RC_RC_GO_409.1 Managing an Effective CMS for Compliance Professionals

As supervised entities, institutions that originate and service mortgages must maintain compliance with a number of consumer protection and safety and soundness laws at both the state and federal level. In order to maintain legal compliance, institutions should develop and sustain a robust compliance management system or "CMS." This course provides guidance on the structure and organization of a CMS and discusses leading practices for building and running an effective CMS.

The Managing an Effective CMS for Compliance Professionals course reviews the basic structure of a CMS and highlights Consumer Financial Protection Bureau (CFPB) expectations for a mortgage lender/servicer's CMS. The course then takes a deeper dive into specific elements of a CMS, discussing board management and oversight and the four components of a compliance program: policies and procedures; training; monitoring and audit; and consumer complaint response. The course continues with a discussion of key concepts and tools essential to building and managing an effective CMS. It explains the "three lines of defense" model of corporate governance; provides a robust overview of risk assessment; and presents an overview of testing programs and materials used in monitoring and audit. The course concludes with a discussion of proper issues management and reporting, closing the loop in the compliance management system cycle.

This is a single-family/residential course.

Topics

• Core Functions of a CMS
• Components of a CMS
• Three Lines of Defense Model
• Risk Assessment
• Testing Program
• Issues Management and Reporting

Seat time approximately 3.5 hours.

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