6 Features Every Collection Business Needs in Their Compliance Management System
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 important policies and controls. By automating key compliance functions, you can ensure that any changes made to your policies and processes are done right as you plan to scale your operations.
However, without implementing the right CMS – or maintaining it – there is a big chance you will fall short of key CFPB requirements, and hence miss your compliance goals. If you are thinking about switching to a new compliance management software or modernizing your existing investment, consider these six must-have features that will help make a difference in your compliance team’s productivity and cost-control.
1. Global Search
You should be able to easily search the content of any document stored in your CMS, using keywords. A global search function will not only pull up documents with relevant titles but also drill down within documents to pull up exact references.
2. Hyperlinking Across Documents
Your compliance management system 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 standard operating procedures (SOPs) and policies, helping you identify relevant information on any topic.
3. Client View
Ideally, you should showcase your compliance framework by providing clients with unique login credentials that enable them log in to your CMS with limited functionality. This ‘client view’ feature greatly reduces miscommunication between you and your clients and makes sure you are on the same page.
4. Document Accessibility Control
From making your documents available to everyone in the company (for documents such as security policy) to making them restricted for 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.
5. Print and Download Restriction
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.
6. Individualized Dashboard Homepage
Your CMS should also allow your team members to access SOPs, policies, and related attachments right from their home screens. The document shown to each contributor on their home page should be fetched based on their job titles for better data protection.
Finding the Right Strategy for Your Business
At Belvista, we believe knowledge is power. That couldn’t be any truer when it comes to compliance management. We want to help you use the knowledge generated from your existing CMS, or help you build a new one, to make sure your mission-critical business decisions are based on data-rich facts.
If you’re ready to learn more about our unique approach to optimizing your tech stack to support your compliance and reporting goals, email us to schedule a discovery call.