Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.

Sponsored by TCN

Last week, we explored the differences between auditing and monitoring, but where should you start, what should you document, and how can you proactively manage risk? Like we mentioned last week, “eat the elephant one bite at a time.” Small steps will help you create foundational strategies that help build a robust compliance framework and foster a culture of adherence at all levels.  

Starting Small: Baby steps 

Whether you’re just beginning to develop an audit and monitoring process, or looking to improve your current process, it’s important to take small, manageable steps.  

1. Isolate a process or procedure: Decide a key area/task/procedure that you want to focus on

2. Audit a Subset of Accounts: Begin by auditing a small, manageable group that falls into the procedure/process

3. Review Each Step: For each account ask what should have happened to get the account from point A to point B. Take it step by step and use these questions to create or update your procedure. 

Building a Culture of Compliance Through Monitoring 

Monitoring should be seen as a means to foster a culture of compliance not as a punishment. Collections staff should be told the purpose for monitoring and the compliance team should be visible and approachable. Here are some tips to help you get there: 

• Introduce Compliance Early: From day one, introduce new hires to the compliance team during training. This could include a Q&A session to set the stage for ongoing compliance education and to build trust. 

• Monitoring Methods: Consider the methods in which you’re monitoring. Monitoring isn’t just about listening to recorded calls. Engaging with collectors one-on-one, can help foster a culture of trust. 

• Provide Regular Feedback: Surprise reports from compliance can feel like a punishment. It’s not possible, of course, to provide daily feedback, but set regular intervals so collectors know when they’ll be getting results. 

• Reward and Discipline: Talk to operations teams about rewarding positive behavior. On the opposite side get on the same page about proper discipline. 

The Bottom Line 

An effective auditing and monitoring program significantly improves your chances of remaining compliant. It reduces risk, enhances overall performance, and contributes to a positive work environment. By approaching compliance in a structured, proactive manner and using both auditing and monitoring strategically, you can achieve lasting success and create a culture that values compliance at every level. 

Documents and Crowdsourced Materials: 

• Member Questions: Managing Communication Opt-outs, Audit Challenges, 2025 Compliance Goals and more… 

Top Reads: 

• TrueAccord’s Recent Litigation Win: Email Is Always Convenient 
• Credit Card Charge-Offs and Delinquencies Hit 13-Year High, Are They Peaking? 

Upcoming Webinars/ Other Announcements: 

• Important Announcement: All AI Notetaking Bots will be removed from Research Assistant Peer Group Meetings. This is to maintain the confidentiality of our peer members.  
• Have topics you want to discuss during the peer call? Please send them to Sara_Consultant@roundtables.us by Thursday to ensure it makes it on our agenda! 

Miss a recent newsletter? Catch up here!