With the constantly evolving regulatory landscape, organizations are faced with an uphill task to manage the various compliance risks that arise. Clients not only measure a company’s recovery performance, yet also evaluate the company’s compliance profile. Due to this, much emphasis is placed on the role of the Compliance Officer to help the organization succeed.
This is the first in a series of interviews with Compliance Officers from leading ARM industry organizations. We aim to bring insight on the responsibilities and challenges faced by Compliance Officers in managing the variety of compliance risks.
In this edition, we interview Nancy Ciresi, Compliance Director for Fenton & McGarvey Law Firm, based in Louisville, Kentucky. Nancy Ciresi has worked in the ARM industry for 16 years. For the majority of those years, Nancy has served in leadership roles designing and implementing operational strategies to maximize net income. In response to the increased compliance and regulatory requirements of the industry, Nancy is serving in a new leadership role as the Compliance Director for Fenton & McGarvey.
Provana: Nancy, thank you for taking out time from your busy schedule and volunteering to be the first of our interviews in this series. We imagine you must be engrossed in managing numerous activities. Where do you see the majority of your time being occupied in your day to day work?
Nancy Ciresi: I spend the majority of my time evaluating our compliance metrics and ensuring our audit program is structurally sound and has all the features required to deliver optimum levels of client satisfaction.
Provana: Right, and in order to ensure that your compliance metrics and audit program meet the regulatory guidelines, you would need to keep yourself current with all the changes in the regulations. How do you keep yourself up to date with the constantly evolving regulatory environment?
Nancy Ciresi: I subscribe to various industry related newsletters, the CFPB Newsroom alert program, several trade organization alerts, and participate in all client conversations and/or directives resulting from regulatory changes in our industry.
Provana: We assume that all the updated information you get from these sources, as well as the constant updates from your clients, need to be translated into your Firm’s documentation. In doing so, what are the challenges you face in keeping your policies and procedures current on regulatory, client, and internal process changes?
Nancy Ciresi: We have encountered challenges with orchestrating the optimal model for effectively implementing updates throughout the company as quickly as I’d like. The structure to facilitate this process exists today so now we’re fine tuning the final phase to ensure proper accountability and visibility is created to drive adherence to all updates.
Provana: And then how do you communicate and enforce changes that are imposed by clients and changes in regulations?
Nancy Ciresi: We communicate and enforce changes through our management team and compliance software. Our sophisticated compliance software houses and catalogues all our policies and procedures while our management team evaluates the necessary changes required to comply with the new directives and updates.
Provana: While documented policies and procedures are needed for audit purposes, in what other ways do you find them as a useful tool for your organization?
Nancy Ciresi: Documented policies and procedures are a useful tool for our organization because they effectively serve as a playbook for how we do business. Our policies describe our company stance on various topics while the procedures provide all employees with a keystroke level instruction for how to complete their specific tasks. Ultimately, having both in place and fully utilized on a daily basis creates a more confident workforce who can produce a top quality product every day.