I.C. System, Inc. Completes Third-party CFPB Readiness Assessment, Bolsters Collection Agency Compliance

May 14, 2013

I.C. System, Inc. announced that it has completed a proactive business assessment in preparation for the federal supervision of accounts receivable management companies by the Consumer Financial Protection Bureau (CFPB). The self-commissioned assessment and advisory review process began during the month of January and a final report was issued in April, 2013.

St. Paul, MN (PRWEB) May 14, 2013

As an enhancement to an already comprehensive collection agency compliance program, I.C. System recently completed an external assessment of its operations by a third-party auditing firm. The assessment was conducted by McGladrey LLP (McGladrey), the nation´s fifth largest U.S. provider of assurance, tax, and consulting services.

“Compliance is something we take very seriously at I. C. System. Providing world-class accounts receivable management services to our clients cannot be achieved without a major commitment to quality assurance and compliance. Doing things the right way is nothing new, we´ve been doing it right for decades by continuing to look at ways to improve our existing processes and service delivery. We wanted to get an outside opinion from an expert, independent third-party that might shine a light on anything that we may want to consider refining,” said Kurt Heinbigner, C.F.O. I.C. System, Inc.

McGladrey´s Douglas Underwood said, “When I.C. System executives approached us with this project, McGladrey conducted a compliance risk assessment to help prepare the company for federal supervision and future examinations conducted by the CFPB. The assessment included interviews with key personnel, a review of standard operating procedures and testing through the month of March in order to develop a final report that was delivered to I.C. System in April. The assessment followed the template outlined by the CFPB for preparing for an examination of a supervised entity. It was tailored to I.C. System as an accounts receivable management organization. McGladrey´s focus during I.C. System´s risk assessment was on the consumer regulations that apply to the accounts receivable management sector, such as the Fair Debt Collection Practices Act and Fair Credit Reporting Act.

McGladrey has supported the financial sector for many years and has extensive experience conducting regulatory and compliance assessments for financial institutions, with growing experience in the specialty accounts receivable management sector. Although this type of assessment is relatively new to the industry, McGladrey has the framework in place to review other accounts receivables management organizations that are subject to federal supervision under the CFPB.”

About I.C. System

I.C. System, a privately owned company founded in 1938, provides accounts receivable management services for thousands of clients within many industries, including healthcare, financial services, retail, government, utility, and communications. Headquartered in St. Paul, Minnesota, I.C. System also has offices in North Dakota, and Wisconsin. Contact us for more information about I.C. System. Or follow us on Twitter @icsystem and/or follow us on LinkedIn.

About McGladrey

McGladrey LLP is the fifth largest U.S. provider of assurance, tax and consulting services, with more than 6,500 professionals and associates in 75 offices nationwide. McGladrey is a licensed CPA firm, and is a member of RSM International, the sixth largest global network of independent accounting, tax and consulting firms. For more information join our Facebook fan page at McGladrey News, follow us on Twitter @McGladrey and/or connect with us on LinkedIn.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/5/prweb10711362.htm

Source: prweb

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