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Why?
Because, if you don’t, you risk the fines of
regulators, as well as, costs and potential
awards from consumer lawsuits.
Good
compliance practices contributes to financial
well-being and reduced risk. It also
demonstrates to employees the levels of
enforcement that you demand to protect your
company. Regulatory compliance is intended to
protect consumers by requiring companies to
incorporate certain policies and procedures into
their business operations, especially in the
debt collection industry where consumer
information security and privacy are of prime
concern.
Compliance with good internal policies and
procedures contribute to improved revenues and
profits which ultimately justify the costs of
compliance.
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