Issues Management
IM-06Report non-compliance, data failures, and regulatory criticism to the sponsor bank
How Leela would run itEvent-driven · promptly on self-identified non-compliance; immediately on a material data integrity failure; within 5 business days of regulatory criticism
From the policy libraryThe requirement
Three kinds of issue carry their own reporting duty to the sponsor bank regardless of severity: self-identified non-compliance with applicable law, the bank’s policies, or the program agreement is reported promptly; a material data integrity failure is escalated immediately; and regulatory criticism is reported within 5 business days, sooner if material, with the bank holding final approval over any response to the regulator.
- Applies
- Tell Leela about your company to see whether this applies.
- Status
- Setup needed
Tell Leela how you handle it today, or hand it over: see what’s next.
The work
Identify the issue type at intake, send the bank the report the type requires within its window, and route any response to a regulator through the bank for approval.
What Leela keepsThe evidence this obligation leaves, as the work happens
Listed from the policy libraryContents
- 01Bank notificationReport sent, date, recipient, and the issue it concerns
- 02Regulator response approvalThe bank’s written approval of any response to regulatory criticism
Evidence
Bank notification
Issues Management §2
2
of 2 records
The work and the records come from this obligation in the policy library.