Automated Compliance Management: 3 Core Benefits

A few weeks ago, I had the opportunity to present Provana’s automated compliance management system on Mike Gibb’s ARM Shark Tank. I had to think twice before subjecting myself to this kind of grilling, but Mike is a gracious host, and we had an engaging panel with the other ‘sharks’ in the session, including Tim Collins, John Kelan and Dan Medina.

The accounts receivable management (ARM) industry is reaching a tipping point when it comes to automation and streamlining productivity. Compliance management is no exception, and organizations are clearly searching for solutions that help them automate, integrate and communicate with other firms and regulatory bodies within their ecosystem.

I want to thank Mike, Tim, Dan and John for their great questions and discussion on the topic. Interestingly, many of the trends we discussed on the show are also the questions we are asked about most frequently by our customers. I’ve recapped these below. To listen to the full show recording, click here.

Core benefits of automated compliance management

  • Benefit #1: Implementation and integration – because IPACS is an enterprise compliance product, it requires input from and collaboration with multiple stakeholders to implement. To successfully execute the implementation, Provana is committed to understanding our clients’ existing processes, replicating them, eliminating inefficiencies and then handling the heavy lifting of the integration itself. In any SaaS environment, our managed services team helps deploy IPACS efficiently and securely.
  • Benefit #2: CFPB regulatory compliance – to further ensure automation, more ARM providers are considering regulatory requirements and baking these into the DNA of their tools. Provana is also taking this approach – IPACS was designed based on the CFPB examination manual. To give our clients confidence they always maintain 100% compliance, we continually monitor for regulatory updates and upcoming changes to industry standards like PCI, SOC and PPMS.
  • Benefit #3: Third party management – one of the more advanced capabilities in the industry is the ability for lenders (clients) to get a consolidated view into information inside their servicers. The panel asked some meaningful questions about how IPACS enables lenders to gain a direct line of sight into their collections network, creating a single source of truth and a minimum 30% savings on time and cost generally associated with these efforts.

Recommended Reading

Automating compliance management may be the silver bullet collections professionals are looking for. As regulations expand, both in number and in scope, organizations will have to decide where to prioritize their investments of time, cashflow and other resources. SaaS-based tools like IPACS help companies maximize productivity while documenting the compliance of their business operations.