RMAI Certified Receivables Management Program Authorized Audit Providers perform third-party compliance audits for businesses applying for and renewing their Certified Receivables Business (CRB) and Certified Receivables Vendor (CRV) designation. This Q&A with Authorized Audit Provider, ARM Compliance Business Solutions, LLC gives current and future CRBs and CRVs insight into the compliance audit process.
Pell City, AL 35128
Website: http://www.armcbs.com
Contact: Sara Woggerman
Email: sara@armcbs.com
Visit the following links to find a Certified Business, Certified Individual, and the Certification webpage.
How long have you been an RMAI Authorized Audit Provider?
Over nine years.
What type of business are you in?
ARM Compliance Business Solutions, LLC is a woman-owned compliance consultancy business.
Approximately how many Certification Compliance Audits have you completed?
40+
What would you like prospective audit clients to know about your audit services?
ARM Compliance Business Solutions, LLC is unique in that its President and Owner spent half their industry career working for several debt purchasers. That gives us the knowledge and expertise to effectively guide our audit client through the RMAI audit process.
What advice or tips do you have for Certified Receivables Businesses approaching a Certification Compliance Audit?
Our best advice is to implement RMAI’s certification requirements into your company’s policies and procedures to ensure it’s not overly burdensome. The certification standards are designed to assist you in meeting regulatory expectations. Companies should also consider developing annual RMAI Certification Standard training for all support and leadership employees. RMAI has changed its standards many times since its inception and it’s important to update policies and procedures to reflect those changes and make sure the relevant employees are aware of those requirements.
What are some common deficiencies you see in typical audits?
One of the more common deficiencies falls under standard A15 Vendor Management. Companies of all sizes are required to have robust vendor management oversight and management processes that include an annual compliance assessment.
Another common area where deficiencies are often identified includes, A18 State of Emergency, and the A20 Hardship Policy. These two standards can be combined into the same policy but where companies often fall short is the tracking of such incidents. Your auditor will ask you to evidence hardship and natural disaster examples and how you complied with your policy and procedures.
What is the average time to complete a Certification Compliance Audit?
The average length of time to complete and RMAI Certification Audit is dependent on the organization of the company being audited. For a company that has good foundational policies, procedures, and controls with a dedicated point of contact to work with the auditor a 30–45-day turnaround time can be achievable. For others with limited resources, it may take the full 90 audit window.