Compliance is arguably the hottest topic in receivables management at the moment. Both credit grantors and third party agencies alike are taking a closer look at their compliance procedures and systems. And, with good reason. Though an already tight regulatory environment, the increased oversight from the CFPB makes compliance even more critical.
A strong, effective compliance program makes it more likely your employees will do the right thing. Which, in turn, mitigates your risks, decreases potential lawsuits and makes fines less likely. Furthermore, the ability to demonstrate an effective compliance program makes an exceptional defense if misconduct does occur.
Knowing you need to create an effective compliance program is one thing. Knowing HOW is entirely another. During this RevSpring webinar "Building a Transformational Compliance Program", we explore the following recommended elements of creating an effective compliance and ethics program:
- High level oversight
- Risk assessment
- Standards of conduct – policies and procedures
- Training and education
- Open lines of communication (hotline)
- Monitoring and auditing
- Response to detected deficiencies
- Consistent corrective action