PCM’s commitment to compliance minimizes risk for our clients. PCM is bonded, insured, and licensed in all provinces. Our commercial collection staff is IACC Certified, and our organization undergoes annual Third-Party Compliance Audits to ensure your assets are managed and protected. We offer our clients the full spectrum of compliance points:
Provincial Licensing: 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.
Third-Party Compliance Audit: This Canadian Standard on Assurance Engagements (CSAE) addresses audit engagements undertaken by a service auditor to 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.
Audited Financials: 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 bonding 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 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 offsite. We maintain a sophisticated disaster recovery plan that allows us to be up and running again as quickly as possible following an unforeseen problem.
Data Protection: PCM maintains the confidentiality and safety of your customer’s information. We have 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 all times from unauthorized access.
International Association of Commercial Collectors (IACC): PCM 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 collection. Moreover, throughout their career at PCM, employees undergo regular refresher training to ensure they understand the latest developments in the industry.