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Conducting an Internal Audit: Collection Agency Edition

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The CFPB is looking to make sure you have a reasonable and realistic compliance management system.


More importantly, however: the CFPB wants to make sure that your agency is actively auditing yourself with regards to your CMS. Has your CMS been green-lighted by your Board of Directors? Have you adopted policies to ensure compliance with your CMS?


At its most basic, an audit is the way you look at what you do, how you do it and ultimately how successful you are in completing the required tasks. It is a process to identify current and potential risks or issues and to make recommendations to mitigate those risks and minimize resulting expenses.


This peer-reviewed report takes you through the steps and best practices necessary to get your auditing program off the ground and on the way to success.

Even if you're not directly affected, being CFPB-ready can only make your collection agency more compliant.

Product: PDF Download

Pages: 35 pp


Table of Contents:

I.What is a Compliance Management System (CMS)
II.What do Regulators Expect?
III.What is an Internal Audit?
IV.Tips for Building Your Risk Assessment & Annual Audit Plan
V.Setting Up Your Annual Audit Plan
VI.Risk Assessments
VII.Example of a Risk Assessment Grid
VIII.Audit Calendars
IX.Examples: Annual Audit Plan, Collector Audit Tracking, Account Level Audit
X.Audits and Your CMS
XI.Types of Audits
XII.Starting Points
XIII.Understanding the Requirements
XIV.Keep up to Date
XV.Basic Audit Steps
XVI.Operational Audits
XVII.Compliance Audits
XVIII.Wrapping Up
XIX.Final Thoughts
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