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I just stumbled on this press release from a group called MSTARS, LLC. Now I don’t know anything about this service, have not seen it in action, or have any financial interest in them; however, the concept seems really valuable.
I spend a lot of time trying to help my clients stay up to date on regulatory and compliance issues. In the debt settlement business this is so important. It seems that since this industry deals with distressed consumers, they are always targets of legal or regulatory action.
Unfortunately, training debt agents can be costly and it is very difficult to ensure every agent’s continual compliance. Even if you provide the necessary compliance training it can be hard to document that training should a problem arise. This is where I think the MSTARS virtual training system could be interesting.
Here are the elements that I think could potentially be very valuable:
- Providing consistent compliance training
- Saving managers valuable “floor time”
- Easy way to track and account for compliance training
- Easier for the agent to accomplish training
- Ability to push training to multiple locations
Again, I haven’t seen the solution myself and can’t endorse it. However, I do think something like this would be a real value to the company-even if you just did your own videos series or webinars for ongoing agent compliance training.
How do you manage your compliance training?
I am interested in solutions and processes that debt settlement businesses are using to keep on top of all these changes.
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