The Evolving Compliance Environment in Collections

The Accounts Receivable Management (ARM) industry has undergone significant transformation over the last 10 years. ARM providers have adapted to a fast-moving regulatory environment with an often contradictory interpretation of the rules in the US court system.

Effective compliance management can only be achieved with extensive strategic planning, comprehensive ongoing training, and targeted talent acquisition. In many ways, compliance has significant investment in comprehensive compliance management systems is being used to differentiate in a commoditized industry.

In the eyes of the CFPB and other regulators, compliance management is not just expensive software or technology. It is a culture, and it needs to permeate throughout your entire business informing the way you manage. ARM providers need to be able to effectively detect, investigate, and remediate any issue or potential issue that might lead to negative impact on a consumer.  The rapidly expanding technology environment helps enable this vision of a compliance management system. Technology helps automate many of the manual processes domain to the collection process and assists in identifying key trends and potential defects associated with compliance of the multitude of consumer financial laws. Speech analytics software, training software, collection software applications, complaint management systems, artificial intelligence and collection screen prompts create significant compliance advantages for collection agencies. 

Technology is just one facet of an effective compliance management system. The investment in technology needs to be matched with equal investments in Internal Audit, External Audit, Training, Executive Oversight, and Vendor Oversight functions as well.

Ceteris Portfolio Services has a robust compliance management system and boasts one the lowest customer complaint rates in the industry. Less than .001% of our customer contacts generates a negative customer experience. We help our clients maximize their economic results, while enhancing the relationships with their customers.  

Contact us to learn more about how we can help you create a compliance-focused culture and ensure your organization is staying in-line with ever changing regulatory requirements!

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