Guest Post: Pandemic Heightens Importance of Vendor Oversight

EDITOR’S NOTE: The following article was originally published by Jamie Welsh at Harvest Strategy Group and is re-published here with the company’s permission.

When the pandemic hit, we as an industry first looked inward ensuring the safety of our staff and their families and then towards making sure that they could securely and effectively operate remotely. BCP plans were put to the test and most rewritten.

The ARM industry has been paying for the sins of a small number of bad actors from years past. The government has done its job, through regulations and oversight, to clean things up. As a result, the industry is now held to a high standard for acceptable practices, and we’re all better for it. As the new administration enters, we’re all in agreement that oversight will continue to be heightened. We are of the position that this is not the time to push back, it is time to embrace our new environment.

Credit issuers and clients continue to seek our counsel as ARM subject matter experts to make the necessary adjustments continuing to operate in a manner that reflects the terms and expectations that were outlined when these partnerships began. The balance between compliance management and operational effectiveness is the key to success. When managing a network of recovery partners, vendor oversight is the driving force to determine success or failure, HARD STOP!

The tried-and-true oversight tools and business best practices of performance and compliance management oversight that defined the industry pre-pandemic are being re-written daily. Working with an industry specialist whose singular focus on recoveries in managing law firm and collection agency relationships will ensure your receivables and your brand are in good hands.

As specialized collection managers, Harvest audits every vendor in its network through daily automated exception reports, weekly performance oversight, monthly call reviews and annual on-site (pandemic notwithstanding), multi-day audits.  In addition to detailed account reviews, Harvest ensures that vendor support functions including IT, HR and finance continue to implement the policies and controls required to meet best-in-class standards. 

As we begin the new year faced with such change, Harvest can help banks, auto finance lenders, credit unions, and financial services companies ensure they’re driving maximum net lift while ensuring risk is ultimately mitigated.  Talk to our team to understand how we can assist you to meet and exceed your recovery goals in a risk-free manner.

For more information, Jamie can be reached at (303) 531-0654 or Jamie.Welsh@harveststrategygroup.com

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