Collector - July/Aug 2021 - 49

DATASECURITY&PRIVACY
Data security is the most critical
component of offshoring.
When handling sensitive data,
offshoring partners must
protect it against modern
threats through the
implementation of industry
security standards to keep
critical systems and premises
secure. It not only needs to be
secure and confidential, but
also accessible to prevent
productivity being impacted.
Data Privacy is an evolving
concept all over the world.
Any offshoring partner must
demonstrate that data security
is up to the mark, and they
have the flexibility to handle
any kind of threat.
The following is commercial content provided and paid for by First Solutions Debt Management, LLC.
Moeen is a three decade industry
veteran in debt collec�on
managing teams at global
financial ins�tu�ons. He designed
business modelsfor emerging
markets leading business
transforma�on, collec�on
strategies, and governance
structures.
PRICING&PERFORMANCE
Pricing is the most important
aspect of the revenue model for
any company. Contingency fee
has a lower risk factor and can
be charged as a percentage of
the collected debt. It is
negotiable and varies based on
the si e and age of the portfolio.
Offshoring collections outweighs
the options available by having
in-house collections without the
proper infrastructure. Offshoring
allows lower risk and builds a
conducive working relationship
for both parties. An offshoring
partner with the relevant
experience positively impacts
business and significantly
contributes towards lower rates.
Offshoring is the process of relocating a business operations unit overseas or
outsourcing a unit's work to an international company with more cost effective
resources. It is an effective method of acquiring services at a better cost. Therefore,
companies are becoming more inclined towards hiring offshore companies with
prominent skills and robust operations with an increased chance of ROI. In Debt
Collection, Offshoring is a more strategic investment of resources and staff, allowing
for a better array of options. Some of its key components are:
Is Offshoring
he Answer?
By Moeen Khan, CEO, First Solutions Debt Management
CREDIBILITY
WHOBENEFITS?
The beauty of offshoring is the
absence of competition. Any
business such as collection
agencies, debt buyers, or
direct clients can find an
offshoring partner, however
finding the right one is the key.
Offshoring offers flexibility that
reduces cost and enhances
growth of the companies.
Credibility and integrity are an integral
part of collections. If an agency cannot
be trusted due to poor ethics, no
business will come its way. Maintaining
a strong company culture, cultivating
constant employee development, and
conducting regular training for staff is
vital to build a credible ethics standard.
COMPLIANCE
Compliance is a vital component when offshoring
collections business. It means following all federal
and state regulations, having proper data security
& privacy infrastructure, regular risk assessments,
and following the best business practices. The
function performed by an offshoring partner
directly reflects on an organi ation, hence it is
necessary to choose a partner that matches
company values
First Solutions Debt Management, LLC offers offshoring services through its branch offices in
Dubai, UAE. To learn morevisit usat www.fs mus.comor contact info@fs mus.com
This content is provided for First Solutions Debt Management commercial advertisement purposes. ACA International was not
involved in the creation of this content, does not endorse the content, nor warrant nor guarantee its accuracy. The statements and
opinions are those ofFirst Solutions Debt Management and not those ofACA International.
http://www.fsdmus.com

Collector - July/Aug 2021

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