First Annual BareComp Compliance Conference Aims to Keep You Compliant
Conference sponsor, LeadsMarket, offers some tips leading up to Aug. 26-28 conference start
LeadsMarket is thrilled to be sponsoring the 1st annual BareComp Compliance Conference with Lac du Flambeau, on August 26-28 in Chicago, IL.
In our industry, compliance is a topic of great importance. At LeadsMarket, we believe strongly that compliance is more than just a buzzword. We make sure that compliance is incorporated into every one of our processes because we understand the impact that compliant best practices can have on any business’s bottom line.
Failing to stay within compliant guidelines can lead to huge headaches for any company. Businesses that don’t take compliance seriously can draw the ire of regulatory bodies like the Consumer Financial Protection Bureau. Once you’re on the wrong side of the CFPB, they can force you to restrict your lead generation activities, which can put a serious dent in your business.
Plus, once the CFPB or other regulators have a business in their sights, it can impact any other companies who work with that business. To avoid dragging yourself and your partnerships into regulatory danger, it’s best to put compliance at the forefront of your operation.
Here are a few important things to keep in mind with regards to compliance:
Know your lead provider
One of the most important steps you can take as a lender is to ensure that you know and trust your lead provider. Make sure any lead provider you work with takes compliance seriously. Otherwise, you could find yourself buying lower quality leads from providers under the eye of regulators. When lead providers don’t operate in a compliant manner, they are likely to get caught. And once that happens, it can impact their ability to sell leads in certain states or to certain tribes. This can result in lower quality leads across the board, which can lead to a higher number of defaults. Bottom line, it’s in your best interests to work with lead providers who take compliance seriously and whom you can trust. At BareComp, the LeadsMarket team will show you specific ways you can look for flaws in providers’ processes.
Focus on GRC
GRC stands for “Governance, Risk, and Compliance.” It’s a philosophy that informs how a business audits its practices. The core tenants of GRC involve everyone in a business taking ownership of their work and understanding that non-compliant behavior is a risk to the overall business. At LeadsMarket, we have GRC-trained professionals on our team to make sure we understand the importance of this philosophy. Attending BareComp and listening to our professionals, will help you and your business if you want to work towards your own official GRC certification.
Carefully vet any third parties
Beyond just your lead provider, it’s important to take a close look at any outside company you trust to handle elements of your business. If you use an outside data management company, you could be liable for any non-compliant actions taken by that third party. Quality control is essential to staying in good standing in this industry, so make sure you properly vet any companies you trust with sensitive processes. If they cut corners, it could cost you in the long run.
At BareComp, you’ll learn specific strategies to deal with a wide range of compliance-related issues. And the compliance experts from LeadsMarket will give you instructions on how to avoid regulatory pressure, which can drag down any business.
For many of us on the front lines, dealing with fraud, changing regulations, and an ever-shifting industry landscape, it’s especially important to stay up to date with the best compliance practices. The LeadsMarket team regularly meets face to face with regulators, including state and federal governments. Our legal counsel is constantly fighting to protect our industry, and that’s why we’re sponsoring BareComp this year. We want to share our knowledge and experience for the benefit of the online lending industry.
We hope to see you there!