Transparency and Success in Third-Party Collections
This eBook explores the central role of transparency in the ARM industry–with emphasis on ensuring compliance, mitigating risk, and maintaining productive and loyal relationships with customers.
For the Accounts Receivable Management (ARM) industry, the value and necessity of business transparency are especially important. In an environment now increasingly shaped by government regulation, transparency streamlines operations and safeguards compliance for outsourcing partnerships. Transparency is also tied to better relations and outcomes with customers.
As the consolidation and shaping of consumer finance regulation continues to unfold, companies involved in consumer finance must keep pace to sharpen their own best practices. The task becomes even more challenging when third-party collection agencies are part of the equation. A host of new consumer protections and practices now hold organizations fully responsible for their outsourcing partner’s compliance. From work strategies and communications protocols to account review capabilities and CRM policies – transparency is key to making the company-vendor relationship as seamless, aligned and compliant as possible.
