Vendor Compliance Management Program Key Components

by KirkpatrickPrice / December 16, 2022

What is Vendor Compliance Management? An effective risk management strategy includes the assessment and monitoring of vendor compliance with your company’s policies and procedures. Today’s compliance program involves an ongoing struggle organizing vendor responses utilizing spreadsheets and questionnaires while manually tracking reoccurring events and supporting documents. Where should you start? According to CFPB Bulletin 2012-3, companies must “oversee” their vendors “in a manner that ensures compliance with Federal consumer financial…

CFPB Readiness Series: Compliance Management System (CMS) Overview

by KirkpatrickPrice / December 16, 2022

Do you need to establish a compliance management system (CMS)? Are you interested in learning more about the CFPB’s requirements for creating and maintaining an effective compliance management system? What is a Compliance Management System? A CMS is a set of interrelated or interacting elements that organizations use to direct and control how compliance policies are implemented, and compliance objectives are achieved. A CMS typically has four core interdependent control…