Latest News

TAMPA, FL, November 14 , 2017

RISC Extends Compliance Best Practices to Repossession Lot Inspections

Comprehensive Lot Inspection Reports Now Available for Repossession Lots across the United States.

Recovery Industry Services Company (RISC) expands industry-leading compliance to provide comprehensive, up-to-date lot inspections for repossession storage lots across the United States. RISC’s Lot Inspection Service includes current reports on more than 1,500 Recovery Companies who collectively operate more than 3,000 recovery storage lots nationwide. Together, these lots store more than 95% of the repossessed vehicles recovered throughout the United States each year.

“Regardless of a lenders assignment strategy, annual inspections can be difficult to schedule, perform and maintain. In turn, the repossession company gets inundated with inspection requests from forwarders and lenders taking valuable time away from repossessions they need to perform,” said Stamatis Ferarolis, founder of RISC. “This coupled with variations in reports drove the initiative for RISC to perform and maintain standard lot inspections across the country.”

RISC’s Lot Inspection Service includes:

  • Office inspection
  • Vehicle security
  • Key storage and security
  • Personal property security
  • IT security

Two industry problems are solved with this solution. First, the lender is alleviated from managing this portion of the CFPB mandated vendor vetting process. Second, the recovery agency is relieved of the burden of having multiple lenders inspect the same lot.

“RISC’s Lot Inspection Service saves time and resources for all parties,” said Ferarolis, “and provides the lender with a single source to quickly, and economically, gain access to current, comprehensive lot inspections on every lot in which a consumer’s vehicle may be stored.”

Inspectors must complete Inspector Education, RISC’s proprietary training program. This training was developed specifically for repossession lot inspectors to ensure an objective report of the property. Each report is accessible online so it is easy for lenders to gather the necessary documentation required by auditors or third party regulators such as the CFPB.

Between now and the end of the year, lenders can take advantage of RISC’s free vendor compliance analysis. This vendor analysis will provide the lender with a snapshot of their vendor’s compliance status which will include information on lot inspections as well as business license, insurance, background checks and other vital compliance data. To sign up and get your free analysis, go to http://riscus.com/lot-inspection-service.aspx.


TAMPA, FL, October 4 , 2017

Recovery Industry Fuels All-Time Growth for RISC’s Compliance Certification Program

Nationwide focus on compliance standards leads recovery industry professionals to RISC’s standardized compliance training.

TAMPA, FL 10/04/2017 – Recovery Industry Services Company (RISC) announces unprecedented growth and adoption of its industry leading Certified Asset Recovery Specialist (CARS) and CARS-FC certification program. For more than 10 years, RISC has lead the way in recovery agent training with its CARS program which has certified more than 10,000 individuals since it was launched in 2002. With an ever increasing focus on compliance, lenders, forwarders and repossession professionals have sought standardized training programs and reporting to internal and 3rd party auditors, such as the CFPB.

The industry’s focus on compliance has created a surge in the number of companies that require CARS certification for all employees. “Since June, more than 3,000 individuals have become CARS certified, with another 2,800 professionals currently preparing for the exam. By the end of Q3, the nations’ 5 largest forwarding companies had certified all of their employees with CARS-FC, and more than 600 repossession companies have begun the process of having all their employees, not just their drivers, CARS trained,” said Stamatis Ferarolis, founder of RISC.

“We are proud to be the only compliance certification program accepted nationwide by all lenders and forwarders,” Ferarolis continued. “From the CARS certification program to vendor vetting to lot inspections, RISC has developed a comprehensive solution that ensures compliance by enforcing standards and teaching individuals how recover vehicles safely and handle sensitive data.”

This Spring, at lenders’ request, RISC created the Certified Asset Recovery Specialist-Forwarding Company (CARS-FC) training program as an extension of the industry standard CARS program. CARS-FC consists of a comprehensive set of applicable laws and regulations specific to forwarding company personnel to provide standardized training in all areas of compliance.

RISC would like to recognize the following forwarding companies that committed and certified their personnel on the standard RISC CARS-FC program. We would like to thank these companies, and others, for their commitment to the effort of standardized compliance for forwarder company personnel:

  • Primeritus Financial Services
  • ALS/Resolvion
  • American Recovery Service
  • Del Mar Recovery Solutions
  • MVTRAC
  • Plate Locate
  • Synergetic Communication Inc.

For questions about the RISC CARS or RISC CARS-FC program, or to sign your company up, please contact Holly, at [email protected].

About RISC
RISC is an organization dedicated to providing services specific to the collateral recovery industry and advocate on behalf of all professional practitioners within the industry. RISC is dedicated to the professional training and certification of collateral recovery specialists. For more information, visit www.RISCUS.com.


TAMPA, Fl, June 27 , 2017

Holly Balogh Named President of RISC, Tampa, FL.

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.

Balogh brings more than 25 years of business experience to RISC including her experiences at RDN, formerly as the Vice President of OneWest.net, a technology service company based in the rocky mountain west, and as an experienced manager at Accenture, an international technology and management consulting company. “From my experiences working in the recovery industry, I am aware that RISC provides the gold standard of compliance and training through their CARS program. With their recent growth, as well as lender and forwarder company adoption, they set the standard in the industry for training, lot inspections and vetting services. I am thrilled to join RISC and to bring my compliance and industry experience to the business,” said Balogh.

Balogh can be reached at [email protected].


TAMPA, Fl, May 26, 2017

RISC to Acquire Recovery Compliance Solutions (RCS)

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.

“RISC is a perfect fit for us,” read a statement from RCS. “They share our vision for ensuring that the most capable, well-rounded, and compliant individuals and agencies are operating on behalf of the automotive lending community. We are thrilled to be a part of the RISC family.”

RCS was founded in 2008 and has offices in St Louis, MO.

“The RCS team has built a very strong practice in repossession agent auditing. Their process is extremely thorough and by combining our teams we will be able to better serve our customers by delivering best-in-class compliance validation,” said Stamatis Ferarolis, president of RISC.

The acquisition comes at an exciting time as RISC has recently unveiled technology integrations which allow forwarders and financial institutions to ensure that agents meet their specific compliance standards all the way from agent selection through individual assignment and asset storage.

“RISC’s overall vision is to create a succinct experience allowing lenders to be sure that the agents they work with are thoroughly trained, comprehensively vetted, and in possession of secure and adequate storage lots,” said Ferarolis. “Through our technological integrations, lenders and forwarders can manage assignments with all of that compliance information at their fingertips. They can even specify their own custom compliance standards and push required policies and training courses to their agents. We’ve worked with the industry’s leading stakeholders, as well as bodies such as the CFPB to architect universally accepted compliance guidelines and integrate them with our solutions.”

To contact RISC, please email to [email protected] or visit our website, www.riscus.com.


TAMPA, Fla., March 8, 2017

RISC Unveils Latest Continuing Education Course for Collateral Recovery Professionals - CE 11

The national risk management company is offering special pricing for the 100% online course, which covers the protection of consumers’ personal information.

RISC, a renowned leader and innovator in the risk management field, today announced its newest Continuing Education course for collateral recovery professionals, with special 50% discount pricing currently available.

The CE 11 course, which is offered 100% online, prepares recovery agency owners and agents to comply with federal regulations for protecting consumers’ Nonpublic Personal Information (NPPI).

In addition to covering Gramm-Leach-Bliley Act requirements specific to third-party disclosure of NPPI, the new course also examines the growing role of social media in the repossession process. The CE 11 course is priced at just $49 through April 13, 2017, a discount of 50% off regular pricing.

“Professionals in the collateral recovery industry face an array of complex and fast-changing challenges, from rising insurance rates to lender compliance mandates and federal consumer protection regulations,” said RISC President Stamatis Ferarolis, a licensed training instructor for collateral recovery specialists across the nation. “In such an environment, it’s critical that recovery agents and agency owners continually advance their knowledge and understanding of the latest industry developments.”

