Lenders Compliance Group Launches CMS Tune-up! Due Diligence Service
May 16, 2017
Lenders Compliance Group (LCG) has announced its new due diligence service, the CMS Tune-up!, a hands-on due diligence review of a financial institution's Compliance Management System (CMS) conducted by the firm's directors and subject matter experts.
A one-time fee covers the following: Full Review; Subject Matter Experts; Executive Summary; Recommendations; and Risk Rating. CMS Tune-up! reflects the size, complexity, and risk profile of the financial institution.
"Lenders Compliance Group is the only risk management firm offering this unique service,” said Jonathan Foxx, Managing Director of LCG. “There is no other firm like us that has the range of knowledge and depth of experience to provide such an extensive overview of a Compliance Management System."
An effective CMS is comprised of three interdependent elements: Board and/or Management Oversight; Compliance Program; and Compliance Audit. When all elements are strong and working together, a financial institution is successful at managing its compliance responsibilities and risks.
"An institution should not need to spend a huge amount of money to find out if its Compliance Management System adequately reflects regulatory compliance expectations," said Foxx. "Our review is designed to provide a risk evaluation that is immediately useful to our clients. It is conducted by directors and subject matter experts who have rigorously trained on the specific review requirements of the CMS Tune-up!"
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