CCR2 Technology


The heart of the matter


Technology is allowing collectors to take a fresh look at compliance and risk analytics


Shelagh Hudson NEXUM Software shudson@nexumsoftware.com


In my view, ‘risk’ is an umbrella term covering a range of elements. Within our customer-base, risk of delinquency, reputational risk, risk of non-compliance, and security risk form a major focus; and, more recently, risk of change has become increasingly evident.


Delinquency and payment NEXUM monitors each account against a ‘rule book’ in the form of automated decision based worklfows, which assess account key data. The ‘rule book’ workflows reflect an organisation’s strategy to managing customer, or debtor, accounts, and can be tailored by a system user without our involvement. An account’s key data consists of invoice


and payment behaviour, communications to and from the customer, or debtor – such as calls, text messages, e-mails, and post – disputes, vulnerability checks, affordability, and external credit reference agency data. The system is able to monitor accounts


and then flag accounts posing a risk of delinquency, update their risk status and re-route them to the most appropriate collections strategy. Customer, or debtor, accounts can be


segmented based on their risk profile and are subject to ongoing monitoring by NEXUM, with feeds from external credit reference agencies enriching the data on a frequent basis.


Reputational risk Managing complaints and disputes raised by customers, or debtors, is an important element managed within NEXUM. There is a cross over with risk of delinquency as a proportion of complaints or disputes may be fake claims, employed as a means to delay payment, but the majority will be genuine and require investigation.


30 www.CCRMagazine.co.uk Organisations subject to regulatory or


legislative requirements will need to ensure that disputes and complaints are processed and managed in accordance with defined rules and that they are complied with. In addition, it is healthy for all businesses


to manage disputes and complaints efficiently in order to maintain customer satisfaction. The effect of poor dispute and complaint handling can result in fines, reflecting poorly on an organisation’s reputation within their marketplace. The system provides functionality to


record, escalate, manage, and monitor disputes and complaints in accordance with the rules and regulations governing your business. The ability to automatically monitor the resolution process provides a


high level of visibility, with actions, activities and communications fully tracked and recorded for compliance audits.


Risk of non-compliance Our customer base includes small, medium, and large law firms, debt recovery agencies, debt purchasers, utilities, universities and housing associations, all of which are subject to regulatory and legislative compliance. Our aim is to incorporate rules governing


customers within their own business strategies for managing accounts, as compliance has become a major operational requirement within them all. By its very nature, compliance is subject


The effect of poor dispute and complaint handling can result in fines, reflecting poorly on an organisation’s reputation within their marketplace


to regular change, placing a burden on organisations to ensure they conform, for many, adhering to changes and remaining compliant represents a significant invest in time and money. We incorporate a range of functions specifically designed to assist organisations in automating compliance rules.


Security risks Protection of data is paramount, often occupying top spot on a NEXUM customer’s list of mandatory requirements. The system is available as either a hosted solution or installed within a customer’s environment. NEXUM is IS027001 certified and offers the highest levels of security within its data centre, which is also PCI DSS compliant. It also incorporates role-based solution


within the application to ensure access is strictly controlled and user-based functions are restricted to an individual’s role within a customer organisation. Every activity performed by an individual


user is audit tracked and available for auditing, which further protects the integrity of data. CCR2


July 2017


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