Recovery Industry Services Company (RISC) is accredited via State of Florida License No. RS950001. RISC Educational Systems is the only collateral recovery training company that is licensed.

The CE 11 course provides recommended procedures for protecting NPPI from unauthorized third-party disclosure during the repossession process, specifically relating to: address verification (residence and place of employment); contact procedure (other than debtor); and skip-tracing.

Additionally, the course outlines how social media can affect the repossession process, such as:

  • Potentially violating an individual’s privacy rights through the disclosure and/or dissemination of personal and/or disparaging information online
  • Determining insurability, in part, through a review of an individual’s social media postings, including comments and photos

RISC’s industry-leading suite of Continuing Education courses has been developed to comply with Consumer Financial Protection Bureau and lender mandates across a range of specialty areas, including Field Recovery Procedures, Data Security and the Uniform Commercial Code.

All courses are offered 100% online, including final testing, and a certificate is issued upon successful completion of each of the 11 CE courses. The training provided is applicable in all 50 U.S. states and Puerto Rico.

“Our goal in developing certification and Continuing Education courses is to ensure collateral recovery professionals continue to serve their clients effectively, while complying with state and federal regulations that impact the repossession process,” said Ferarolis, co-author of the Field Recovery Specialist Operations Manual.

For more information about RISC’s Continuing Education programs and other services, please e-mail [email protected], call 866-996-7472 or visit www.RiscUS.com.

Enroll Now - CE 11


January 6 , 2017

RISC Announces 10th Continuing Education Course for Collateral Recovery Industry Professionals

TAMPA, Fla., Jan. 2, 2017 – RISC, a nationally recognized leader in the risk management field, is pleased to announce its 10th Continuing Education course is now available 100% online, with special 50% discount pricing currently offered.

The CE 10 course covers Anti-Corruption/Bribery and the Americans with Disabilities Act (ADA), and will benefit professional recovery agents and recovery agency owners in meeting current and future compliance mandates.

The new online course also will assist collateral recovery professionals in understanding how anti-corruption/bribery safeguards and ADA legislation affect a collateral recovery business, both in the field and in the office.

“When choosing a Continuing Education provider, it’s vital to evaluate the program’s effectiveness in preparing collateral recovery professionals to be successful in the courts and on the streets,” said RISC President Stamatis Ferarolis, a licensed training instructor for collateral recovery specialists nationwide and co-author of the Field Recovery Specialist Operations Manual.

“For decades, the RISC team has been dedicated to developing compliance solutions exclusively for the collateral recovery industry,” Ferarolis said. “Through education, training and technology, we prepare you for continued career growth in a rapidly evolving profession.”

The Anti-Corruption/Bribery Section of CE 10 explains how to identify these criminal offenses and prevent them from occurring in your collateral recovery business. It is highly recommended that recovery agency owners ensure their employees receive ongoing, mandatory training specific to Anti-Corruption/Bribery and that this training be documented.

The Americans with Disabilities Act Section of CE 10 examines how this civil rights law prohibits discrimination against individuals with disabilities, including in the area of employment. The course material provides recovery agencies with guidance in formulating their corporate operational policies in compliance with federal law.

RISC’s 10 Continuing Education courses are designed to meet current lender and Consumer Financial Protection Bureau (CFPB) compliance mandates in areas such as Data Security, Field Recovery Procedures and the Uniform Commercial Code. The training provided is applicable in all 50 U.S. states and Puerto Rico.

Each course is offered 100% online, including final testing, and a certificate of completion is issued upon successful completion of each CE course. Additionally, the CE 10 course is accredited for eight hours of Continuing Education requirements in Louisiana.

Enroll Now - CE 10


April 11 , 2016

PAY ME NOW….OR PAY ME LATER

Years ago, this was the advertising slogan for Purolator Oil Filters. Pay Me Now… Or Pay Me Later.

The advertisement following the slogan showed the advantage of using a time tested, very successful product as opposed to untested, unproven, less expensive products, copycat programs. That slogan is still logical today for any product introduced to the market place. Just as it is with professional certification programs for the collateral recovery industry.

The Certified Asset Recovery Specialist (C.A.R.S.) National Certification Program was introduced to the collateral recovery industry and the lending community in 1999 by what is now RISC Education Systems, the only state licensed school in the country that develops training and certification programs exclusively for the collateral recovery agents.

With over 7,000 recovery agents certified through the C.A.R.S. Program across the country and Puerto Rico this professional certification program has set Industry Standards in addressing every aspect of the self-help repossession process. Industry professionals recognize that they receive a professional certification program that has proven, over time, the benefits of managing the potential risks involved in the self-help repossession process. Anyone, whether it be a recovery agent or a lender who has experienced, or is familiar with the enormous costs associated with Wrongful Repossession litigation realizes that “paying later” is not a desirable alternative.

In his endorsement of the C.A.R.S. Program, Bogdan Rentea, one of the most knowledgeable lawyers in the country on the self-help repossession process stated, “I have reviewed your National Certification Program extensively, and I am convinced that it is a most valuable “tool” in dealing with the ever rising litigation and insurance claims within the Asset Recovery Industry.” Mr. Rentea added, “The comprehensive curriculum contained in this program should be required study for not only those seeking to enter the Asset Recovery Industry, but also for those who are already a part of this profession.”

William Bensley, a noted consumer advocacy lawyer stated in his endorsement letter regarding the lack of training within the recovery industry stated, “there is an exception. I have noticed that (recovery) companies that require certification by a nationally recognized certification program display evident superior management, knowledge and professionalism. This is most true of companies that require C.A.R.S. certification. I know of no more practical, comprehensive or effective asset recovery training or certification program.”

Read Full Testimonial

These testaments from prominent attorneys as well as testaments and endorsements from long-time practitioners in the collateral recovery business, who have been involved in lawsuits, can be powerful and favorable “tools” against Repossession lawsuits.

Read More Letters of Endorsement

Considering the long-term, tried and proven benefits and the low cost of the C.A.R.S. National Certification Program, “paying now” vs “paying later” makes good sense for both the collateral recovery specialist and the lender who issues repossession assignments.

In an industry such as the collateral recovery industry where there are many potential risks, buying time and court tested proven certification training is paramount to success. Buying a product that has not been proven simply because it is cheaper is a prescription for paying a lot more later.


May 15, 2015

Introducing The Certified Commercial Recovery Agent (CCRA) National Certification Program

Due to the numerous compliance mandates by the CFPB and commercial lenders that manage portfolios exceeding $900 Billion, it became clear that there was 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.

The CCRA is designed specifically for recovery agents who provide collateral recovery services to the commercial lending industry.  The recovery of commercial assets requires the recovery agent to be trained and prepared for circumstances that are very different from standard automobile and other consumer loan repossessions.  The CCRA National Certification Program addresses all those differences including the following:

  • Understanding that the Fair Debt Collection Practices Act (FDCPA) does not address commercial repossession practices.
  • Understanding the various federal and state laws that affect the commercial asset recovery process.
  • Knowledge of specific tools, supplies and equipment needed in the recovery agent’s work truck so that the recovery agent arriving at the scene of the defaulted commercial collateral is properly equipped to complete the recovery.
  • Understanding the critical importance of a brief pre-recovery inspection when removing the asset from the customer’s property could save the CCRA and/or client thousands of dollars in unnecessary expenses.
  • Understanding what will be involved, the time that may be consumed, and the tools necessary to affect the commercial asset will determine the fees charged to the client.
  • Acceptance by commercial lenders who understand the importance of professional certification in managing the “inherent” risks associated with the self-help repossession process and in the event of Wrongful Repossession lawsuits.

