Managing a 360-degree Approach to Compliance in Your Collection Business

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Provana recently participated in’s Demo Day on May 31, hosted by Mike Gibb. This year’s event had a format change, featuring customer speakers more prominently than technology providers. Alicia McKeighan, Chief Compliance Officer at Afni, Inc., presented on behalf of Provana, addressing questions related to productivity and compliance management with our integrated platform.

If you missed the live session, we’ve highlighted three key takeaways from Mike’s Q&A session with Alicia below:

Working with integrated technology is a game-changer.

Usually, collection businesses don’t have the manpower to keep up with constant CFPB updates, constantly pulling analytics from different applications together to prove compliance. Hence, it makes sense to invest in a comprehensive tech-enabled solution provider that can integrate your compliance management system, speech analytics, dispute management, and data analytics all under one roof.

A fully integrated solution enables cross-notifications throughout your systems to help you address compliance and performance issues promptly. For instance, if an issue is discovered by your speech analytics platform, a notification will pop up in your compliance management system (CMS) as a non-conformity that you can address quickly. It also allows you to track all informal and formal complaints in one place. This makes logging non-conformities and automating corrective actions, reissuing training, reissuing policies, tracking agent certifications, and tracking disputes immeasurably easier.

Customizability is essential to achieve bottom-line impact.

Working with a solution provider that supports a variety of customization options and the ability to pre-populate information in the system can make a huge difference to your business’ profitability ratio and compliance profile, as explained by Alicia. It is ideal to partner with a provider who can work with you to:

  • Customize alerts for your agents that flag issues unique and most important to your business.
  • Create logic that pre-populates fields for accuracy and efficiency.
  • Segregate certain disputes into different workflow cues.
  • Push training based on specific non-conformities and have agents recertify respective policies as required.

Automate your operations to scale.

Your CMS should be advanced enough to help you centralize and streamline your existing internal audit processes, not further complicate them. It should enable you to capture the non-conformities and track corrective actions. The workflows designed in the CMS should ideally trigger notifications automatically.

For instance, if an agent gets flagged for a non-conformity highlighted by the speech solution, your CMS (when connected with speech analytics) should trigger notifications to the agent, assigning and reminding them of SOPs and policies. A second instance of similar nature should assign training and testing to that particular agent, helping you achieve automation in QA and compliance training as well.

Want to dive into the details? You can watch Mike’s Q&A session with Alicia via the link below:

360-degree Approach

A Final Word

Provana’s interaction management and compliance solutions are the first of their kind, providing effortless control over process intensive operations available for collection businesses. We keep a 360-degree focus on compliance though our best-in-class integrated platform that, when married with our interaction analytics platform, helps customers fully automate 100% of call monitoring with detailed analytics on policy, productivity, and performance. We have over two hundred clients using our unified solutions today to streamline compliance and performance management with a layer of analytics.

Want to connect with us? Request a demo today.