"It's been a slow summer"
The interest I'm having to pay is killing me, I need to cut back"
" I need my people focused on things that make money"
"We're just too busy right now"
Any of these excuses sound familiar? We've heard all of them just in the past month. Folks definitely lose concentration in the summer and momentum on "getting the ship in order" takes a hit. Let's face it, there are a lot more fun things to do than deal jacket reviews, updating policies, and all of the other things that need to be done to keep one step ahead of the regulators and lawyers.
Stop Making Excuses
Let me ask you this, though: DO YOU THINK THE REGULATORS GIVE A DARN? How do you think your state examiner's going to react when you explain that you were just too busy to audit your paperwork? DO YOU THINK THAT LAWSUIT IS GOING TO TAKE IT EASY ON YOU? Guess again, The folks that you have to answer to don't want to hear your excuses, they want to see demonstrable compliance.
The Truth Will Come Out
Also in just the past month, we've seen a client get its capital renewal held up because the lender wasn't satisfied with their safeguards efforts (expect to see more of this as a result of the CDK breach). We heard from a dealer going through a state audit that there wasn't enough attention to detail on policy content. I won't bother continuing.
Call to Action
Summer's almost over, the kids are back to school, Labor Day will soon be a fun memory. Time to get serious! What are you doing to make sure your risk goes down between now and Halloween? Check your Compliance Management System and come up with a game plan. Ask key personnel what they are doing to make sure you are not a ripe target for a regulatory issue or a lawsuit. If you need ideas, reach out to Ignite, we've got lots of experience helping companies of all shapes and sizes. One size doesn't fit all, we'll help you come up with an efficient plan that will make an impact.
Please reach out to Ignite at Info@Ignitecp.com if you'd like to discuss this article, your sales process, or any other aspect of your business.
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