As part of compliance with quality assurance standards, the collectors must acheieve a thorough understanding of the laws and regulations as well as a client-specific and company requirements. This also includes training the new hires. For example, policies and procedures encompassing consumer disputes, collection notices, compliance/consumer telephone calls, and data security.
Daily operations include satisfying call-monitoring targets, conducting call-calibration meetings, preparing and updating scripts and team specifications for current and new clients addressing special projects to identify opportunities, and reviewing disputed accounts. The compliance department also maintains and updates the collection manuals and all tools used by collectors to perform their daily tasks.
Clients may have a call monitoring scorecard that is customized to evaluate the who are working on their portfolio. Calls that fail to meet legal, client or company requirements result in additional training and/or corrective action. Collectors then receive feedback and one-on-one training.
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