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Death, Taxes, and… Compliance?

Death, Taxes, and… Compliance?

It may be safe to say that there are now three certainties in life: death, taxes, and compliance. The onslaught of regulations over the last several years has consumed so much of our industry’s time and resources that it seems appropriate to add the dreaded word compliance to this age-old trope.

Embracing Rather Than Avoiding

However, fear of any of these certainties can cause us to feel overwhelmed, create unnecessary distractions, and make it difficult to move forward productively. At Hiday & Ricke, we have made a conscious decision to embrace compliance rather than work in fear of it. One reason for this attitude is that we have always had a conservative culture, to do the right thing and ensure that all documents are in order before acting, etc.

This is easier said than done, but we have found the mindset to be liberating. In other words, we choose to view the new demands of compliance as an ongoing opportunity to sharpen our skills in our communication and work processes. This is not to say that we jump for joy at the announcement of every new case or regulation that we encounter.

However, by making peace with these rapid changes, we often find ourselves ahead of the compliance curve and more capable of adapting quickly to the daily demands that are placed on our clients and ourselves. In addition, we have reached out to other organizations we believe are well-equipped to challenge the way we track information, train our employees, and audit our work.

Keeping Ahead of the Curve

For example, we recently partnered with a third-party organization specializing in FDCPA training as a way to up our game. This organization holds us to a higher standard of awareness when it comes to consumer protection laws. Our staff receives ongoing certifications that demonstrate more than just a basic knowledge of the FDCPA, but also an understanding of how some of the more recent case law interpretations affect the manner in which we communicate with consumers and perform collection-related work.

In addition we are teaming up with another company that offers quality compliance and auditing support. This relationship will improve our compliance reporting, link standard operating procedures to daily changes in regulatory requirements, and help us to better score these efforts so that we are constantly meeting client (and management) expectations.

There will always be changes in the compliance regulations, but at Hiday & Ricke, we are well positioned for them. At the end of the day, compliance is only a dirty word if you are not in it. Contact us today at (904) 363-2769 to learn more about our firm.

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