These examples are based on real client experiences, with identifying details modified to protect privacy.
Sue managed a mortgage company's filing system using spreadsheets, folders, email, Outlook and other documentation on her computer. Her process worked because she knew every detail. When she left the company, no one else had a complete understanding of the system.
The company suddenly faced risks involving missed deadlines, surety bond renewals, fictitious-name renewals and federal compliance. The issue was not that Sue had done poor work — it was that the process depended too heavily on her personal knowledge.
Critical workflows should be documented and accessible to more than one person.
Centralize deadlines, requirements, documents and status so the process remains with the company.
A mortgage company outsourced surety bond management to a third-party provider. For several years the process worked. Then a new employee at the provider failed to renew a required bond on time.
The state regulator imposed a $10,000 penalty on the mortgage company. The service provider apologized and waived a fee, but the mortgage company still carried the regulatory and financial responsibility.
Outsourcing a compliance task does not outsource the liability.
Give internal teams visibility, reminders and centralized oversight of critical renewals.
See how AcuFiles keeps filing obligations visible.