Buying a Collections System - What Vendors Won’t Tell You #7

This is question 7 in your handy guide to shopping for a collections system. I’m offering 10 tips — things most vendors won’t tell you that are absolutely critical to selecting the right system.

How does this system meet regulatory and legislative requirements? How fast can I change the system when regulations change?

Changes in the political environment and increased security requirements drive legislative changes and industry regulations. Understanding the current business processes affected by these regulations is critical.

The system must provide mechanisms for accommodating existing regulations and the flexibility to adapt to future needs. It’s very possible that some of the regulatory and legislative requirements are buried in code in the current environment.

Be prepared to document your needs and to understand how the new system accommodates these needs.

Next week I’ll share question #8. To make sure you don’t miss it, subscribe to the FICO Blog using the box on the right side of this page.