New compliance regulations are quickly becoming part of standard operating procedure for accounts receivable management firms. Expectations set by regulators provide some guidance, but that is not always enough. Businesses have been left to interpret the rules provided by regulators and to find their own solutions for meeting the compliance requirements.
Meeting the Requirements
When creating ComplyARM Dashboard
our goal was not just to meet the minimum requirements provided by regulators, but to create a suite of online compliance management tools
that help our clients exceed regulatory guidelines while improving business efficiencies. We understand that compliance efforts are a sunk cost, and normally compliance expenditures are not revenue producing activities and we designed Dashboard with business operations in mind.
Meeting the bare minimum requirements set forth by the CFPB
and other regulatory bodies is a great start for compliance management, but it may not be enough. Minimum complaint/dispute tracking requirements can technically be met using a simple spreadsheet, however; this type of solution requires a significant human resource investment to accurately maintain these records.
Collaborative Event Resolution
Trying to manage your compliance events alone is a very time consuming process. Considering both you and your partners/vendors are required to track this information, you are most likely duplicating your efforts. If you are using spreadsheets to track your compliance events, there really is no easy way to collaborate with your partners, sharing event data, documents, call recordings and other data that needs to be collected an analyzed when conducting a compliance event investigation.
ComplyARM Dashboard is a collaborative online platform to assist in the resolution of compliance events. Dashboard allows new event information to be entered by either you or your partners, creating a centralized digital record of your compliance events that can be managed in a collaborative format. New events entered by your partners are available to you in real-time, including any PDF’s and MP3 call recordings that may be added as Attachments. Events added by your compliance management team work the same way. All the events entered by your team are immediately accessible by appropriate partners, enabling them to assist in the investigation process. Dashboard offers a secure way to transmit/receive documents keeping sensitive, compliant information out of emails and transferred through our secure platform.
Collaborative Event Resolution is the process of identifying, documenting, responding to and then resolving compliance related incidences. With this goal in mind, Dashboard is a status driven system using event statuses to manage workflows and keep events flowing through the process. Event statuses are used to track events throughout their lifecycle, helping you and your partners to manage each event through its resolution.
Working Together to Solve Compliance Events
When it comes to compliance, your internal staff and external partners all need to be on the same team. Resolving compliance related issues takes the cooperation of all involved. ComplyARM Dashoard is the conduit for managing and keeping this cooperation documented. Although you could complete some of these collaborative tasks using spreadsheets or other methods, ComplyARM Dashboard offers customized compliance related data fields to improve tracking and the collaborative tools your business needs to exceed the regulatory requirements, allowing you to focus on revenue producing areas of your business.