Consumer lending continues to face some unknowns. During the pandemic, lenders quickly adjusted to maintain their customers’ financial needs and because of some of those pivots, we’ve seen fragmented operations and new challenges for corporate governance and financial services regulatory compliance.
Increased consumer protections across all products throughout the credit lifecycle have added rules—at times ambiguous ones—around all types of consumer communications and outreach. Thus, we believe that our industry needs to brace itself for increased governmental intervention and enforcement by multiple agencies.
Federal agencies and state attorneys general will scrutinize compliance management systems for role clarity, responsibility, and information sharing between the 1st and 2nd lines of defense. Examiners will be more likely to engage with the 1st line going forward.
Bridgeforce works with all firms, no matter where they are in their path to compliance—from those who are just starting compliance and control journeys to those with more established operations. We design sustainable solutions based on an organization’s size, capabilities and culture.
During the Great Recession and the pandemic, seven top 10 banks turned to our subject matter experts to navigate operational complexities. We’ve conducted hundreds of compliance assessments, written and mapped procedures for all major elements of consumer banking, driven process improvements, and provided support to stand up new compliance and control organizations.
There’s not one member of our team who hasn’t rolled up their sleeves to protect our clients and their customers on more than 145 compliance projects across 30 different lenders.
Bridgeforce trusted advisors were the driving force behind the design and delivery of enhancements to address regulatory findings of the operating model and risk management framework for the international arm...
We provide a thorough review of your existing environment, which requires understanding the governance, functional structures, control programs, and documented activities to evidence compliance. Our proprietary assessment templates and compliance constructs will quickly uncover gaps. We organize the effort around more than the examination manual to identify and improve areas to be addressed.
Bridgeforce evaluates your CMS to determine how you define, detect and control compliance and operational risk. Through interviews and discovery sessions of the 1st and 2nd lines of defense, we identify issues similar to CFPB findings or enforcement actions. Then, we populate an assessment matrix that shows gaps in policies, procedures, training and monitoring. Finally, we build a future-state road map to address gaps and draft a comprehensive plan for sustainable long-term compliance management.
We’ve expedited closure of thousands of internal and external audit findings for top 10 and global banks and mid-size lenders. We bring in former regulatory, operations and IT executives to reengineer processes, introduce automation, provide training, and develop policies and procedures to ensure compliance. Our program provides tangible evidence to validate that the reported risks were remediated and the controls put in place operate effectively.
Bridgeforce identifies and prioritizes your business needs so that the right tools and solutions are put in place to support compliance and operational efficiencies. We build use-cases and prioritize them, outline the requirements, and identify necessary risk and controls. We select and implement right-fit solutions, aggregate and cleanse data, establish governance and oversight and perform post-implementation testing. Our efforts result in our client’s ability to focus on augmenting and enabling the workforce using automation rather than reducing the workforce.
In this article, we explore the essentials of compliance management, breaking down the principles, challenges, and strategies to ensure your organization thrives in this critical area. Compliance management in the...
A regional bank partnered with Bridgeforce to prepare for a fast approaching FDIC exam. By leveraging a strong compliance culture and active engagement, the bank improved quality control by 110%,...
January 2025 Webinar: AccountsRecovery, The Do’s and Don’ts of Credit Reporting Today | January 8 Michelle Macartney joined a panel of experts to explore the do’s and don’ts of credit...