Change Management: A CMS Critical Component 2022 | Professional Bank Services | 31 August 2022 | Virtual Event

Establishing and maintaining an effective Change Management process is a critical component of a financial institution’s Compliance Management System. The FFIEC Uniform Interagency Consumer Compliance Rating System includes an assessment of the effectiveness of the institution’s change management processes, including responding timely and satisfactorily to any variety of change, internal or external, to the institution. As such, examiners have identified compliance violations that have occurred because of regulatory or product changes without an effective change management process in place. Lack of appropriate change management controls could lead to technical violations as well as operational inefficiencies, consumer harm and reputational risk. An effective change management process can reduce the risk of such violations.

Financial institutions must have an effective change management process to ensure that they properly analyze and respond to the compliance implications of regulatory, product, service, system and personnel changes. An effective change management process detects new or amended rules and regulations, evaluates those rules, understands how the new requirements affect the institution’s processes and makes modifications as appropriate. However, change management is more than regulatory change management – it applies other changes products, services, systems and personnel which may have a direct or indirect impact on the financial institution’s compliance with regulations and internal policies.

During this two-hour webinar on Change Management: A CMS Critical Component, we will cover:
• What is Change Management
• Changes & Risks triggering Change Management
• Regulatory change considerations
• Internal controls
• Risk assessments
• Oversight and accountability
• Monitoring and audit
• Objective/Goals achieved?
• Lessons learned
• Examples

FORMAT/INSTRUCTIONAL METHOD: GROUP INTERNET BASED

An online presentation and any additional supplemental materials, as applicable, will serve as the basis of the presentation. You will have the option to stream the audio through your computer or dial-in using a telephone number/PIN. Ample time will be dedicated to taking questions from attendees. Be sure to submit your questions during the webinar, as we are unable to offer telephone or email support after the presentation.

2022 Presenter

Leah Hamilton
Vice President & Senior Consultant, ProBank Austin