about how you can create a culture of compliance for your organization, download the full webinar. For more information, contact us today.

More Chief Compliance Officer Resources

Creating a Culture of Compliance within Your Organization

Auditor Insights: Compliance from the Start

The Importance of a Culture of Compliance: CompuMail’s Insights

Top 4 Critical Components of an Effective Call Monitoring Program

Are you looking to gain insight into how you can establish an effective call monitoring program for your organization? Are you curious about what the best practice are for developing a call monitoring program according to CFPB regulations? This webinar will provide an overview of the top four components of an effective call monitoring program and will help answer questions about the structure of your program, the components of your scorecard, and how to understand and use call monitoring analytics.

What are the Top 4 Critical Components of an Effective Call Monitoring Program?

We believe the top 4 critical components of an effective call monitoring program include:

  1. Structure and Oversight: The Quality Assurance (QA) Department is a vital importance to everyone who performs any sort of collection work. You must have a strong and knowledgeable QA manager, one who had adequate knowledge of the laws, knowledge of the client requirements, and the collection process. The QA Department must also determine the best practices for collecting samples of calls. Most importantly, however, all policies, procedures, and work instructions must have documented expectations.
  2. Management of Staff: Educating, training, and mentoring new and current staff is imperative in establishing an effective call monitoring program. Creating a multi-level approach to monitoring, such as including collection managers and utilizing speech analytics, will also support an effective call monitoring program.
  3. Scorecard Components: The best practices in development are risk assessment, consumer complaint statistics, CFPB complaint statistics, overall consumer lawsuits, separate compliance with quality objectives, and utilizing a weighted score of components based on risk level and exposure. However, whatever components of a scorecard you use can always change based on assessment needs.
  4. Reporting and Analytics: Gathering and making use of the data is essential to establishing an effective call monitoring program. By evaluating trends, implementing corrective actions, and communicating the results with the compliance committee and the executive management, the Chief Compliance Office can ensure that the call monitoring program is compliant with CFPB regulations.

To learn more about what you can expect working as a Chief Compliance Officer or for ways that KirkpatrickPrice can assist you in establishing an effective call monitoring program, watch the full webinar. For more information, contact us today.

Chief Compliance Officer Series: Constructing an Internal Audit Framework

Are you wondering whether you need to conduct an internal audit? Are you wondering why you need an internal audit? Are you looking for information on where to begin the internal audit process? In this webinar, speakers Jessie Skibbe, Chief Compliance Officer of KirkpatrickPrice, and Dawn Vogel, the Director of Internal Audit for Great Lakes Higher Education Corporation, give an overview of why you need an internal audit, where to start, how to maintain auditor independence, what to audit and how often, and how to develop an audit report, along with other useful resources for internal audit staff.

Why Do I Need an Internal Audit?

According to the CFPB Supervision and Examination Manual v.2, “In assigning a consumer compliance rating, all relevant factors must be evaluated and weighed. In general, these factors include the nature and extent of present compliance with federal consumer financial law, the commitment of management to compliance and its ability and willingness to take the necessary steps to assure compliance, and the adequacy of systems, including internal procedures, controls, and audit activities designed to ensure compliance on a routine and consistent basis.”

What are the Essential Steps to an Internal Audit?

In this webinar, you’ll learn about the following four steps to an internal audit:

  • Establish a framework utilizing a risk-based approach
  • Establish controls and work steps
  • Develop an audit schedule
  • Distribute the audit report

If you are unsure of the steps that your organization needs to take in constructing an internal audit framework, KirkpatrickPrice offers a variety of audits including the CFPB readiness audit, which reviews the overall design of your organization’s policies, procedures, and documents. It also reviews the operational effectiveness by testing controls to ensure compliance with CFPB examination procedures. By working together to ensure that your organizations compliance management system adheres to CFPB regulations, KirkpatrickPrice will help prepare you for future audit reports and assist you in creating a stronger culture of compliance for your organization.

To learn more about what you can expect working as a Chief Compliance Officer or ways that KirkpatrickPrice can assist you in constructing an internal audit framework, download the full webinar. For more information, contact us today.

Chief Compliance Officer Series: Compliance Analytics

In the last webinar in this series, Jessie Skibbe and Chris Straiter described what you can expect while working as a Chief Compliance Officer (CCO). We learned that the CCO is a critical role for any organization and is an essential component of the overall compliance management system. Now, we’ll go a bit further to learn how the CCO uses compliance analytics to ensure compliance.

What are Compliance Analytics?

Compliance analytics are a component of management review that is performed in the “check” phase of the compliance management system. It is used as a tool for the reporting of compliance issues to executive management.

Where do I Start?

When beginning to learn about and use compliance analytics, consider the following steps:

  • Map the Regulatory Requirements: Identify regulatory requirements, map them to your processes, develop or purchase programs to analyze and report on data to ensure compliance, develop action plans where applicable, and take action.
  • Capture the Data: Data could include complaints, call monitoring, training results, internal audit results, and vendor management audit results.
  • Analyze the Consumer Complaint Response: Ensure complaints are promptly addressed, categorized, reviewed, and analyzed.
  • Evaluate Call Analytics: Utilize scorecard data, ensure policies and procedures for call monitoring are being followed, and identify weaknesses and opportunities for improvements.
  • Assess Employee Training: Identify weaknesses and opportunities for retraining; implement modular training and evaluation or pass/fail testing.

To learn more about how a CCO can utilize compliance analytics, download the full webinar. For more information about CCOs, be sure to download the additional webinars in the CCO series or contact us today.

 

Chief Compliance Officer Series: It’s Your First Day on the Job, What’s Next?

Have you recently accepted a Chief Compliance Officer (CCO) position? Are you curious about what responsibilities your new position entails? Are you wondering what the CCO of your organization does on a day-to-day basis? In this webinar, speakers Chris Straiter, CCO with Sentry Credit, and Jessie Skibbe, CCO with KirkpatrickPrice, provide an overview of what you can expect as a CCO.

What are the Responsibilities of a Chief Compliance Officer?

The CCO is a critical role within organizations and is a key component of overall compliance management systems. As such, a CCO would:

  • Identify new regulatory requirements
  • Review processes for development and implementation of new consumer financial products or services
  • Document the organization’s compliance programs, including policies and procedures, training, and monitoring and corrective actions
  • Ensure consumer complaints are addressed, categorized, reviewed, and analyzed in a timely fashion

Essentially, the responsibilities of the CCO are to maintain operational independence, direct access to the executive management, ensure compliance with Consumer Financial Protection Laws, and manage the compliance management system.

How can KirkpatrickPrice and Your Chief Compliance Officer Work Together?

KirkpatrickPrice offers a variety of audits including a CFPB readiness audit, which reviews the overall design of your organization’s policies, procedures, and documents. It also reviews the operational effectiveness by testing controls to ensure compliance with CFPB examination procedures. By working together to ensure that your organizations compliance management system adheres to CFPB regulations, KirkpatrickPrice will help prepare you for future audit reports and assist you in creating a stronger culture of compliance for your organization.

To learn more about what you can expect working as a Chief Compliance Officer or for ways that KirkpatrickPrice can assist you in assuring compliance with the CFPB standards, download the full webinar. For more information, contact us today.

 

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