Unfortunately for retailers and community owners in the manufacture housing industry, retailers and park owners in the RV industry and for Marine retailers, are now faced with federal laws requiring them to set up a compliance management system. In the last eight years a number of federal regulatory agencies have been expanding their authority over business. Those businesses engaged in the sale and/or financing of large ticket consumer goods have been especially singled out for additional regulation. While the regulators have not yet touched most of those businesses, there are some that have been caught and the fines and penalties are such that it would have been far less expensive to have created and implemented the required Compliance Management System.
When balancing the cost of creating and implementing a CMS against the fines and penalties that have been levied against the businesses that have been caught without a comprehensive system in place, it just isn’t worth the risk to try to fly below the radar without one. To do so is akin to try to operate without the required licenses for your business. You can’t afford to get caught without a Compliance Management System that meets federal standard for adequacy. Our system is professional and has met the standards of regulators and examiners over and over again.
What is a Compliance Management System
A compliance management system as defined by law must contain:
- Written Policy and Procedure Manuals that describe what the company's policies are regarding a particular law, rule, or regulation, and what procedures the company and its employees are going to take to assure the company is complying with the law.
- A formal and documented training program on each law, rule, or regulation that an employee is supposed to follow policy and procedure on to assure compliance.
- A formal system for periodically auditing the results of the programs to catch and note any program failures and to institute corrections as necessary.
- The appointment of a qualified individual as the Compliance Officer, and if required, the appointment of a SARs Officer.
The team at Rishel Consulting Group worked together to develop training materials, templates for policy and procedure manuals, audit instructions and forms to assure you of the most complete system for your compliance management needs. Not only does our staff possess the required education and credentials, we also have specific industry experience and expertise to assure our solutions are practical and workable. We never lose sight that the real goal of your business is to make money and we structure everything to help rather than hurt that goal.
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