Compliance Aspects You Cannot Afford to Ignore

Compliance is a critical part of any collection agency’s business, but it is divided into a host of diverse issues that require very different approaches with different information needs. From audits to complaint resolution to training and procedures, each area of compliance has certain unique challenges that can easily be overlooked when performance metrics are aggregated across divisions or departments. These hidden issues can cause problems that are hard to pinpoint without a comprehensive system that has the ability to massage data by individual account, type, or audit and create new ways of isolating problem areas.

Here are some areas of compliance where a good compliance management system can pay dividends –

  • Types of audit findings and their frequency: Audit findings and remediations take up a lot of time of the compliance team. Classifying the types of audit findings – not only from client audits but also from internal ones – can help in identifying which ones take the most time or which ones tend to crop up more often so that remedial efforts can be focused on them.
  • Complaint Clusters: Certain accounts are prone to complaint and compliance issues, often spread across multiple clients. Identifying these complaint clusters can help in fixing the root cause and training staff members to better handle such complaints.
  • Complaint Outliers – Certain types of complaints take longer to resolve, and the earlier they are identified, the earlier the company can focus on these complaints. One way to identify these outliers is to compare the resolution of each kind of complaint with the average resolution time across complaints.
  • Documents needing the most updates: Not every policy or SOP in the company is updated every month. But there always are a few documents that are updated very often because of either regulatory changes or changes in client requirements. Identifying these documents and topics and then emphasizing these in the training programs can be very helpful.
  • Average Certification and Approval Time- What can be worse than making a change to a document based on an update to regulations but not having the staff members trained on that update? Your compliance management system should ensure that changes are disseminated in real time and any required certifications are flagged to staff members.
  • Identifying Employee Training Issues: Having a browser-based online training and testing system helps to quickly identify which employees may be finding the process challenging. This allows for help to be directed where needed and makes training an efficient process, where performance issues are immediately flagged.
  • Identifying Issues With Training Modules: Sometimes challenges in the training testing process are not due a deficiency on the part of the employees, but a problem with the construction of the modules themselves. A good training system should be able to identify if certain portions or questions are daunting to a wide cross-section of employees, in which case the module itself may need to be rewritten.

Provana’s IPACS Compliance Management System can help with each of these critical issues. Let us know if we can set up a demo to show you how IPACS can work for your company.