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A good time to refresh your compliance management system

Jan 10, 2023
By: Stephanie Jennings

With the new year upon us, it’s time for personal resolutions, setting exciting goals, letting go of things that weigh on us and moving forward from losses and hurt. It’s also a good time for some housekeeping and updating something stale in your life. Maybe you need to get rid of clutter in the home, paint the walls a fresh color or adopt a family pet.

Regulatory agencies are also updating regulations and expectations for the new year as markets continue to evolve and product and service needs expand. This will push financial institutions to look at their compliance management systems (CMS) in order to update policies, procedures and processes.

Accountability and oversight responsibilities may have changed with new staff or restructuring over the past year. Risk assessments will need updating and new risk management procedures will require implementation and staff training. Additional third-party vendors and partnerships will need to be vetted through due diligence and ongoing monitoring of compliance-related functions.

Now is a good time to refresh your CMS to align with the changing regulatory environment and update those outdated procedures. 

How Wipfli can help

Wipfli is committed to helping our clients navigate through a challenging regulatory environment. We want to assist you in updating your CMS and identifying risks in your market, product and services. We can also help you better understand the expectations of regulators. 

Contact us to schedule your CMS consultation today.

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Stephanie Jennings, CRCM, CCBTO
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