Look at Your Compliance Program

A little over three years ago, I wrote a blog on change and change management that revolved around a home renovation and my daughter going off to college. Funny how time flies. My daughter has graduated from college, and we have just finished what I hope to be the last stage of our final renovation. The renovation was major, with an addition on the second floor that started in January. Okay, you can call me a glutton for punishment. Looking back, it wasn’t that bad, but it had its challenges: ice dams, living in our lower level for three months, parking outside in the winter, and navigating a dumpster in my driveway the size of the Titanic. Oh, and my son who is a sophomore has moved back from college for the next six months so he can work his co-op job as part of his studies. UGHHHHH—change!

Nothing ever is constant. Just like in our personal lives, in our professional lives in compliance management we have seen an unprecedented upheaval in the past 10 years: RESPA, MDIA, ATR/QM, TRID, and HMDA, to mention a few much-maligned abbreviations. This year, we have a relatively light load—in fact, not much change at all. One might think we could take a collective vacation. No, absolutely not! Now is the time to take a step back and look at your compliance program and see where your risks are. See where you lack testing, peek into areas you have not in a while. Come to think of it, it is a perfect time to reevaluate your risk assessment. If you need assistance, please contact us. We will be happy to help.