As
a result of our compliance assessments
we are able to pin point areas that
require attention and provide coaching
and staff remediation in the following
areas:
Organization
chart
Work
process flowchart
Board
minutes, annual reports, or equivalent
to the extent available.
Relevant
management reporting procedures and
documentation.
Your
company policies and procedures.
Notes
and disclosures.
Telephone
recordings.
Operating
checklists, worksheets, and review
documents.
Monitoring
procedures.
Compensation
policies.
Details
of your computer program used to manage
your debt collection files.
Access
to and possibly copies of consumer
files, including original documents and
payment record systems.
Historical
information.
Reports
of internal audit and compliance
reports, and your responses to findings
contained in those reports.
Training
programs and materials relating to debt
collection.
Copies
of all scripts used.
Copies
of any third party contracts, oversight
materials, including your monitoring
reports of findings regarding protection
of your consumer information.
The
environment is regulation and no industry is
more regulated than consumer debt collection.
There is no better place to spend your money by
assuring your company and employees are in
compliance with the federal and state
regulations.
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.
