{"id":55038,"date":"2023-02-11T10:38:00","date_gmt":"2023-02-11T10:38:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=55038"},"modified":"2023-03-22T11:46:17","modified_gmt":"2023-03-22T11:46:17","slug":"compliance-management-system-2","status":"publish","type":"post","link":"https:\/\/businessyield.com\/management\/compliance-management-system-2\/","title":{"rendered":"COMPLIANCE MANAGEMENT SYSTEMS: Definition, Examples and Software Options","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

In order to ensure that organizations comply with legal and regulatory requirements, some bodies -the OCC, FDIC, and CFPB-came up with systems that we now know as the compliance management systems. These systems consist of integrated documents and tools that help organizations to meet their requirements. We’ll discuss them in detail in this chapter.<\/p>

What Are the Compliance Management Systems?<\/h2>

Compliance management systems (CMS), which make it simpler for organizations to comply with legal and regulatory requirements, consist of an integrated system of documents, processes, tools, internal controls, and functions. Because it promotes legal compliance, a CMS also lessens harm to consumers.<\/p>

Furthermore, a CMS aids organizations in better managing risk by ensuring that policies and procedures adhere to relevant laws and regulatory requirements. It also makes managing employee training, communication, and monitoring easier.<\/p>

An organization can identify, comprehend, and carry out its compliance obligations with the aid of a CMS. More specifically, a CMS aids in ensuring that employees are aware of their obligations and that business procedures take compliance requirements into account.<\/p>

Additionally, an organization can use a CMS to assess how it runs. The compliance management systems include:<\/p>