Three Reasons Why a Risk and Gap Assessment Should be in Your 2022 Plan

Big change - like complying with sweeping Regulation F requirements or adding new tech - brings new, risky gaps in your collections compliance procedures. To avoid surging lawsuit, regulatory, and revenue risks and find those gaps, creditors and agencies need the best tool for the job: a risk and gap assessment.  

If your organization - large or small - hasn't done a risk and gap analysis on your collections practices in some time, you’re losing money: either to consumer attorneys (or yikes…a regulator), through uncaptured funds or to plain old waste. Do you know all of the gaps in your Compliance Management System that open the door to lawsuits or regulatory risk? How about those that result in wasted time, energy, or resources? What about gaps that may seriously impede your company's ability to capture as much revenue as possible? 

So, how much revenue are you willing to lose?