An effective Compliance Management System, or CMS, is integral to the success of any financial institution’s compliance program. As the financial landscape is ever-changing, it’s important to keep in mind that your CMS should also be ever-evolving. In other words, your CMS is not intended to be placed in a binder and set on a shelf. Rather, it should assist your program in remaining fluid in an environment that needs to meet different challenges… from the industry, consumers or members, competition, technology, as well as changes in laws and supervisory expectations.
While an institution’s CMS has an internal, global reach, the focus of this discussion is on new product roll out.
Institutions typically have some internal process already established to follow when rolling out a new product or service. However, often times that process can be found lacking. Having a robust and effective plan to roll out new products helps pave the way for success.
So, what is an institution to do? Here is our Top 10 List!