Tampa, FL – June 27, 2017 – RISC is pleased to announce that Holly Balogh has been hired as the President and COO of RISC, the leading compliance and training company for the Recovery Industry. Stamatis Ferarolis will remain as owner and CEO. “RISC continues to be at the forefront of the recovery industry for compliance and training. With the growth we have seen from our recent partnership with MBSi, we needed to bring additional leadership with deep industry experience to ensure we are positioned well to support the growth that we are seeing,” said Stamatis Ferarolis. “We are thrilled to have Holly join RISC as President and bring her wealth of recovery and compliance experience to our customers.” Holly joins RISC with over 5 years of industry experience most recently working as the Chief Operating Officer at RDN, a business unit of KAR Auction Services, Inc.
TAMPA, Fla., May 26, 2017 – Recovery Industry Services Company (RISC), the industry-leading provider of Collateral Recovery Training, Certification, and Compliance Solutions, today announced that it has signed a definitive agreement to acquire Recovery Compliance Solutions (RCS) in order to enhance its Vendor Vetting services as part of RISC’s overall compliance-related offering.
Grandville, MI– February 2, 2017 – Loss Prevention Services, LLC, an industry leader in repossession and skip tracing services, announced today that it has chosen MBSi Corp. (MBSi) as its assignment and compliance management solution. Throughout this next year, LPS will transition their assignment management platform to Recovery Connect (RC), MBSi’s next generation assignment platform. In addition to adopting Recovery Connect, LPS has also chosen to adopt MBSi’s Compliance Made Easy (“CME”) suite of compliance platforms, as well as MBSi’s full vendor compliance management services. This decision allows LPS to integrate assignment and compliance management into one system. LPS and their clients will be provided with unprecedented transparency and analytics to create the best results in the most compliant environment available today.
Even today many creditors will argue that they are not responsible for the acts of the collateral recovery specialists they hire to recover their defaulted collateral. Their argument, which the courts disagree with, is that the collateral recovery specialist is an “independent contractor” and therefore must assume the liability associated with the self-help repossession process.
Certainly, there are many potential risks associated with the physical act of self-help repossession activity and we read about some of the unfortunate, sometimes deadly results. Statistics clearly show that professional training and certification are the most effective methods for minimizing and controlling those risks.
Let me tell you a little about “those” people. They are talented professionals that must wear many faces and must be consummate professionals when servicing their clients. A few of the hats “those” people must wear in order to service their clients while managing the potential risks are: Private Detective, psychologist, locksmith, lawyer, technology specialist, communications specialist, professional defensive drivers While willing to work 49 hour days!
Like a double edged sword, social media can be a great way to communicate or if used irresponsibility can make you bleed headaches. Remember, what you post on any social media site doesn’t go away….ever.
I believe I would be remiss, and less an American if I did not give pause on this sacred day of appreciation to those to whom I owe so very much of my rights and freedoms in this greatest of all countries, AMERICA!
If you read CUCollector, which is an excellent forum for information and accuracy for the collateral recovery industry and the lending community you probably read the recent article regarding a lawsuit filed in federal court under the FDCPA by Wanda Vantu v. Echo Recovery, LLC, et al. This article has stimulated lots of discussion, the primary reason being that many in the collateral recovery industry as well as some lenders seem surprised that a Section of the FDCPA specifically applies to collateral recovery agents (Security Enforcers as defined by the Federal Trade Commission). I would like to follow up on the CUCollector article because, due to the proliferation of Wrongful Repossession lawsuits being litigated in federal courts I believe this is a subject that warrants further discussion and clarification.
May 14, 2015 – Due to the numerous compliance mandates by the CFPB and commercial lenders that manage portfolios exceeding $900 Billion, it becomes clear that there is a critical need for a nationally recognized professional certification program for recovery agents who specialize in commercial asset recovery.
Recovery Industry Services Company (RISC) is proud to announce the Certified Commercial Recovery Agent (CCRA) National Certification Program in conjunction with the Author, Mark Lacek. Mark has over 25 years experience in the commercial asset recovery industry and is certified in both federal and state court to consult and provide expert opinions on Wrongful Repossession litigation.