Key Takeaways from the NCBA Compliance Certification Course
Did your firm get a chance to attend the National Creditors Bar Association’s (NCBA) Compliance Certificate Course on March 29, 2019 in Philadelphia? Provana was a proud sponsor of this event which aimed to:
- Enhance your understanding of the compliance processes in a creditors’ rights law firm
- Detail the respective responsibilities of the staff and management in compliance and oversight
- Demonstrate your commitment to advanced creditors rights law firm compliance and oversight
If you missed it, there are two other courses this year as follows:
- Friday, May 17, 2019 in Minneapolis, MN
- Friday, June 21, 2019 in Cincinnati, OH
Here are the highlights of the five modules covered in the course:
- Module 1 – Writing and Maintaining Effective Policies and Procedures
The core of any compliance program is a proper set of documentation. Documentation not only helps a company in the event of a legal or regulatory risk, it is also useful as training material and greatly helps with audits. A well-defined process for document management is as important as the documentation itself. For example, your firm probably has strong internal policies for bankruptcy scrubs, but if these policies are not laid out in black and white and made accessible to employees, non-compliance uncovered during a bankruptcy audit may place liability on the entire firm, even if it was due to employee error.
- Module 2 – Conducting Audits, Quality Assurance Programs, and Risk Assessments Rather than waiting for external audits to uncover problematic issues, a robust compliance program should have a process for inspection and testing. Hiring an external auditor to do a bi-annual audit helps you clean house and create an objective baseline, besides making client audits less stressful. Vendors are an extension of your staff and an integral part of the business. A comprehensive compliance program includes audits like letter audit, call monitoring, licensing and insurance checks, vendor audits, etc. Many vendors also have access to your data or facility, though their access to NPI may be different, depending on their security rating. Auditing your vendors and their suitability to access certain types of information is as important as auditing your internal processes. Due diligence covering their licensing, data security, and practices needs to be done.
- Module 3 – Security Awareness and Privacy Concerns
When a company is dealing with Non-Public Information (NPI) or financial data, it becomes very important to keep this data safe. Data theft or data loss can happen due to physical security issues including theft, trespass, etc. or due to IT security issues. Your company should have a strong system in place to ensure that the data is safe.
- Module 4 -Creating Effective Corrective Action Plans and Training
Small and medium-sized firms struggle to allocate resources to audit and remediation because these are cost centers. The hope is that the small sample size of data during audits will work in the firm’s favour. But this leaves the firm open to serious litigatory risk, should matters come to light. A better solution is to work with an external firm that can not only perform the audit, but also suggest remediation techniques.
- Module 5 -Have an effective complaint resolution program
On an average, a law firm receives disputes on 8% of their accounts, and complaints on another 4% of their accounts. If complaints are not resolved quickly, consumers typically turn to regulatory bodies. A regulatory complaint not only affects company’s reputation in a negative way and requires more time and attention, it can turn into a lawsuit, sometimes costing the company more than the actual face value of the account
Document management and compliance activity tracking can be time-consuming and complex processes with significant implications. Consider leveraging technology to help enforce your standards and automate manual tracking that can help save more than 35% of the time currently spent. Provana’s IPACS Compliance Management System is one such offering that can give a firm like yours the resources to compete with the leaders of the industry. With pre-loaded policies, audit scorecards, and training content, IPACS can help kick-start the process of building a solid compliance framework.
If you would like to know how your firm stands with respect to your peers in terms of your compliance framework before deciding on attending the conference, or investing in an external compliance system like IPACS, click on this link to fill out a simple form and Provana will send you a compliance benchmarking report.