Keep up with compliance obligations While keeping costs down
Compliance is more important than ever. It used to happen quietly, behind the scenes, while other aspects of lending took centre stage.
Now? It’s in the spotlight. Your compliance processes have to be transparent, robust and entirely water-tight. And thanks to ever-tightening regulations, the burden is constantly increasing, so your internal compliance team is always at – or over – capacity.
You could employ more local compliance specialists, but the costs are prohibitive, which would make scaling your business a slow and arduous process.
A proven solution
The Loanworks Compliance Solution for lenders resolves all of these challenges. We’ve been in the lending business for more than 30 years, so when it comes to compliance, we have the knowledge and experience to support you in meeting your obligations, with maximum efficiency.
We’ll provide you with a dedicated compliance specialist – or team of specialists – in Manila. They’ll work only for you, full- or part-time, just as all your local staff do, but at about 60% of the cost. You have complete control over their work practices and performance quality, but you won’t have to worry about recruitment, payroll, labour laws, office space, office equipment, system setup or IT support.
This means you can:
- Increase capacity and free up your local compliance team to focus on more important tasks like investigation and education
- Streamline your compliance operations and reduce inefficiency
- Reduce your cost to deliver
- Reduce labour costs
- Help your team to fulfill all regulatory compliance obligations
- Maintain quality control and compliance with a low cost base
- Scale your business faster and enjoy greater margins
Your outsourced compliance team can perform any or all of the following tasks, depending on your unique business requirements and where you need the most support.
File compliance reviews
- Review identified credit applications
- Review supporting documentation, NCCP documentation, applicant income & expenses, serviceability, required data entry and file notes against a compliance checklist
Business compliance reviews
- Review of accredited credit licensee businesses
- Review required policies, accreditations, licenses and memberships against a compliance checklist
Reporting
- Collate file review and business review information
- Enter information into compliance systems
- Undertake quality control checks
- Prepare audit reports on accredited credit representatives and licensees
Customer assessments
- Survey identified credit application customers to assess compliance of the credit offer process they underwent
- Perform assessments by phone, email and/or survey
- Compile reports of outcomes
A quality solution
When it comes to compliance, performance quality must never slip. If that happens, the consequences can be devastating. It’s a heavy load.
Outsourcing any part of your compliance work requires absolute confidence in your provider. Loanworks understands that tension.
All Loanworks compliance specialists have many years experience working with credit applications and compliance. They’re fully conversant with the requirements of the National Credit Act, responsible lending obligations, and ASIC review recommendations, and before starting work for you, we’ll help you train them in your unique compliance processes, systems and business rules.
A tailored solution
As lenders ourselves, we understand the practicalities. We know that it’s usually not possible to outsource all aspects of your compliance workflow – especially not to begin with. The most practical, cost-effective approach is to outsource only the parts that you specifically need help with.
Obviously that looks different for everyone, and a needs assessment will help you figure out the precise balance that works for you.
Frequently asked questions (FAQs)
As your compliance solution will be tailored to your business requirements, it’s impossible to provide a pricing estimate without first performing a needs analysis. But generally speaking, experienced, fully-qualified compliance specialists in the Philippines cost up to 60% less than in Australia. We can charge transactionally, for fixed full-time employees (FTE), or for a turnkey solution.
Yours. We bring the know-how and the labour, you bring the systems and processes. That means there's no added expense and no time spent managing integration.
Your offshore team of compliance specialists will access your system remotely using secure password controls.
Information security is one of our highest priorities. We are ISO 27001 ISMS accredited, and we use your privacy policy, information security management, and physical access controls to ensure that our security measures meet the highest possible standards.
Ask us how our solution can help you
Building a tailored, efficient solution means we need to ask you some questions, and listen carefully to your answers. To get the ball rolling, please call Andrew Duerden, our Director, Business Services, on +61 403 048 757. Andrew has worked on designing and delivering customised solutions for many clients, and has the expertise, creativity and commitment to find the right one for you.
