TrueAccord Uses Provana’s Compliance Solutions To Drive GrowthCompliance Management
Overview
TrueAccord is a Lenexa, KS-based intelligent, digital-first collection and recovery company that increases liquidation rates for clients while optimizing the consumer experience.. The agency uses digital channels, powered by a patented, Machine Learning-based and self-optimizing decision engine to deliver a personalized collections experience that prioritizes customer engagement. Already experiencing rapid growth, TrueAccord expanded its employee base by more than 200% over a two-year span.
Challenge
TrueAccord searched for a technology partner to help them streamline operational and regulatory compliance processes and support high levels of business growth. They needed a platform that could not only help manage policies and procedures related to all aspects of the business including operations, regulatory compliance and information security, as well as additional capabilities to deliver new employee onboarding, recurring training and store training material with automated reports to monitor results but could rapidly scale with the business. Given the very nature of the business, they also needed a platform which could help them manage and resolve consumer complaints timely.
Solution
TrueAccord evaluated many partners, but Provana’s IPACS (Integrated Policy Audit and Compliance Solution) stood out due to it being the most comprehensive compliance management platform providing immense value at an optimal cost. With IPACS, TrueAccord:
- Established a single source of truth for policies and Standard Operating Procedures (SOPs) for all employees Enabled employees to self-serve taking tests and earning certifications
- Automated workflows to manage compliance training
- Automated workflows to manage compliance training
- Enforced version control and alerts if any of the policies are updated or expired
- Streamlined compliance by monitoring employee scores and document approvals through reporting dashboards
Results
Working with Provana, TrueAccord leveraged Provana’s technology to:
- Save time in responding to client audits and RFIs as everything was stored in one centralized system
- Save time to conduct employee testing, scoring, monitoring and reporting
- Reduce costs on internal staffing to manage compliance processes
- Minimize manual effort to track compliance through custom reporting dashboards
- Analyze the trends and get insights on complaints to identify root causes
- Eliminate the risk of penalties due to non-compliance
- Increase employee productivity by helping them stay updated on latest policy changes
At-a-Glance
Zero
Personnel needed to run testing & certification
One
Place for all complaint management
200%
Increase in staff in 2 years