Addressing Regulatory Compliance Issues
Point B’s Steve Hall and Sydney Rickelman discuss the benefits of a remediation management office (RMO) and how organizations can establish and execute one, leading to significant time and cost savings.
with co-author Sydney Rickelman
Maintaining compliance can feel like a moving target. Organizational growth resulting from an acquisition or introduction of a new product or service can trigger increased regulatory scrutiny in the form of an audit. If you get audited and a series of noncompliance issues are uncovered, you may be given a warning and a short window of time to fix or remediate the issues before receiving a penalty, which can be hefty: banks globally have been hit with $321 billion in fines over the past 10 years.
However, if you have findings, an effective remediation management program in the form of a remediation management office (RMO) can minimize penalties and fines, potentially saving your organization millions of dollars.
What is an RMO?
An RMO is a program management office (PMO) set up to deal with the list of specific noncompliance issues a regulator has identified during an audit. An RMO creates value from both a regulatory and execution perspective, helping organizations address critical issues highlighted by a regulator,…
