How to Avoid Business Disruptions
How does your firm avoid costly business interruptions? Incorporate Compliance at the early stages of the decision-making process to help eliminate headaches, hassles and high price tag later.
By bringing Compliance on board at the outset of the process – at loan origination – you virtually ensure accuracy and seamless implementation, not to mention loyal and compliant staff.
Conversely, Compliance errors create a myriad of problems: corrections cause staff to lose confidence in management; they also dislike change. You also see a rise in “underground” procedures and rogue behavior as loan officers disregard Compliance and work on their own. Lastly, your company will lose long-term value as customers become dissatisfied with unnecessary delays and changes. Experts agree, it’s a critical mistake to wait until everything is done to bring in Compliance. The one to four hours spent up front doesn’t become 70, 90 or unlimited hours when dealing with problems later.
Simply put, Compliance errors can create serious business interruptions. Compliance should be utilized at the onset in the development of overall practices and procedures, and brought in at the planning stage, to help avoid costly business disruptions.