The Basic Steps to Compliance


Compliance is a ladder. It involves 5 basic steps:


Step 1

Identify which laws apply to you.

Step 2

Under each area of law that applies to you, determine which specific requirements apply, based on your particular business activities. Those are "Your Specific Requirements."

The law is so specific that Your Specific Requirements are likely different in important respects from your competitor's up the street. This is a key point we'll return to again and again.

Step 3

Create the written Policies, Consumer Notices, Training Materials and other documents that regulators expect. All of them must be tailored to your business: they must match Your Specific Requirements.

Step 4

Implement the Policies as well as the related procedures, recordkeeping, training, and self audits to achieve Compliance with Your Specific Requirements.

Step 5

Implement consumer complaint-related procedures, remediation and change-management procedures, reporting capabilities, and any other items regulators expect of your particular business.

Next Page: Know Before You Buy



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