Commercial assets are non-standard, defined as heavy duty trucks, construction equipment, golf carts, drill presses, various types of business equipment, farm equipment, exercise equipment, garbage containers, sewing machines, and much more.

On any given day a recovery agency could receive multiple repossession assignments on non-standard equipment.  The recovery agency must have the knowledge of federal and state laws that impact the self-help repossession process and also in-depth knowledge of equipment that will be needed to complete the repossession.  The knowledge of what to do is why commercial collateral recovery agents are unique and thus their training is specialized.

The escalation of Wrongful Repossession lawsuits and rulings by the courts holding creditors liable for the acts of the recovery agents they hire make professional certification a primary factor when creditors hire recovery agents.

The CCRA National Certification Program is the first program developed nationally for those who offer commercial asset recovery services and the numerous reviews by commercial lenders indicates the need for this unique program.

RISC is recognized within the collateral recovery industry as a leader in the fields of CFPB consumer protection training, risk management and industry standard compliance requirements.

RISC services include:  RISC Compliant Agent Network (CAN) membership, certification through the C.A.R.S. National Certification Program, C.A.R.S. Plus CE (continuing education courses), compliance vetting and training, office and storage facilities inspections, business consulting, repossession insurance consulting, lock-smith training and supplies, automotive key codes, discount programs, and a $1 million Client Protection Bond for members of the RISC Complaint Agent Network.

For more information, please e-mail RISC at [email protected], call 866-996-7472, or visit our website at www.RiscUS.com


April 29, 2015

Introducing C.A.R.S. PLUS CE

RISC CARS PLUS CE

Why Continuing Education?

Courts across the country have consistently ruled that there are “inherent” risks associated with the self-help repossession process and untrained individuals who are not professionally trained to provide these services pose an elevated and unacceptable risk to public safety.

Documented professional certification and continuing education (CE) are the most effective ways to manage those “inherent” risks associated with the self-help repossession process and further ensure the public safety.   Not to forget, training the recovery agent to protect him or herself from possible peril.

With the advent of lender compliance mandates by the CFPB and the lending community also concerned about public safety and self-image, it is critical for collateral recovery specialists to provide continuing proof of their professional competency to their lender clients.

Multiple states have established educational provisions in order to obtain licensure.  For several years Louisiana has statutorily required that licensed recovery agents complete one continuing education course each year for renewing their license and many in the lending community are contractually making documented education and continuing education as one of their recovery agent’s requirements.

Since the inception of Louisiana’s continuing education requirements RISC has provided continuing education courses that meet Louisiana’s statutory requirements.  Further, RISC continuing education courses provides training that are applicable to all 50 States and Puerto Rico.

Continuing Education (CE) Courses

RISC has developed eight (8) CE courses designed as 8 hour, on-line, and on-line testing for each.  Each curriculum is designed to meet current lender and CFPB compliance mandates.  A certificate of completion is issued upon completion of each CE course.

C.A.R.S. certified recovery agents who avail themselves to a RISC CE course will be recognized as C.A.R.S. Plus CE collateral recovery specialists on the RISC website.

The regular price of a CE course is $99.00.  However, in order to introduce C.A.R.S. certified recovery specialists to RISC CE courses, RISC is offering a 50% discount towards a CE course within 30 days of this announcement. 

RISC CAN members will continue after the initial 30 days introduction discount, to receive their member’s discount of 15% ($14.85 total discount) off each Continuing Education program. 

As we have stated, with current CFPB and lender compliance mandates along with the proliferation of Wrongful Repossession lawsuits it is critical for recovery agents to obtain and provide up to date professional credentials to their clients and prospective clients.

The C.A.R.S. National Certification Program was introduced to the recovery, insurance, and lending community in 1999 and is accepted and active in all 50 States and Puerto Rico. It is recognized as the industry standard as the premier certification of collateral recovery specialists. 

We believe the C.A.R.S. Plus CE programs will continue to provide the training and professional credentials acceptable to the lending industry, further ensure public safety, and the safety of the recovery professional.

RISC is recognized within the collateral recovery industry as a leader in the fields of CFPB consumer protection training, risk management and industry standard compliance requirements.

RISC services include:  RISC Compliant Agent Network (CAN) membership, certification through the C.A.R.S. National Certification Program, C.A.R.S. Plus CE (continuing education courses), compliance vetting and training, office and storage facilities inspections, business consulting, repossession insurance consulting, lock-smith training and supplies, automotive key codes, discount programs, and a $1 million Client Protection Bond for members of the RISC Complaint Agent Network.

For more information, please e-mail RISC at [email protected], call 866-996-7472, or visit our website at www.RiscUS.com


September 4, 2014

PEO/Employee leasing…What is it?

Professional Employer Organizations (PEO) are one of the best ways for small companies to streamline and lower their operating costs. A PEO in its simplest form is really a large buying group. Not much different from say Sam's, Costco, or BJ's. These PEO's go to the market with their massive buying power and purchase insurance and systems that smaller businesses can tap into. The PEO's are basically using thousands of small companies to make one large company for purposes of buying insurance and systems. What type of insurance do they buy? PEO's purchase workers compensation, employment practices insurance, and some offer General liability and Health insurance. The end result is that PEO's leverage their size to get discounts that smaller companies could not qualify for in the retail market. The PEO's also take on large deductibles that allow them to manage these programs more effectively. Other PEO's have gone as far as to start their own insurance carrier for the sole purpose of providing insurance to their PEO clients.

When you partner with the PEO you get access to this buying power. You get discounts or acceptance in many cases where you would not by yourself. In addition you also get built in financing. The PEO only requires a very small amount of money as a down payment. Once set up the PEO then bills the client on a per payroll basis. Subsequently the client gets improved cash flow and a potential for lower overall cost for the workers compensation. With no large out of pocket down payment. Additionally the client company gets access to systems and processes. The PEO does the payroll, handles the taxes, W2's, quarterly filings, production of certificates, handles the workers compensation audit, manages the worker compensation claims. All this is done from just inputting payroll online. Tons of non-revenue tasks are shifted to the PEO, so the client can focus on what they do best. Run their company. The client is guaranteed in compliance with all state and federal laws.

You can summarize the relationship like this. Think if you went to work for Google. You would get all the benefits that employees at Google receive. In this situation you get all the benefits of being a co-employer with the PEO. You see this is not a sale of insurance but a contractual arrangement. It's an arrangement whereby the PEO becomes legally responsible for many of the day to day tasks of being an employer. Subsequently the PEO has the obligation and liability to perform these tasks for the client company. They must respond to unemployment claims, assist with HR functions, provide loss prevention, and on and on.

At the end of the day you end up getting more for your dollar. You save time and money but end up with more for what you spend. It's one of the most effective ways out there for a small to midsize company to stay compliant, handle employees and most important save money.

So what does this all mean to a small business? And why are we sending this email? It means protecting your company from a potential catastrophe by having the right employee insurance in place. And since Workers Compensation is getting harder to obtain and more and more expensive it’s vital to look and consider all options like a PEO. It’s a terrific alternative to the standard market for Workers Compensation.

RISC is here to assist. Email us at [email protected].

November 4, 2013

Recovery Database Network Partners with RISC to Identify Compliant Agent Network Recovery Service Providers

Redwood City, Calif. — Extending its efforts to help automotive lenders efficiently select agents for asset recovery, Recovery Database Network (RDN) today announced that members of the Recovery Industry Services Company (RISC) Compliant Agent Network (CAN) will be identified within RDN’s recovery management software during the agent selection process.

“The RDN team understands that CFPB compliance is a key issue for lenders,” said Zach Hallowell, COO of RDN. “Being able to distinguish independently vetted recovery service providers is crucial for compliance efforts, and launches the asset recovery process toward a successful conclusion. We’re pleased to partner with RISC and offer lenders a way to select recovery agents in a more intelligent, discerning way.”

