The product, called Compliance Monitoring Standard (CMS) has been developed in partnership with a leading assessment and measurement company, optimum contact limited.
CMS allows society staff to assess standards using scorecards that are then stored on the internet, allowing management to view the results immediately. The system will also show the combined average scores of all other CMS users. Therefore, trends, strengths and weaknesses can be acted upon.
Mutual One General Manager, Business Development, Richard Carson, stated, “It is vital that a building society can satisfy itself, and the regulators, that compliance procedures are being carried out both correctly and effectively. Mutual One is delighted to offer CMS to building societies as it complements other Mutual One compliance and audit offerings, all of which are designed to support the industry.” Carson added, “optimum contact has considerable experience within the financial services arena and Mutual One is delighted to work with the Company on this initiative”
optimum contact Director and General Manager, Martin Reay, further added, “As far as the FSA is concerned, ignorance is no longer an excuse. It is more vital than ever that building societies are able to accurately monitor their compliance with regulation across all product areas. CMS allows them to do just that in a cost effective way that will also give them confidence in their dealings with the FSA"