Where there's smoke there's fire. That old proverb came to mind when we started to look at complaints and consumer protection enforcements by the CFPB. As marketing compliance experts, we're always searching for trends or data that could help our clients proactively mitigate risks in their marketing and communications with consumers.
After extensive research and analysis, our hunch proved true: consumer complaints to the CFPB were indeed a risk indicator of regulatory enforcement. That research was further validated when Senior Analyst Ann Thompson confirmed that the CFPB uses their consumer complaint database as a guide for determining whether to pursue an examination of a particular company.
So, with consumer complaints rising by 8% in the last year and over 179 public enforcement actions by the CFPB since 2012, we found it was time to help organizations better understand their risk posture to proactively resolve potential issues before they become "a guide."
Our most recent addition to the repertoire of PerformLine compliance tools is the Risk Assessment. This assessment gives you a free snapshot summary view into the compliance risk your company faces, providing trends and an assessment of your regulatory compliance risk based on 8 data points in consumer complaints and marketing compliance.
Within the Risk Assessment, your company can learn:
- Whether you have a low, moderate, high or very high amount of risk
- How many complaints are in the database against your company
- Which product might be causing the most complaints
- How many untimely responses your company has
- The effect those untimely responses have on your risk threshold
- How many complaints from special groups (servicemembers and older Americans) your company has
- Complaint trends by month for you vs. your competitors
- Potential compliance issues we’ve uncovered on the web that could put you at risk
At PerformLine, we're always innovating new ways to help companies further enhance their culture of compliance — and the launch of the Risk Assessment is being enthusiastically received by the industry:
"I'm super excited about [the Risk Assessment tool]. It could be a really good indicator where we're heading with the regulators."
- PerformLine Client
Take advantage of this FREE offer and learn the risks that consumer complaints and non-compliant marketing pose to your company.