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!