Established in 2009, RISC has quickly become a leader in the fields of risk management, recovery industry compliance standards and certification training. Recovery service providers that are members of RISC CAN have been qualified by RISC with a site inspection of the provider’s facility as well as background and bankruptcy checks. RISC CAN members are also certified for professional competency through the Certified Asset Recovery Specialist (C.A.R.S.) National Certification program. RISC’s Vendor Compliance Reporting (VCR) system continually monitors each member to ensure standards are maintained. In addition, RISC CAN members are covered by a $1 million Client Protection Bond.

RISC CAN Members will be tagged with a RISC CAN logo within RDN’s recovery management software on both the approved agent selection screen and the agent selection screen for new and reassigned cases. By clearly identifying RISC CAN members, RDN enables lenders to quickly identify certified recovery service providers.

“By highlighting RISC CAN members, RDN is helping its clients make a more informed choice during the agent selection process,” added Stamatis Ferarolis, President of RISC. “The peace of mind that comes with knowing that a recovery agent is fully compliant with the toughest industry standards is invaluable.” Ferarolis continued, “Agents that are members of RISC CAN reduce a lender’s liability exposure. That increases confidence in the overall recovery process and allows lenders to focus on the other important aspects of their business.”

For more information about RDN’s identification of RISC CAN members, please contact RDN at 817-204-0298, select option #2.

RDN is a provider of software and data solutions related to the recovery of assets for the automotive finance industry and is a subsidiary of OPENLANE, Inc. OPENLANE is a leading provider of online automotive auction platforms and is itself a subsidiary of KAR Auction Services, Inc.


October 7, 2013

CFPB Compliance Myths That Deserve Debunking

Article by Jonathan L. Pompan

When it comes to the Consumer Financial Protection Bureau's ("CFPB" or the "Bureau") compliance expectations, it is important to separate myth from fact.  These days, the CFPB is moving full-steam ahead on examining non-banks and banks, dozens at a time, and is not leaving any stone unturned for potential unfair, deceptive or abusive acts or practices in violation of the Consumer Financial Protection Act or other consumer financial laws that fall under its scope. 

Myth #1:  Only large financial institutions are subject to CFPB supervision and examination. 

No provider of consumer financial products and services, or their service providers, should assume they are beyond the reach of the CFPB.  The CFPB can examine any entity, regardless of size, based on regulatory authority to supervise "risky" financial products and services that it believes are causing harm to consumers.  This authority is in addition to the CFPB's ability to supervise larger market participants in the debt collection, credit reporting, and student loan servicing markets, as well non-bank businesses in the private student loan, mortgage, and small dollar loan markets.  (The CFPB also supervises banks with over $10 billion in assets). 

Myth #2:  An audit program is sufficient to catch non-compliance.  

The CFPB expects a proactive approach to compliance.  This means not only having a detailed audit program, but also a system for proactively preventing and detecting potential non-compliance with the law before a consumer harm occurs. 

The CFPB examines:  Board of Director and management oversight; compliance programs; consumer complaint responses; and compliance audits.  In addition, the CFPB reviews such areas as operations, marketing and lead generation, third party relationships, internal controls, consumer interaction, information sharing and privacy, and payment processing.

Myth #3:  The CFPB only cares about policies and procedures.  

Wrong.  The CFPB expects written policies and procedures that institutions will design and offer consumer financial products in accordance with federal consumer financial laws and maintain effective systems and controls to manage compliance responsibilities.  This means the CFPB will focus both on policies and procedures and actual acts and practices, including consumer level transactions.  The CFPB has released a comprehensive Supervision and Examination Manual, and several additional guidance documents and bulletins that shed light on all of the different ways their examiners oversee companies.

Myth #4:  Companies are not responsible for the actions of their service providers.

As the CFPB stated in its Bulletin 2012-03, the CFPB expects non-banks and banks to "oversee their business relationships with their service providers in a manner that ensures compliance with Federal consumer financial law."  The CFPB considers a "service provider" to be "any person that provides a material service to a covered person in connection with the offering or provision by such covered person of a consumer financial product or service."  For more information about the CFPB expectations for effective vendor management, see " CFPB Warns of Service Provider Scrutiny."

Myth #5:  The CFPB will give companies that are supervised and licensed by other regulators a pass. 

Wrong.  All of the CFPB administrative proceedings brought about by the CFPB to date have been against entities that were already regulated on the Federal or state level prior to the creation the Bureau.  For example, the CFPB has entered into consent orders with several banks regulated by the OCC, and mortgage related providers regulated by states.  In addition, the CFPB has brought lawsuits against licensed attorneys, debt relief providers, mortgage assistance relief service providers, and others.  The Bureau also has stated it is in the process of investigating companies and service providers in virtually all consumer product and service markets. 

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.


July 11, 2013

RISC is happy to announce that Bogdan Rentea, of Rentea & Associates has agreed to represent RISC as our outside legal counsel. Mr. Rentea, whose office is in Austin, Texas, has been involved as legal counsel to several collateral recovery organizations and has more than 25 years of legal experience in the self-help repossession field.

Mr. Rentea is known throughout the country as one of the foremost legal authorities on the self-help repossession process and we are truly privileged to have him represent RISC as we move forward in serving the collateral recovery industry.

Bogdan has helped design our RISC CAN (Compliant Agent Network) contract and will extensively review our Compliance and Operations Manual which includes procedures for complying with current CFPB compliance requirements and best practices. He will also review other RISC documents that are designed to assist collateral recovery agency owners in complying with contractual and legal requirements for long term success.

Joe Taylor, Vice President of RISC remembers first meeting known Bogdan Rentea in 1999. “I have listened to many of his presentations on the self-help repossession process and legal decisions attached to the process. I was also privileged to have him review the C.A.R.S. National Certification Program. Bogdan is eminently qualified to serve as legal counsel for RISC and to help RISC advocate on behalf of all industry professionals. Equally important is the privilege to know him as a friend.”

“I am well acquainted with Bogdan Rentea’s extensive knowledge and expertise in the industry and am delighted that he has agreed to serve as our outside legal counsel and look forward to a long and strong relationship” states Stamatis Ferarolis, President of RISC.

July 9, 2013 RISC Compliant Agent Network (RISC CAN)

RISC Compliant Agent Network (RISC CAN)

Recovery Industry Services Company (RISC) is proud to announce the formation of our RISC Compliant Agent Network (RISC CAN).  We would like to take this opportunity to explain why we feel the need for such a network of professional collateral recovery specialists and to assure all our RISC Agent Alliance members that they are automatically members of CAN.  RISC CAN membership is open to any professional collateral recovery agency owner who can meet the stringent requirements of our network and adhere to the RISC Code of Ethics.

Since its inception in 2009, Recovery Industry Services Company (RISC) has provided compliance training and forms to the collateral recovery industry.  As the provider of the only nationally recognized certification program, CARS®, (pub. 1999) along with Continuing Education courses, RISC has elevated the training standards across the industry.

In 2011, the RISC Agent Alliance was formed to provide further benefits to the recovery industry, including; a $1 million Client Protection Bond, Red Flags Rules training, Data Security training, HR documents, discounts on all RISC training programs, discounts on keys and key codes and a unique, on-line profile of our members.  RISC continues to bring affordable quality products and training to an ever changing and challenging industry.

As the concept of compliance grew from a “buzzword” to a permanent presence in the collateral recovery industry RISC developed the first comprehensive Compliance and Operations Manual that has become a template for compliance and best practices.

With compliance mandates here to stay, the decision has been made to highlight the efforts of RISC to its members by identifying our RISC Agent Alliance members as the RISC Compliant Agent Network (RISC CAN).

