Robert Tennant (right), VP and general counsel at Veros Credit, for a panel discussion at the 2017 Auto Finance Summit.
LAS VEGAS — Compliance is a necessary but logy topic that all lenders and dealers must comply with, and having a proficient compliance management system (CMS) has — by virtue of its association with compliance –, also become a de facto necessity.
For Veros Credit, it took two years of building out its in-house CMS before the company even considered itself to have a CMS, Robert Tennant, vice president and general counsel, said during the 2017 Auto Finance Summit in October.
But simply having it does not guarantee that you’re compliant; it’s an item that needs “to do tangible things and document what you are doing for the regulators,” added Mike Lavin, executive vice president and chief legal officer.
Here are four best practices for setting up and maintaining a successful CMS:
