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6 Steps to Construct Your Internal Audit Program

by Sarah Harvey / June 15, 2023

Why is an internal audit program important? The CFPB Examination Manual has become the ruling guidance for those in the collections space, and internal audit is a topic that can’t be taken too lightly. According to the manual, an effective compliance management system should have four interdependent control components: Board and management oversight Compliance program Response to consumer complaints Compliance Audit When these four control components are strong and well-coordinated,…

Style Guide to Writing Good Procedures

by Sarah Harvey / June 14, 2023

Last week, we explored the process of writing effective policies. This week we will take a look at what goes in to writing effective procedures; the policy counterpart. Procedures are the process or task instructions on how, exactly, a policy is followed. They communicate the responsibility for a task or a process. Where a policy defines the rule as a guide to employees making decisions and mandatory rules that require…

Style Guide to Creating Good Policies

by Sarah Harvey / June 14, 2023

Countless regulatory compliance and client requirements depend on clear and appropriate policies and procedures to demonstrate how organizations are conducting their business. Without defined policies and procedures, you face the threat of heavy fines from regulatory governing bodies, loss of business, or loss of data. As auditors, we find that many of our own clients struggle with understanding the organization of a policy, what does belong in a policy, what…

Top 4 Critical Components of a Call Monitoring Program

by Sarah Harvey / June 15, 2023

As the CFPB continues to closely supervise the collections environment, it’s important to analyze and fully understand the areas of risk. One of the biggest risk to a collection agency is communication with consumers, making the monitoring of calls a very telling practice.  An effective call monitoring program is a critical component of any compliance management system, mandated by the CFPB, and is a way for organization’s to be able…

Life’s a Breach: 6 Steps of Incident Response

by Sarah Harvey / June 14, 2023

Cyberattacks and data breaches are things all business owners have learned to accept as a possibility. Breaches and hacks penetrate the headlines almost daily, and as technology continues to evolve, so do the ever-present threats associated with these types of risks. There are two sides to every breach, however. Prevention and recovery. You’re most likely already taking steps towards protecting your organization from the possibility of a breach, but have…