A compliance solution for aggregators that helps reduce risk and cost to serve
Compliance and regulatory obligations can be met more efficiently and cost-effectively using a comprehensive solution designed for the lending industry.
In an environment where margins are increasingly squeezed, you need to reduce your cost to deliver, while increasing capacity, without risk to performance quality.
As regulatory and compliance obligations increase, so does the cost of meeting them. It can be challenging for your existing staff to handle the workload, but expensive to take on and maintain a larger team.
You need a solution that:
- fulfils all regulatory compliance obligations;
- reduces the cost of labour, so you can increase capacity and productivity; and
- streamlines your compliance handling, enabling more effective use of your in-house team’s time for higher order functions like investigation of compliance breaches, and education of internal staff, credit representatives and licensees.
A solution that addresses your needs
Loanworks’ compliance solution for aggregators takes into account your need to get the job done in a cost-effective way, while maintaining control over the quality of your process.
How? It’s a hybrid solution. You already have processes and systems in place that are used by your existing compliance team. We have the skilled and qualified people to support them, so they can be more efficient and productive.
Our tailored solution finds the combination that works for your business right now.
Your systems, your processes
Conducting reviews of credit applications submitted by accredited credit representatives and licensees
- undertake a compliance review of identified credit applications
- review supporting documentation, NCCP documentation, applicant income and expenses, serviceability, required data entry and file notes against a compliance checklist
Conducting reviews of policies, accreditations, licenses and memberships held by accredited credit licensee businesses
- Review of accredited credit licensee businesses
- Review required policies, accreditations, licenses and memberships against a compliance checklist
Reporting on compliance audits/reviews
- Collate file review and business review information
- Enter information into compliance systems
- Undertake quality control checks
- Prepare audit reports on accredited credit representatives and licensees
Assessing customer experience
- Survey identified credit application customers to assess compliance of the credit offer process they underwent
- Perform assessments by phone, email and/or survey
- Compile reports of outcomes
Retain control
Unlike other outsourcing solutions, with Loanworks you retain control over both quality and cost. How much you outsource is up to you.
We’ve been in the lending industry for more than 30 years, and in that time we’ve worked with hundreds of Australian businesses to meet their compliance obligations in a way that works within their risk profiles. We know that every business is different.
That’s why our experienced analysts will perform a needs assessment and advise on the most effective combination to suit your particular requirements. We’ll work with you to customise a solution that works specifically for you.
Reduce cost
Outsourcing to our compliance admin staff will save you up to 60% on what it would cost you to engage the same level of assistance at home, or set up your own overseas business processing operation.
Your offshore team will operate wholly within your systems and your processes, so there are no costs associated with data or system integration.
And because our solution is tailored, pricing structure depends on you. We can charge transactionally, for fixed full-time employees (FTE), or for a turnkey solution – whatever works best for your business.
Reduce risk
Over the years, Loanworks has invested an enormous amount in our Manila team, recruiting, training and retaining the very best.
Our compliance team undergos specialised training in support of compliance processes, systems and business rules, and have a thorough understanding of the National Credit Act, responsible lending obligations and ASIC review recommendations.
Your technological and data security is also of the highest priority. Our team of compliance specialists will access your system remotely using secure password controls. We are ISO 27001 ISMS accredited, and we use your privacy policy, information security management, and physical access controls to ensure that our security measures meet the highest possible standards.
Move towards your exact-fit, comprehensive compliance solution
The Loanworks solution works because we customise it to suit you. And because it’s scalable, it will grow with your business. We’ll ask the right questions to find out what your needs are, and bring our extensive experience and knowledge to bear on working out how best to meet them.
Whatever the right combination is, you can rest assured that it will be comprehensive, cost-effective, and meet the highest performance standards.
Please call Jason Goodacre, our Outsourced Services Manager, on +61 498 112 056 to discuss your compliance requirements. Jason has worked on designing and delivering customised solutions for many clients, and has the expertise, creativity and commitment to find the right one for your aggregator business.
