One of the concerns that teachers have each year is whether their students have retained knowledge from the last school year. Just how much remedial work should be undertaken each new school year? After all, success is often based on building blocks of knowledge over time and from year to year.
Well, this may not sound like consumer finance compliance, but it really is. Sound compliance is first based on knowledge of the laws and regulations, and of the company’s policies and procedures; then, on doing things “right” in each and every consumer credit transaction.
Personnel changes occur all too frequently. CSRs need to be trained constantly. So, let the new school year be a reminder that training remains a constant need in the world of consumer finance compliance.
Also, there is the good practice of reviewing your forms, processes and procedures on a routine basis. The start of the school year may be just the time to conduct such a review.
Sometimes we see that software systems updates result in unintended consequences. These may take the form of incorrect mathematical changes in the computation of the Amount Financed or Finance Charge. Or, changes sometimes result in language being unintentionally dropped from our note or sales contract forms.
Reverifying processes and training (and retraining) CSRs is a constant that should always be on a company’s to-do list.
Practice Pointer: The start of the school year is an excellent time to focus on training and forms review.
Please note: This is the sixty-eighth blog in a series of Back to Basics blogs, in which relevant and resourceful information can be easily accessed by clicking here.