Why Regulatory Change Management Matters
Why Regulatory Change Management Matters
When it comes to subservicing, the importance of a provider’s regulatory change management program often gets overlooked. Yet in a highly regulated environment like financial services, it’s a critical framework against regulatory fines and reputational risk.
Since the COVID-19 crisis began in March 2020, for example, we’ve evaluated hundreds of COVID-related federal, state, and agency level laws, and rules. It has required a dedicated team to study them, assess their impact, and oversee implementation and communication of the requirements within Cenlar, as well as to you, our clients, and to your homeowners.
Turning Rules Into Procedures
Cenlar’s dedicated team of compliance and legal professionals manage regulatory change every step of the way. They ensure new laws, regulations and agency guideline changes are implemented in a timely, accurate and sustainable manner.
We follow a formal process that entails working with our regulatory lawyers to understand the requirements and provide interpretation of the change to our compliance team. Our compliance team then works with operations and business control managers to understand the impact to business processes and procedures, training, communications, vendors and systems.
As a result of this process, the impacted business units will make updates to systems, procedures, processes, and policies as needed, and either create a control or enhance the control environment around the requirements related to the regulatory change. Lastly, we oversee implementation and Quality Assurance testing to ensure effective, accurate and sustainable regulatory change management program.
The Regulatory Change Management team also provides monthly listen-only status calls and a dedicated email box for clients to present questions related to regulatory changes.
How To Stay Current
To register for the monthly call, please email compliancechgmng@cenlar.com. For your convenience, the calls are recorded and made available to clients unable to attend. If you have already registered for a previous call there is no need to request registration again. Please submit any questions related to the regulatory change management mailbox prior to the call.
READ MORE INSIDE THIS ISSUE