Collector - February 2018 - 17

COVER

W

The

M
any
S
ides
of a

Chief

Compliance

Officer

Mounting regulatory requirements in
the credit and collection industry have
propelled compliance officers to the top
of the org chart. Learn how to identify
and nurture the traits that will make
your CCO most effective.
By Anne Rosso May

COLLECTOR 02.18

hile legal and regulatory
compliance has long been a
collection industry priority,
for many years the compliance officer
position was considered to be only for
companies with budgets large enough to
afford the extra C-suite seat-and the costs
that person's efforts would likely incur.
Instead, the compliance burden was often
shouldered by the CEO or president, or
divvied up between middle management.
In the collection industry, chief compliance
officers stepped into the limelight after
the Dodd-Frank Wall Street Reform and
Consumer Protection Act was signed in 2010,
and the position became even more critical
after the Consumer Financial Protection
Bureau was jolted to life in 2011.
Today, you'll find compliance officers
in most financial services organizations-
the position reached #16 on U.S. News &
World Report's Best Business Jobs of 2017,
and boasts an impressively low 1.7 percent
unemployment rate.
Their essential mission couldn't be
more straightforward: Chief compliance
officers are charged with making sure
their company meets all state and federal
regulatory expectations.
To do this, they must have a deep
understanding of how their company works,
including how all branches communicate
with each other and how processes are
developed and carried out, as well as the
company's markets and client needs. They
typically have their hands in internal and
external auditing, vendor management,
training, quality assurance and IT
functions-pretty much every facet of the
company. They often work closely with
a company's general counsel or outside
counsel. Plus they must stay up-to-date with
changes and trends in industry regulations,
from well-publicized federal laws to lesserknown district court decisions.
Needless to say: it's a busy and often
stressful job.
"This role is absolutely critical to the
continued success and growth of our
organization," said Andrew B. Robinson,
president and CEO of Associated Credit

17



Table of Contents for the Digital Edition of Collector - February 2018

President’s Page
Industry News
Best Practices
FYI
Perspective
The Many Sides of a Chief Compliance Officer
Collection Tips
Is This Working?
Advocacy at its Finest
Calendar
Honor Roll
Express Yourself
A Step Above
Ask the Experts: Solving a Problem
ACA Submits Amicus Brief to U.S. Supreme Court in Case Challenging the 7th Circuit’s Treatment of Letters Seeking Collection of Out-of- Statute Debt.
Compliance
ACA SearchPoint
Last Word
Collector - February 2018 - Cover1
Collector - February 2018 - Cover2
Collector - February 2018 - 1
Collector - February 2018 - 2
Collector - February 2018 - 3
Collector - February 2018 - President’s Page
Collector - February 2018 - 5
Collector - February 2018 - Industry News
Collector - February 2018 - 7
Collector - February 2018 - 8
Collector - February 2018 - 9
Collector - February 2018 - Best Practices
Collector - February 2018 - 11
Collector - February 2018 - FYI
Collector - February 2018 - 13
Collector - February 2018 - Perspective
Collector - February 2018 - 15
Collector - February 2018 - Collection Tips
Collector - February 2018 - 17
Collector - February 2018 - 18
Collector - February 2018 - 19
Collector - February 2018 - 20
Collector - February 2018 - 21
Collector - February 2018 - Is This Working?
Collector - February 2018 - 23
Collector - February 2018 - 24
Collector - February 2018 - 25
Collector - February 2018 - 26
Collector - February 2018 - 27
Collector - February 2018 - Advocacy at its Finest
Collector - February 2018 - 29
Collector - February 2018 - Calendar
Collector - February 2018 - Honor Roll
Collector - February 2018 - Express Yourself
Collector - February 2018 - 33
Collector - February 2018 - A Step Above
Collector - February 2018 - 35
Collector - February 2018 - Ask the Experts: Solving a Problem
Collector - February 2018 - 37
Collector - February 2018 - ACA Submits Amicus Brief to U.S. Supreme Court in Case Challenging the 7th Circuit’s Treatment of Letters Seeking Collection of Out-of- Statute Debt.
Collector - February 2018 - 39
Collector - February 2018 - 40
Collector - February 2018 - 41
Collector - February 2018 - 42
Collector - February 2018 - 43
Collector - February 2018 - Compliance
Collector - February 2018 - 45
Collector - February 2018 - ACA SearchPoint
Collector - February 2018 - 47
Collector - February 2018 - Last Word
Collector - February 2018 - Cover3
Collector - February 2018 - Cover4
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