These days, a more compliant company is a more competitive company.
Don’t adjust your screens — you read that right.
In the past, compliance was viewed as a necessary evil. Everyone knew it had to be done, but since it wasn’t seen as growing revenue or customers, the attitude about compliance was limited to how to obey the letter of the law and get on with the real business at hand.
The old view was a one-size-fits-all approach and there were plenty of people that viewed the fuss over being compliant as limiting and restrictive, if not outright harmful to the day-to-day business of the firm.
Responsibility for enforcement of compliance issues was limited to the legal compliance group, but times have changed. Compliance is a now an all-hands-on-deck effort.
Auto finance compliance experts are saying it’s time to advance the thinking about compliance and even embrace it as a step to a more competitive business.
