Collector - February 2018 - 18
Did You Know?
ACA International offers two designation programs specifically designed
to educate both new and experienced compliance professionals.
Credit and Collection Compliance Professional
Perfect for the professional who devotes a portion of their job function
to compliance, this designation provides a base level of knowledge that
will help them comprehend the significance and impact of proper
Credit and Collection Compliance Officer (CCCO)
Designation (Advanced Level)
Designed for the advanced professional, typically a chief compliance
officer, this designation provides an in-depth range of knowledge on
compliance strategy in the debt collection industry.
To get started, visit
"The biggest struggle
of a chief compliance
officer is how do you
remain proactive in
a reactive role? It's
Services Inc. "If an agency does not
have a culture whose very foundation is
compliance, they cannot continue to thrive."
Here are five key traits effective CCOs
possess, and tips on how you can help
nurture these critical characteristics in your
THEY ARE EXPERTS IN INDUSTRY
LAWS AND REGULATIONS
In order to manage their company's risk
and reputation, CCOs have to know what's
happening in the regulatory and legal arena.
"The biggest struggle of a chief compliance
officer is how do you remain proactive in
a reactive role? It's challenging," said Dave
Rainbolt, chief compliance officer for Allied
Collection Services Inc. "You can't lose that
proactive approach. The moment you do you
become another role-based position."
Tanya Kisler, chief compliance officer
for Magnet Solutions, said she's constantly
trying to predict what may be coming down
the pike from regulators. "While a law or
ruling may not directly affect us in Nebraska,
we find there is value in staying abreast
of all rules and regulations that impact
our entire industry," she said. "We do our
best to evaluate best practices regardless
of geographic boundaries and implement
action proactively if necessary. We have
found that indeed an ounce of prevention is
certainly worth a pound of cure."
She admits that this proactive approach
may not always thrill other folks in the
organization. "Sometimes the business side
of the organization really wants to say, 'Yeah,
let's not focus on that yet because it's not a
problem for us now.' As a chief compliance
officer, you're not creating problems, but you
are creating solutions to problems."
CCOs rely on a wide variety of resources
to help them keep up with industry trends.
Regulatory websites and social media feeds,
industry publications, online discussion
boards, peer groups, seminars and
networking events all help them stay plugged
in to the latest news.
"I always block out a certain portion of
my week to read up on what's going on in
the industry from a regulatory perspective
so I can stay up to date," said April
Lindauer, chief compliance officer for I.Q.
Data International Inc.
Rainbolt keeps a spreadsheet of all the
programs and publications he uses to help
him monitor the environment. "I don't
rely on just one service or resource-I'm
constantly scouring the ARM industry to
find decisions in district or circuit courts,
to track attorney complaints and demands
agencies are getting and see what's going
on in case law. I also review ACA's The Hub
community and communicate with my
peers. I have to do my best to stay up on
everything, and every once in a while, I land
a win of something I didn't catch before or
even better yet, something no one else had
THEY ARE INGRAINED IN EVERY
PART OF THE COMPANY
All decisions regarding processes should
pass through compliance. Whether they are
operating at the helm of a compliance team