What are security compliance standards and why should they matter to you?
Being compliant means ensuring that we are maintaining the minimum-security requirements for an agency. Security compliance just might be the least sexy topic but could very well be what avoids some potential disasters.
Things you may not have considered when vetting a third-party vendor:
- Hacking and Data Breaches
- Money-Handling Mistakes
- Client-Handling Mistakes
- Cyber Extortion
- Computer System Shut Down
- Loss of Documents
- Dishonest Employees
Your Company is Protected
At Priority Credit Management Corp (PCM Corp), our commitment to security compliance minimizes risk for our clients.
PCM Corp is Licensed, Bonded, and Insured in all Canadian provinces. Our commercial collection staff is IACC Certified, and our organization undergoes annual Third-Party Security Compliance Audits to ensure your assets are managed and protected.
To Learn More About Security Compliance
Call Toll-Free 1-866-766-9195
We offer our clients the full spectrum of credit collection products and services. Our compliance points include:
Each province has its own set of laws about debt collection. If your current agency doesn’t have all-provincial licensing and is corresponding with customers, your company is being placed at risk. Provincial legislation is not consistent across Canada. PCM Corp fully understands and can navigate provincial debt collection compliance.
Third-Party Compliance Audit
This Canadian Standard on Assurance Engagements (CSAE) addresses audit engagements undertaken by a service auditor. They report on controls at organizations that provide services to user entities when those controls are likely to be relevant to user entities’ internal control over financial reporting. PCM maintains annual CSAE 3416 Type II certification.
Errors and Omissions
PCM maintains errors & omissions insurance to cover ourselves – and our clients – if someone claims we incorrectly performed or failed to perform our professional duties.
The financial soundness of your collection agency is vitally important. PCM maintains the highest levels of fiscal transparency, adheres to Canadian Generally Accepted Accounting Principles (GAAP), and annually undergoes extensive financial audits conducted by an independent third-party firm. By choosing PCM, your institution will have the peace of mind that comes from working with a firm that has never been bought, sold, acquired, or filed for bankruptcy.
Clients Trust Bonding
PCM maintains government-mandated compliance bond insurance for all funds held in trust accounts for the benefit of our clients. Bond amounts are reviewed annually as part of the license renewal and financial audit protocols.
Disaster Recovery Plan
Should a natural disaster strike, what would happen? With PCM Corp, your customer records and information are never at risk. Every piece of data is backed up four times each day and again on a nightly basis and stored off site. We maintain a sophisticated disaster recovery plan that allows us to be up and running again as quickly as possible following an unforeseen problem.
To maintain the confidentiality and safety of your customer’s information, we developed a Quality Control Balanced Scorecard . These are strict internal protocols that ensure customer and client information is protected from the moment it is entrusted to our care to the moment it is destroyed, in compliance with industry best practices and client-specific contract requirements. We have invested heavily in our technology infrastructure to protect our operations and our clients’ data at all times from unauthorized access.
International Association of Commercial Collectors (IACC)
PCM Corp follows all provincial and federal laws, as it relates to commercial debt collection. IACC-backed training and certification guarantees that our staff understands and acknowledges all of the guidelines, responsibilities, and personal rights involved with debt recovery, including collecting Canadian debt in the USA as well as International Debt Collection. Moreover, throughout their career at PCM Corp, employees undergo regular refresher training to ensure they understand the latest developments in the industry.