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Friday, January 19, 2018

Stringent Internal Audits

The ACSI Edge mandates stringent internal compliance audits to ensure that all work performed adheres to all laws and regulations as well as client contract requirements.

Compliance with federal and state regulatory mandates is of the utmost importance not only to ACSI but also to our clients, their consumers, and the regulatory bodies that monitor the collection industry. ACSI has instituted an internal audit program as the firewall between ACSI’s operations and potential non-compliance actions. Our audit staff also audits for compliance with client contract and service requirements and ACSI’s internal work standards.

  • Dedicated Quality Assurance and Audit Department - ACSI maintains a dedicated Quality Assurance and Audit Department, which is managed by the Director of Corporate Compliance and supported by experienced Quality Assurance Auditors (QAAs), all of whom have received extensive regulatory training before being assigned to audit accounts.
  • Real-Time Audits - ACSI has implemented voice analytics technology to mitigate and respond to potential non-compliance occurrences in real time. The voice analytics system flags words that could potentially compromise ACSI’s regulatory compliance status and alerts the responsible supervisor or manager to intervene in real-time. In addition, the close proximity of Recovery Managers and Team Leaders to the Recovery Agents in their groups provides an additional real-time audit.
  • Formal Audit Process - QAAs follow ACSI’s documented audit process to conduct daily audits, including call monitoring and account data via the collection system. They scrutinize for regulatory and security compliance as well as numerous other audit points. Audits are performed on a random, regularly-scheduled basis. They are also documented and tracked. If ACSI QAAs identify a potential non-compliance occurrence, they notify the appropriate manager or supervisor for resolution.
  • Corrective Action - Depending on the nature and/or severity of the non-compliance occurrence, managers may take one or more of the following actions: they may speak with the individual, issue a written warning, require remedial training, work with HR to reassign the individual to a different department within ACSI, or recommend termination to senior management.
  • Audit Documentation and Reporting - ACSI has carefully documented all of the processes and procedures we follow to conduct internal audits. These detailed documents set the stringent audit standards to which ACSI quality control auditors, service standards, and regulatory compliance actions must adhere.