CFPB Compliance – what is it? Jessie Skibbe, VP Strategic Development and Chief Compliance Officer at KirkpatrickPrice walks us through the importance of complying with the CFPB exam requirements.
KirkpatrickPrice has a wide variety of things we can do to help as you’re trying to meet the expectations of the CFPB. Our CFPB Gap assessment process begins with taking a look at the compliance management system. We do this through a series of back and forth communications to our Online Audit Management portal. Our portal is a great tool to guide you through the process because it also provides you with a number of resources. So it kind of acts as though it’s a project manager.
So starting with the compliance management system, taking a look at the board and senior management oversight, step by step through the process we are walking you through the controls that are necessary. We are providing you with guidance through the portal. you have direct connection with an auditor that will help you take a look at your documentation. We’re looking at the design effectiveness of your compliance management system in the initial stages of the audit process. And then once we’re onsite we’re actually doing the operational testing. So we’re testing to make sure that what is in place for the design aspect is actually working operationally.
So we’re taking you through the exam guide that we utilize – the CFPB Examination Manual that would pertain to your business. We start by looking at the compliance management system, going through looking at the applicable laws and regulations that apply to your business. How is that designed and like I said, how is that actually operating effectively once we’re onsite. Once the onsite is conducted we will deliver a full report to you within 30 days that consists of the control, how the control was tested and any gaps that were found along the way. So at the end of the day, hopefully you will have a very short list of those items that you would need to remediate to be in compliance with that standard.
So our clients choose KirkpatrickPrice because we have a streamlined approach, we have tools to make the process efficient and we have experienced auditors to help them through the process.