Q. Why was RISC CAN (Compliant Agent Network) formed?

First and foremost RISC was formed to help collateral recovery agents improve their bottom line through a variety of services which includes risk management training, agency vetting, agent compliance tracking, agent compliance training, collateral recovery training, professional certification, locksmith training, locksmith supplies, key codes, job placement and recruitment services, and business consulting.

Q. How are RISC CAN members different from trade association members?

RISC is not a trade association or marketing association.  Industry trade associations do an outstanding job in marketing and advocating on behalf of their members, and we encourage all agents to participate and be active in available organizations.

RISC CAN Members are vetted based on objective compliance criteria.  RISC CAN Members are complementary to industry trade associations as they have met criteria to be a RISC CAN Member and can showcase their company via their trade association or online via the RISC website.

Q. Will RISC market and advertise my business if I become a RISC CAN member?

The answer is that you, as a RISC CAN member, have the ability to market yourself via your RISC CAN profile.  Your company can be searched and found on the RISC website by a lender and with your permission the lender can access your unique RISC CAN profile.

Our goal at RISC is to provide the agency owner the tools needed to showcase their professional competency to your client and prospective clients.  It’s up to the agency owner to differentiate his operation from competition.

Q. What services does RISC provide me as a RISC CAN member?

As a member you will receive the following benefits:

  • $1 million Client Protection Bond

Company Compliance Profile - a comprehensive profile of your company designed to keep your company compliant with current client/lender mandates. The company profile includes:

  • Company information
  • Services the agency provides
  • A copy of your insurance Acord and Workers Comp certificate (if applicable)
  • Copies of applicable licenses
  • A list of storage lots
  • Storage lot inspection reports
  • Listing of all your employees

Compliance Documents - compliance made easy by RISC. All necessary compliance documents are within the member dashboard area. You will also have access to the RISC Compliance and Operations Manual designed to make your business compliant in all areas of CFPB lender requirements.

Discounts on all RISC services including:

  • The C.A.R.S.® National Certification Program
  • The Skip-tracers National Certification Program
  • Continuing Education courses
  • I-Repo Vendor Comply
  • Locksmith training
  • Key Codes
  • Key Blanks

Best Practices & Business Forms Area - Documents designed to improve your company’s top and bottom lines.  The forms encompass:


Educational Seminars - as RISC conducts webinars and seminars across the country, these webinars are put online within the member dashboard to access at any time.

Marketing Brochure and Link to Profile - a brochure is created for marketing your company and is updated immediately as your comprehensive profile is updated.  A link to your profile can also be emailed to a prospective client.

Repossession Case Law – specific case law and opinions for every state

Repo’s by Dummies - repossession articles specific to wrongful repossessions.

Benefits Area – discounts on products and services from various vendors

Risk management training and consulting

Expert opinions on legal questions and issues.

Licensed insurance consultant on staff to assist members

Business Consulting

Legislative Template and Industry Synopsis for those who are interested in state regulations

Q. What does it cost for an agency to qualify for RISC CAN membership?

To become a member of RISC CAN you must apply as an agency.  Once you become a RISC CAN member you receive; a $1 Million Client Protection Bond, 15% discount off the retail price to any service we offer including the Certified Asset Recovery Specialist® (CARS®) Program and Continuing Education Programs, Key Codes, Key Blanks, Locksmith training, etc.  By utilizing our services your membership will pay for itself.

Pricing -

The annual subscription fee is now only $795.00, which can be financed monthly.  There is a one-time initial application fee of $295.00 to determine qualification.  The $295.00 application fee also includes one lot inspection and one background check.

Remember our primary goal is to provide our member’s education and training in areas of compliance and risk management.  Once compliant, our goal is to keep you compliant through our use of technology and updated compliance documents.  We are the best value in the recovery industry as no one can match our services and value.


June 18 , 2013

American Recovery Service and RISC Announce Successful Inspection Program Pilot

Following the completion of a four market pilot program, American Recovery Service, the original nationwide automotive repossession and skip-tracing firm, has selected RISC – Recovery Industry Services Company as their partner to perform compliance inspections for the entire ARS collateral recovery agent network. RISC has performed in-depth inspections on ARS Agents in Miami, Phoenix, Dallas, and Houston. Inspections are currently being prepared in San Diego, Los Angeles, New York and Chicago, with the remainder of the country to be completed shortly thereafter, all at no cost to the repossession service providers.

ARS is the market leader in nationwide repossession services, which means setting the bar high with respect to their agent network. As part of their industry-leading risk management platform, ARS is dedicated to the ongoing vetting of their entire network of collateral recovery specialists through a well qualified, independent third party. ARS chose RISC for the compliance inspection portion of their vetting process due to RISC’s expertise in the repossession process, knowledge of current compliance requirements, as well as their ability to deliver a superior inspection product. Steven Schelk, Chief Risk Officer of ARS, explains, “RISC is a natural partner for this undertaking; as the recovery industry expert in professional training and certification programs, we can ensure that the inspections are performed by quality, well informed inspectors who understand the businesspeople they are interacting with.” Patrick K Willis, Founder and Chairman of PK Willis adds, “We feel it is our responsibility to partner with our repossession service providers and assist them in understanding the changing regulatory landscape while also providing them with a cost-effective tool they can use to prove that they are compliant.”

While the costs of some compliance programs are significantly impactful, ARS and RISC believe that compliance should be a manageable cost and a shared responsibility. ARS and RISC have negotiated a very low rate for these inspections, which will be performed biannually, while ARS has also committed to covering the cost of the first inspection for each one of their collateral recovery specialists. Stamatis Ferarolis, President of RISC stated “We are excited to see ARS’s proactive approach. They understand that compliance and training will mitigate risk for their clients and their commitment shows how serious they are about partnering with their vendor network. Those vendors who are interested will also have access to RISC’s Agent Alliance Program, a full compliance management suite."

About American Recovery Service & Patrick K Willis Company (http://www.pkwillis.com) ARS, a wholly owned subsidiary of Patrick K Willis Company Inc., provides nationwide asset repossession services, skip-tracing, impounded asset retrieval, license plate recognition (LPR) recovery, and online remarketing to the country’s largest banks, auto finance companies and credit unions. From the 1970s, when founder Patrick K. Willis built his company from the ground up, often performing repossessions himself, to the 1990s, when ARS originated the National Repossession business model, to more recent times when ARS pioneered the LPR Staging model and improved accessibility with ARS Mobile technology; ARS has been a constant leader the Repossession Industry. Through superior technology and business processes ARS’s success translates into $2B in recovered wholesale asset value for their clients each year. ARS repossesses a vehicle every 3 minutes, 24 hours a day, 7 days a week.

May 16 , 2013

What does it mean to be a RISC Field Investigator?

RISC is proud to announce that it has developed a specialized training program to meet the lender demand for further transparency of their repossession vendors.

RISC has been providing agency lot inspections for years but it has become apparent that we need to fulfill the desire for further transparency. Therefore RISC created a specialized comprehensive office/storage lot inspection that will only be performed by a trained RISC Field Investigator.

Since RISC has set the bar in recovery agent training it was only fitting that we create the standard by which field investigators should be measured.

RISC Field Investigators are selected for their high integrity, strong work ethic, and prior inspection background. Once coupled with RISC training, the individual is armed to objectively report on repossession vendors through a series of questions and data points. As an impartial 3rd party, their observations are designed to deliver valuable data to the client for vendor compliance decisions.

Unlike other companies who have inspectors with little or no training on the industry, RISC has developed training programs specifically for the inspection process. By combining initial testing, field training, and continuing education, RISC inspectors will maintain the highest level of competency on best practices. Only inspectors that have completed the RISC courses are allowed to complete the inspections to maintain our high standards.

