6 Features Every Collection Business Needs in Their Compliance Management System
- September 22, 2022
- Category: Compliance Management
It is no secret that a robust Compliance Management System (CMS) can help your collection business support a dynamic compliance strategy within your organization and automate the process of adhering to the policies and controls. By automating key compliance functions, you can always ensure that any changes made to your policies and processes are done right as you plan to scale your operations.
However, if you fail to implement the right CMS into your business, there is a big chance you will fail to fulfill your key CFPB requirements and ensure the right controls are in place. Eventually, your investment toward compliance management will go in vain. If you are thinking of switching to a new compliance management software, here are the six must-have features you must consider that will make a huge difference to your team’s productivity and compliance cost control.
You should be able to easily search the content of any document stored in your CMS, using keywords. The Global Search functionality will not only pull up documents with relevant titles but also drill down within documents to pull up exact references.
The compliance management system you use in your business should interlink all permissible documents. This will allow employees to securely access policy documents and complete their training in the browser rather than having to download materials for offline use. Hyperlinks can also enable cross-references across your SOPs and Policies, helping you identify relevant information on any topic.
Ideally, you should showcase your compliance framework by providing your clients with their unique login credentials and having them log in with limited functionalities into your compliance management system. This ‘client view’ feature greatly reduces miscommunication between you and your clients and makes sure you are on the same page.
From making your documents available to everyone in the company (for documents such as security policy) to making them restricted to only certain assigned individuals (for documents such as appraisal records), an ideal CMS should have a feature to assign different accessibility levels at the document level.
Your CMS should help you put restrictions on the single command printing of documents for all users. You should be able to define which roles in the company have the right(s) to download and print SOPs and Policies, to avoid having staff members keep standalone copies of documents on their computers.
The compliance management solution you choose or switch to should also allow your team members to access SOPs, policies, and related attachments right from their home screens. For better data protection, each contributor should be able to access the documents relevant to their job titles only.
Provana’s IPACS® (Integrated Performance Audit and Compliance Software) is a powerful SaaS-based compliance management system that automates and centralizes key compliance tasks. Enriched with all the features mentioned above, IPACS helps your collection business adhere to industry regulations, state laws, and additional compliance requirements by your clients efficiently.