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CONTRACT COMPLIANCE
When finalising a loan or lease drawdown, each and every document presented during the process, including the application and contract stage, needs to be checked for accuracy, veracity and completeness. Failure to do so may severely prejudice a finance company's ability to recover any assets or money lost through fraudlent activity. Checking the contract complies with the requirements specified by the finance company and by NZ law is therefore essential and must be done diligently.
In addition, multiple channels for applications, such as retail outlets & finance brokers, mean that the process must be as smooth and efficient as possible to maximise the chances of a product sale. Time and quality are of the essence.
WHY FASNEXUS?
The level of compliance and the associated service levels often vary from client to client and product to product. As a result, FASNexus again works very closely with the finance company to identify the most important areas that must be checked for the application, the timescales for responses and any appropriate actions that may need to be taken. e.g. returned to the source (the 'originator') for full completion or referred to finance company management for further consideration.
With years of operation behind us, we have seen most of the fraudster's tricks before so we can, for example, advise which forms of identification are most often used in certain types of product fraud and how problems can be avoided or mitigated. Our experience allows us to say with some certainty what will work best and what might be a risk to the lender.
With our IT systems geared to ensure that all the designed checks and balances have been completed, we are able to assess a substantial volume of contracts every day. As a result, we run a dedicated team of experienced staff, carefully trained to handle this activity. We are confident that in most cases we can handle a finance company's compliance process better than they can handle it themselves.
SUMMARY
- A dedicated team of experienced professionals allows us to identify and manage contract compliance issues quickly and efficiently, ensuring that your business is protected as best it can be against fraudulent applications and needless mistakes
- Contact us for more information.
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