Our field investigators will be trained in the following areas and record data points for:

  • Lot Security
  • Office Security
  • Data security
  • Key Storage
  • Personal Property Safe Guarding

You can be sure RISC will back this program 100% and provide a money back guarantee if you’re not satisfied with the service.

April 5 , 2013

RISC Offers Important Repossession Training and Compliance Materials for BHPH Operators

In keeping with our goal of providing professional certification and compliance training documents to the collateral recovery and lending industries, RISC has been working with the National Alliance of Buy Here, Pay Here Dealers (NABD) to provide these services to Buy Here, Pay Here (BHPH) automobile dealers.

BHPH automobile dealers are required to meet mandates of the Consumer Financial Protection Bureau (CFPB) just as lending institutions do. If BHPH dealers also perform their own in-house repossessions they must face recovery compliance mandates as well.

In working with NABD it has been our intention to address the CFPB compliance mandates and assist BHPH dealers in the areas of self-help repossession activity and protecting Non-Public Personal Information (NPPI). This information enables BHPH dealers to make more informed choices on whether they will handle their own repossessions in-house or assign those repossessions to certified, insured independent collateral recovery specialists.

Courts across the country are holding creditors liable for the acts of the collateral recovery specialists they utilize, so the decision of whether to train and use their in-house employees or independents is very important. Further, BHPH operators must train their employees to protect their consumers’ non-public personal information from third party disclosure. For all these reasons it is recommended that only certified, insured, independent collateral recovery specialists be used in recovery. As this is not always feasible, RISC offers two important training guides to mitigate risk: the BHPH National Certification Program and the BHPH Compliance and Operations Manual. These programs are designed to train and certify BHPH employees who service in-house repossessions of their employer and assist BHPH operators in compliance.

RISC plans to participate in the NABD National BHPH Conference in Las Vegas May 21-23. Operators are encouraged to discuss their particular needs with RISC during that conference or call us at (866) 996- RISC (7472) for further information.

January 16 , 2013

RISC and iRepo Join Forces to Bring Key Code Procurement to Ally Financial Vendors

RISC is very pleased to be the sole provider of vehicle key codes within the iRepo Assignment Management Solution to all Ally Financial vendors! We invite all Ally Financial and non-Ally vendors to use this quick, efficient service.

MBSi has designed the process to be easy and expedient. Key code requests take place post recovery, at the time and convenience of the recovery agent. RISC has seasoned locksmiths on staff that not only provide the key code quickly, but who can also troubleshoot and offer technical support. Key codes are available for all makes and models to include GM vehicles.

Our goal is to provide quick, seamless service through iRepo.

December 13 , 2012

Collateral Recovery Specialist Compliance and Operations Manual

With the advent of the Consumer Financial Protection Bureau (CFPB) the operative words in today’s world of self-help repossession services are “compliance” and “risk management.” To meet the new compliance and risk management requirements RISC is excited to announce the new Collateral Recovery Specialist Compliance and Operations Manual.

RISC’s goal in creating this manual is to assist RISC Agent Alliance Members in making their business become “unassailable.” Our manual is uniquely designed to meet not only the compliance requirements of the CFPB and the lending community, but also to address risk management training that meets accepted Industry Standards. This new “tool” is designed to help ensure long term business success for RISC Agent Alliance Members.

The documents and forms contained within this manual have always been available to RISC Agent Alliance Members but our goal in creating this manual was to provide an easy to follow guide to meet today’s compliance standard. As these standards evolve RISC will assist its members and the Industry to continually meet new compliance standards.

Members have access to the documents and forms at any time just by logging into their personal dashboard.

View Dashboard

To view what other documents and forms are available please visit our website at: RISC Agent Alliance Membership.

The latest on the CFPB and their reporting requirements: CFPB Outlines Plans to Share Complaint Data with State-Level Agencies

October 24 , 2012

RISC Announces BHPH Collateral Recovery Certification Program

In keeping with its goal of serving all professionals within the collateral recovery industry, RISC has formally introduced the BHPH (Buy Here-Pay Here) Collateral Recovery Certification Program on October 22, 2012, at the National Alliance of Buy Here, Pay Here Dealers (NABD) East Coast Conference in Atlanta, Georgia.

This comprehensive certification program has been endorsed by the NABD and is designed for Buy Here-Pay Here auto dealers that service their own in-house repossessions. The program covers all aspects of the self-help repossession process, including applicable federal and state laws.

Courts are holding lenders directly liable for the acts of individuals they hire to service repossessions. It is vital that those who offer automobile financing and those who perform self-help repossession services have the knowledge and professional expertise to manage the inherent risks associated with the self-help repossession process.

As an advocate for those involved with the self-help repossession process, RISC wishes to see that only certified, insured recovery agents handle recoveries. That is paramount to ensure the safety of the employee and general public, and will only happen through proper training.

For BHPH automobile dealers and those dealers considering handling their own in-house repossessions, the BHPH Collateral Recovery Certification Program will be vital in ensuring they make the right decisions to mitigate the inherent risks.

NABD

September 13 , 2012

RISC Associate Membership

After many requests, RISC is proud to announce that it has designed a program for businesses that offer services to the collateral recovery industry.

RISC originally designed its services around the needs of collateral recovery agents and agency owners. Since inception our purpose was to improve the Industry through each of our services and strive to continually do so.

However, with great success and word of mouth RISC has gained notoriety in different Industries that revolve around the collateral recovery Industry. And since much of what we’ve designed is meant to improve a business it bridges many industries.

Therefore with much excitement RISC has now opened up our membership to ‘associates’. The membership documents, training, compliance, and services will be offered to the business owner regardless of the type of Industry you’re in. As an associate member you will receive the following benefits:

  • Access to the seminars and webinars as they are given across the country
  • Business Documents to include: View Screenshot
    • Disaster Planning
    • CFPB complaint handling
    • Red Flags Rules
    • Best Practices Forms related to: Human Resources, Marketing, and Operations.
    • State Specific Case Law Commentary
    • News Articles
  • 15% discount on all RISC services including the C.A.R.S. educational course, Continuing Education courses, Locksmith training, key codes and key blanks.
  • Job placement and recruitment services.
  • Risk management training and consulting
  • Case law information for every state and expert opinions on legal questions and issues.
  • Licensed insurance consultant on staff to assist members in understanding the complex nature of recovery insurance.
  • Business consulting in "branding" your company and written procedures for marketing your business. We also provide business building articles designed to assist members in growing their business.
  • Membership is annual at a fixed rate. We do not prorate your membership if you become a member mid-year. You have one year from the start date of your membership to take advantage of our services at the discounted rates.

For more information please go to: http://www.riscus.com/riscAgentAlliance.aspx


September 6 , 2012

C.A.R.S. Has Been Approved In Illinois

RISC is proud to announce the Illinois Edition of the C.A.R.S. - Certified Asset Recovery Specialist certification program has been approved by the Illinois Commerce Commission (ICC). The ICC is responsible for enforcement of the new Illinois Collateral Recovery Act.

Illinois is the third State to endorse the C.A.R.S. program as ‘home study’, with Florida and Louisiana being the other two. RISC Continuing Education courses have also been approved for ‘home study’ by the State of Louisiana.

Both the Illinois Edition and the standard C.A.R.S. programs meets all the Consumer Financial Protection Bureau (CFPB) compliance requirements.

The C.A.R.S. certification program was first introduced in 1999 and has since certified more than 4,000 collateral recovery specialists. Bogden Rentea, one of the most knowledgeable lawyers of the self-help repossession process states, “I have reviewed your National Certification extensively and I am convinced that it is a most valuable “tool” in dealing with the ever rising litigation and insurance claims within the Asset Recovery Industry. The comprehensive curriculum contained in this program should be required study for not only those seeking to enter the Asset Recovery Industry, but also for those who are already a part of this profession. I commend you for the thoroughness and professionalism you have shown in developing this unique product.” There are numerous additional endorsements and recommendations by well-known collateral recovery industry leaders which can be viewed on our website, RiscUS.com.

