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A compliance management system (CMS) isn’t a product; it’s a process.

A collection agency’s CMS needs to be part of its larger, company-wide shift to include compliance in all day-to-day operations. The overlap of compliance with operations is especially critical when it comes to a CMS. If there’s confusion, disagreement, or no cohesion, it doesn’t matter how sophisticated or robust your CMS is: it will fail. And when the Consumer Financial Protection Bureau investigates your agency, you must be able to use your CMS to prove that the operations of your agency – and your vendors – are functioning appropriately.

That’s why we compiled the key points from our webinar “Building the Foundation of a Solid CMS” into one user-friendly report, To the Point: Compliance Management Systems. Rozanne Andersen of Ontario Systems and Wendy Badger of ECMC Group outline the key operational functions the CFPB looks for in a CMS, and how your whole organization can work towards a larger culture of compliance.

"I found the “Building the Foundation of a Solid CMS” webinar incredibly informative.  It will really help with my efforts to move our company in the direction we need to go as regards compliance.  Thank you very much – kudos to all."

Patti L.
Licensing/Compliance Analyst

You’ll Learn:

  • How the CFPB Supervision and Examination Manual outlines the interdependent workings of a CMS, and how to make them work for you
  • How a CMS’s inner workings differ from small to large collection agencies
  • How to identify the right CMS tools on the market
  • This report contains information on:
  • Re-thinking what a “compliance management system” means for your agency
  • Operational must-haves in a CMS
  • CFPB examination guidelines

Authors: insideARM.com with Rozanne Andersen and Wendy Badger

Rozanne Andersen is the Chief Compliance Officer at Ontario Systems. She has more than 15 years of experience as General Counsel, Chief Lobbyist, Executive Vice President and CEO of ACA International –The Association of Credit and Collection Professionals – as well as 14 years as a practicing attorney specializing in banking and financial services. 

Wendy Badger is the Vice President, Corporate Compliance and Chief Compliance Officer for ECMC Group where she oversees the organization’s corporate and regulatory compliance efforts and ethics program.  She is responsible for promoting an organizational culture that encourages ethical conduct and a commitment to compliance.

Length: 13 pages