7 “musts” for creating a strong, consumer-focused collateral protection program

For financial institutions, avoiding risk completely may seem impossible. However, a well-developed collateral protection program can effectively monitor and mitigate risk surrounding procedures, process, compliance and consumer interactions. There are essentially seven “musts” for initiating and sustaining a strong, consumer-focused collateral protection program:

1. Implement fair premium rates.
2. Focus on consumer benefits.
3. Practice consumer-friendly refund processing.
4. Adopt a strategic approach to consumer notifications.
5. Provide multiple avenues for verification.
6. Stay focused on the service.
7. Measure the program’s success with performance metrics.

 
Read Allied Solutions’ full white paper to learn more about how to apply these seven collateral risk management strategies