Performant’s recovery services provide compliance-focused solutions to assist in the recovery of billions of dollars in delinquent assets every year. The company offers multichannel recovery services and recovers debt using proven inventory management, outreach and communication, and compliant resolution techniques.
Cut time, cost, risk from the compliance workflow
As part of Performant’s collection services, the compliance team has to monitor every interaction between collectors and debtors to ensure they adhere to all laws, regulations, and customer service expectations. Every time a complaint is made, or an error is captured, the auditors record it in a series of Corrective Action Record (CAR) spreadsheets and deliver monthly reports on the results.
“Some of those spreadsheets had 40 or 50 columns,” notes Tereasa Vukanovich, Manager, Regulatory Compliance & Audit.
As demand for Performant’s recovery services increased, the quantity and complexity of the data auditors captured in the spreadsheets became overwhelming. Vukanovich’s team grew to 15 people who spent hours of their time entering data in spreadsheets and producing audit reports. The time and overhead cost were significant and the process had a high risk of error from calculation mistakes and missed data.
“It was a monstrous management process,” she says.
In 2019, Performant decided it was time to streamline the process. They looked at different performance management systems, but found that they couldn’t be customized to meet their specific needs. Then the Performant team learned that one of their sister companies was using TouchPoint One’s Acuity system and decided to demo the technology.
TouchPoint One’s team of experts worked with Performant to first define every step in their compliance workflow, then customized the Acuity environment to accommodate all reporting requirements organizing them by category and sub-category. That included creating two separate processes for Performant’s IRS and Non-IRS clients to capture and document any findings that resulted from the call auditing process.
TouchPoint One also implemented a series of customizable dashboard views that provide quick and easy access to the CAR documents and created a database where all collector audit history is maintained.
The system went live July 15, 2020 and it was an immediate success. By rebuilding all of the monitoring forms in the performance management system, the compliance team completely transformed its regulatory compliance process. The new workflow closely mimics the original process, but brings many time, cost and quality benefits. These include:
Vukanovich notes that the new system has been particularly valuable during the COVID-19 pandemic, as auditors are all working from home. In the past, new findings often required one-on-one meetings to share findings and implement corrective actions, she says. But now all of those communication steps are run automatically through Acuity. “It couldn’t have come at a better time.”
Performant is now implementing Acuity in three other departments that use the same audit data, to increase the time savings and improve data sharing across the organization. “We are saving ourselves so much time and so many headaches,” she says. “It is just a better way to do this work.”
“Acuity has made life so much easier for the leadership team! Having a balanced scorecard is a necessity in our environment.“
- Brandi Stadie, Senior Director of Veyo Contact Center Operations, Phoenix, AZ
“With TouchPoint One's advanced platforms and expertise, we've seamlessly integrated gamification into our performance management, boosting employee engagement and efficiency.“
- Mark Wilson, Chime Solutions CEO
“We are saving ourselves so much time and so many headaches. It is just a better way to work.”
- Tereasa M. Vukanovich, Manager, Regulatory Compliance & Audit
