When is it Time to Hire a Compliance Partner?

Regardless of size, collection agencies, debt buyers and collection law firms are required to establish a compliance management system (CMS).

To remain competitive and prevent your organization from becoming a dinosaur, according to a whitepaper from Ontario Systems, available for download, the time is now to build your CMS. But you need not go it alone. In fact, the CFPB actually identifies the use of third parties as a viable option when it comes to compliance management:

“[The] CFPB understands that compliance will likely be managed differently by large banking organizations with complex compliance profiles and a wide range of consumer financial products and services at one end of the spectrum, than by entities that may be owned by a single individual and feature a narrow range of financial products and services, at the other end of the spectrum. Compliance may be managed on a firm – or enterprise-wide basis, and supervised entities may engage outside firms to assist with compliance management.”