Document Compliance in Credit Control Processes

The volume of documents and confidential nature of information handled by credit control teams presents a constant risk of audit failure in a highly regulated financial environment. At the same time, time-consuming procedures required to ensure full compliance can impact on controller productivity.

The credit control document management solutions supplied by DCS are designed to help you meet mandatory compliance obligations, as well as compliance required to satisfy financial, professional or organisation-wide standards and recommended practices.

With the DCS document management system, credit control compliance criteria will be implemented in the background with no effort required on the part of individual controllers.

Document retention in credit control departments

The need to retain accounting records for up to seven years can be built into your document management solution. When new paper documents are received or issued by credit control, our solution provides for their automatic capture and storage. During this process different document types are identified and retention criteria are automatically applied. The same process also applies to the capture of faxes, emails and email attachments.

Document traceability – guarding against document loss

The ability to locate and present documents for audit purposes frequently poses problems for many organisations handling high document volumes, and failure to submit documents can incur heavy financial penalties. Using the DCS FileStore EDM system, documents captured by your credit control team will be automatically archived in a central repository. The archiving technology allows you to retrieve stored electronic documents quickly and much more reliably than archived paper documents. Archiving to a cloud-based repository presents further disaster recovery benefits.

Data protection

During the handling of debt recovery cases, documents containing confidential customer details and sensitive information will be subject to data protection legislation. To ensure against information leakage and non-compliance, all captured documents are automatically securely stored with access controlled by credit control managers. Further record retention criteria can also be automatically applied including automated reminders to destroy certain documents after a specified period.

Building best practice into credit control workflows

The DCS process automation software allows you to configure rule-based workflows which can be used to structure the work of your controllers. This enables you to build company and industry best practice into the workflows and ensure that procedures are correctly followed, placing less reliance on individual controller knowledge and reducing your non-compliance risk.

Do all your credit control processes comply with legal and industry regulations? Reduce the risk of being fined for non –compliance by talking to one our business consultants on 01753 616720 or fill in the contact form for a fast, tailored response.