It is most gratifying to know these consummate professionals understand the real reason for the creation of the C.A.R.S. program; to help collateral recovery specialists better manage the “inherent” risks associated with the self-help repossession process and make it a little safer for these men and women that “work the streets”. The program was also designed for the collateral recovery business owner to avoid costly litigation, insurance claims, and reduce client liability.

RISC has also developed numerous compliance documents required by the CFPB and the lending community, including important documents and training manuals such as Complaint Handling, Red Flags Rules, Data Protection, Best Practices, and many others. RISC is a dedicated advocate of the collateral recovery industry and is the only national organization that has a state licensed training facility that develops training curriculums and business building documents for the collateral recovery profession.

Agent Alliance Membership Info | CARS Program Info


August 23, 2012

Skip-Tracers National Certification Program New Benefit for PBUS Members

Gain valuable knowledge, training and become nationally certified through the only accredited skip-tracing certification program in the country: the Skip-Tracers National Certification Program.

The Professional Bail Agents of the United States (PBUS) has added a new benefit for its active members. The Skip-Tracers National Certification Program, voted in the top 25 continuing education programs by PINOW.COM, combines tried-and-true, old-school skip-tracing techniques with the best of today’s technology. The course builds a solid foundation for someone brand new to the industry, yet it also equips a seasoned veteran with new tools and relatively unknown tricks of the trade.

PBUS has joined forces with Master Skip-Tracer, Alex Price, to utilize his nearly 30 years of experience in the industry to offer this national educational curriculum to advance their members’ skills and success.

For those who don’t know Alex Price, he is a nationally-recognized expert on the Art of Skip-Tracing, with over 25+ years of experience in skip-tracing, collections and educational training. Currently he is the National Sales and Training Manager for MasterFiles, the nation’s leader in front-end validation and skip-tracing data.

In addition to receiving national certification, those who enroll in the certification program will also receive two additional and invaluable e-books: the Military Locator Guide and the Florida Records Guide.

Due to the mass and complexity of various Federal Laws affecting data security, pre-texting, rights of military personnel, etc., the training provided through this course is essential to the work of skip-tracers in any phase of their career. We are convinced that the Skip-Tracers National Certification Program will be an invaluable tool to enhance the ability of skip-tracing pros to serve their clients/employers with competence and professionalism.

Alex will be offering the certification course at the 2013 PBUS winter conference at the Mirage. Don't miss the opportunity to become a nationally certified skip-tracer!

To order your program today, use this convenient link: http://riscus.com/ecomSkip.aspx Or call: 866-996-7472


July 11, 2012

Complying With the Consumer Financial Protection Bureau (CFPB)

By design RISC has been at the forefront of training and compliance.  The foundation of RISC is to increase the knowledge and proficiency of the recovery agency owner and respective employees through risk mitigation by thorough and continual training.

We continue to create the latest and most up to date  training manuals, documents, and procedures that meet the evolving compliance requirements of the collateral recovery Industry and now the CFPB.  And, insomuch as the CFPB compliance requirements continue to evolve, RISC remains very actively involved in having our compliance documents and educational programs continually updated so that RISC Agent Alliance members are assured that they meet the very latest in compliance and educational standards.


Compliance-Complaint Checklist

Our latest document that meets CFPB requirements is the Compliance-Complaint Checklist.  After review of our training programs by a law firm that specializes in reviewing and evaluating CFPB compliance issues, we have been assured that the C.A.R.S. National Certification Program coupled with the Compliance-Compliant Checklist along with staying current with updates on compliance requirements puts a collateral recovery agency in a position to successfully meet the requirements of the CFPB and good business practices in general.

Since there are no clear cut guidelines offered by the CFPB on compliance issues RISC sought the assistance of a nationally known law firm to further solidify what we believed to be the basis of compliance.  Now, a RISC Agent Alliance Member can take advantage of the compliance documents we offer by logging into their membership portal and downloading these valuable documents. View Screenshot

Voluntary - Involuntary Repossessions State by State

Additionally, RISC has completed research regarding how voluntary repossessions are addressed in those states that require some type of licensing or bonding in order to service repossession assignments.  The importance of this document is that it not only outlines those states that require some type of licensing but has examples of why only a professionally trained and properly insured collateral recovery specialist should be called upon to perform this type of work.  This document is meant as a training aide and a marketing tool to be given to your client.  Towers and auto auctions should not be recovering voluntary repossessions unless trained and insured to handle them appropriately and safely.

Disaster Planning Guide & Check List

RISC has also added checklist forms that outline ‘disaster preparations’.  These forms were designed by a global insurance company specifically to handle preparations in the event of a catastrophe or sudden disaster. View Screenshot

As we continue looking for enhancements to the RISC Agent Alliance Member Profile there is now an option to add your company logo to the profile on the RISC website and to the marketing PDF.  More enhancements will continue.  We appreciate your support.


July 3, 2012

Alex Price’s “Skip-Tracers National Certification Program” has earned PInow.com's Top Training Programs Award. View Article

For those who don’t know Alex Price, he is a nationally-recognized expert on the Art of Skip Tracing, with over 25+ years of experience in skip-tracing, collections and training. The program provides skip tracing services undergo the training to understand the various federal laws affecting data security, pre-texting, military personnel, etc.

The program provides skip tracing services undergo the training to understand the various federal laws affecting data security, pre-texting, military personnel, etc. This program, assisted in training conjunction with RISC, was created in the effort that the “Skip-Tracers National Certification Program” would provide relevant and comprehensive training to serve as an invaluable tool to enhance the students ability to serve their clients professionally and competently.

To Order your program today: http://www.riscus.com/ecomSkip.aspx. Or call 866-996-7472


April 16, 2012

Announcing "Pay As You Go!"

RISC has added another benefit for our members. It's called "Pay as you Go".

Considering the fluctuations in the marketplace along with the reduced volume of recoveries RISC has added an option for members to pay their annual membership dues on a monthly basis.

By paying monthly the member can take advantage of all our membership benefits while managing cash flow needs. However, by paying the annual rate upon membership acceptance, the member would realize a 20% discount off the cost of the monthly rate.

This new product was developed after countless conversations we've had with recovery agency owners over the past few months. Our mission at RISC is to continually provide valuable business products to our members and we hope this does just that.

More Info on Becoming a RISC Agent Alliance Member »

April 4, 2012

New National Skip-Tracers Certification Program by Alex Price

In our continuing efforts to bring a higher level of professionalism to the industries we serve we are proud to introduce the Skip-Tracers National Certification Program.

In conjunction with Alex Price, RISC was excited at the challenge of bringing his years of experience as a Master Skip Tracer to the Industry in the form of a national educational curriculum.

For those who don’t know Alex Price, he is a nationally-recognized expert on the Art of Skip Tracing, with over 25+ years of experience in skip-tracing, collections and training.

In addition to receiving national certification, those who enroll in the course will also receive at no cost two additional and invaluable tools; the Military Locator Guide and the Florida Records Guide.

This one of a kind program will be formerly introduced at NARS - The North American Recovery Summit on March 24, 2012.

It is imperative that those who provide skip tracing services undergo the training to understand the various federal laws affecting data security, pre-texting, military personnel, etc. We are convinced that the Skip-Tracers National Certification Program will provide this training and will be an invaluable tool to enhance their ability to serve their clients professionally and competently.

And for RISC Agent Alliance Members we’ve added the ‘Skip Tracers Guide Form’ to the Best Practices – Business Forms area. This document walks you through step by step on how to best skip-trace someone.

To learn more about this program and register for the course please visit our website at: http://www.riscus.com/ecomSkip.aspx.

