Elements that are not to be missed while drafting a policy

Elements that are not to be missed while drafting a policy

For being a constructive governance document, policies need to be customized to the product, area of operations, or service impacted as they don't fit to-one-size documents.Despite the need for tailoring, some comprehensive building blocks should be incorporated into every policy.These eight elements are:  Focus scope and policy declaration :It should be clearly stated in the...

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Make your Compliant Program More Effective With These Tips.

Make your Compliant Program More Effective With These Tips.

Do you know if your FI is following regulatory guidance, does it ensure consumer complaints are heard and addressed with its Complaint Management Program?  But are you confident enough that your Complaint Management Program is as effective as it should be? Learn these seven tips to make your complaint management program more effective. The consumers should...

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Know if your CMS ensures Consumer Protection & Compliance.

Know if your CMS ensures Consumer Protection & Compliance.

“When it comes to consumer protection, Compliance Regulators don't mess around.” Federal Deposit Insurance Corporation (FDIC) sent this message in an enforcement action against a Wisconsin community bank that demonstrated weaknesses in its consumer protection and compliance program. The EA clarifies that the bank has to improve the following areas of its Compliance Management System (CMS),...

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Ways to Streamline your CMS

Ways to Streamline your CMS

Several organizations have a robust Compliance Management System (CMS). To enhance their existing systems, they need to find ways to keep pace with the rate of change. It frees institutions to concentrate on strategic initiatives while being exam ready.  On the other hand, Compliance Officers more efficiently manage the day-to-day details of Compliance Management. Compliance Officers...

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