March 31, 2012

Prevailing Repossession Case Law and Repossessions by Dummies

RISC continues to provide its Agent Alliance Members with critical information that enhances their knowledge and helps insulate them against liability. We are happy to announce our latest offerings, “Prevailing Repossession Case Law” and “Repossessions by Dummies.” View Member Dashboard

We researched all 50 states to locate prevailing repossession case law for each state so that our members can access the information by logging into their membership portal.

In virtually all prevailing repossession case law regarding self-help repossession, the courts address Breach of the Peace as the basis for their decisions.

As you may know, there is no definition in the Uniform Commercial Code (UCC), federal or state law as to what constitutes a Breach of the Peace. The lawyers and judges who developed the UCC intentionally left out such a definition, preferring to leave it up to the many local and federal courts to make their own determination as to what constitutes a Breach of the Peace in their respective jurisdictions.

As a result, definitions can vary in small to greater degree in courts nationwide.

In bringing this important information to the industry we added commentary in an effort to make the case law more “reader friendly.” We will continue to add case law commentaries as cases become public. Additionally, in January 2011, Stamatis Ferarolis and Joe Taylor were invited to be part of a special training program sponsored by the American Recovery Association. The program provides classroom training to collateral recovery specialists and lenders in 12 cities across the country.

In our efforts to highlight the differences between professionals in the collateral recovery industry and individuals with no professional training, no insurance and certainly no other qualifications to service repossession assignments, Stamatis and Joe created a pamphlet titled “Repossessions by Dummies.”

This pamphlet demonstrates in stark contrast the differences between professionals and nonprofessionals with regard to public safety, the potential for violence, physical injury and litigation.

The pamphlet has been a resounding success and, as a result, we have made it available to our RISC Agent Alliance Members. We believe this pamphlet will be another invaluable tool for our members to send to their clients and prospective clients.


March 2, 2012

Pursuing Knowledge - Data Security Training

RISC is proud to announce that we have added another Continuing Education Training course entitled Data Security - Protecting NPPI (Non-public Personal Information). As you may know, data security in the lending and collateral recovery industry is the new "hot button" issue facing both industries.

Every day we read about data security breaches, including identity theft and the illegal use of Non-Public Personal Information (NPPI). Many of these violations have disastrous and very costly results. As a result, lenders are beginning to require the collateral recovery specialist they hire, show proof that they have a data security plan in effect and that the plan complies with the Gramm, Leach, Bliley Act (GLBA) Final Rules.

The Data Security Plan in Continuing Education Course 8 meets the criteria you will need to comply with your clients requirements. Our research indicates that a collateral recovery specialist would pay beyond $500 for a comparable data security plan. As you know, the cost of our Continuing Education Courses are only $99 each, which makes our Data Security Plan an invaluable and inexpensive tool. Our education programs are even less expensive for a RISC Agent Alliance Member. Enroll in CE 8 - Data Security Now

And, within the next few weeks RISC will be publishing the Skip Tracers National Certification Program. This one of a kind training program is the result of the efforts of our staff working with Alex Price whose extensive experience and knowledge of the Skip-Tracing profession is nationally recognized. The program will be a comprehensive national certification program for those skip-tracers who want to take their profession to the next level. This program will also include a Florida Skip Tracers Guide and a Military Locator Guide.

February 20, 2012

Red Flags Rule Template for the Collateral Recovery Industry

RISC – Recovery Industry Services Company is pleased to announce our creation of a Red Flags Rule Template for the collateral recovery industry. It is free to all RISC Agent Alliance Members and only available to RISC Agent Alliance Members.

The Red Flag Rules is the highest level of Data Security guidelines required of the financial community by the Federal Trade Commission (FTC) and related federal agencies.

As "business Associates", collateral recovery specialists are also required to meet these guidelines to protect Nonpublic Personal Information (NPPI). Until now, collateral recovery specialists have found it a daunting and expensive process to develop, or purchase Red Flags Rule compliance because federal regulations do not provide a specific, easy to read process for creating a Data Security plan.

In creating a "reader friendly" Red Flags Rule Template, RISC is providing yet another "tool" in helping RISC Agent Alliance Members meet the federal requirements and the Data Security requirements of the lending community they serve.

As a RISC Agent Alliance member you can access this important document by logging into your profile. From there you can simply download the document for your use. View Screenshot

In addition RISC has created a Data Security Manual and test that will outline a Breach Preparedness Program to further help you achieve and maintain compliance with the Federal Trade Commission's (FTC) Red Flags Rule.

This program will be available to the entire collateral recovery industry within the next few weeks.

December 20, 2011

PAR Training Mandate

PAR North America Mandates CARS Training

Last week PAR North America announced that effective January 1, 2012 all PAR agents will be required to submit proof of certification training.

RISC manages and offers the C.A.R.S. - Certified Asset Recovery Specialist program, which meets and exceeds their training requirement. C.A.R.S. is the oldest and most comprehensive program offered to the collateral recovery industry. It has been accepted as home study in the States of FL, IL, and LA. It's the only training program that can boast this. Clients and industry leaders like DRN have endorsed the C.A.R.S. program for years as well.

You may register for the course at: http://www.riscus.com/ecomCars.aspx

You can also read below some of the recent testimonials we've received from clients and graduates:

"The CARS curriculum not only provides our staff with a thorough understanding of the industry and recovery field operations, enabling us to strengthen our partnership with the recovery agents, it also provides our staff with the knowledge necessary to effectively manage the recovery operations on behalf of our lienholder clients."

"I have read, researched and taken many educational courses on countless subjects pertaining to the recovery process. Never have I come across anything so meaningful and so structured, easy to read and cross reference. Not only does this cover all applicable laws and regulations, but it provides meaningful scenarios and helpful information for everyone in the recovery industry, from business owner, to agent/drivers, to office staff."

"A program we often suggest to Vendors and is accepted throughout the Industry is the Certified Asset Recovery Specialist or C.A.R.S. Certification program offered by RISC - Recovery Industry Service Company. This program is offered in 3 versions: National, FL Version & CA Version."

RISC is recognized within the Recovery Industry as a leader in the risk management field. RISC provides services exclusively to the collateral recovery industry including: education, training and certification, seminars, consulting, locksmith training, locksmith supplies, automotive key codes, membership and discount programs, and a $1 Million fidelity bond for members of the RISC Agent Alliance.



September 21, 2011

ARE YOU PLANNING ANY LARGE EQUIPMENT PURCHASES?

If the answer to that question is yes, then you should seriously consider making those purchases and taking delivery of the equipment before December 31, 2011.

The chart below reflects the huge reduction in what businesses will be able to write-off in the year of purchase. Depending on the tax bracket that you are in a $500,000 equipment purchase this year could save you as much as $175,000 in taxes. In 2012 that same purchase would save you approximately $130,000. You don't lose the balance of the savings, but it's extended over the life of the equipment.

So, if you're considering a purchase, consider making it now. However, be sure and speak with your tax advisor to see how this purchase would impact you based on your circumstances. If you don't have a tax advisor, our CPA would be available to assist you. Her contact information is listed below.

Here is the summary chart:
Calendar Section 179 Bonus
Year Limit Depreciation
2011 $500,000 100%
2012 125,000 50%
2013 (estimated) 125,000 0%

Jolene T. Loos, CPA
C&L Value Advisors LLC
813.286.7373
[email protected]

FINDING and FINANCING YOUR PURCHASE

If you need assistance to find the right truck and get it financed let RISC can be of assistance.

Take a moment to fill out the brief questionnaire at: http://www.riscus.com/financing_purchase.aspx and RISC can find the right partner to get you financed.

If you need to find a truck RISC has partners that will give you preferred treatment so why not get multiple quotes for the truck you want.

RISC has many options to assist a business owner please take advantage of them.

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