Leading RegTech Provider PerformLine Releases June 2017 Complaint Risk Signal Report Identifying Best Regulatory & Compliance Practices
New York City, NY (PRWEB) June 28, 2017 -- PerformLine, the leading RegTech company that delivers automated compliance solutions, has released its 3rd annual Complaint Signal Risk Report, an analysis of data from the Consumer Complaint Database and Consumer Financial Protection Bureau (CFPB) data from July 2011 to March 2017. The report uncovers observations about the nature of recent complaints, company responses, and CFPB enforcement actions, in order for financial institutions understand their risk and to improve their regulatory compliance efforts, customer experience, and overall operational effectiveness.
The June 2017 edition of the Complaint Risk Signal Report uncovers new trends in consumer complaints including those by older Americans and service members, and details the threshold of complaints that puts companies at risk of being fined by the CFPB, the potential amount in monetary liability, and how untimely company responses to complaints increase potential risk for a company.
Key findings from PerformLine’s Complaint Signal Risk Report include:
•The rate of consumer complaints continues to rise at a steady pace, partly due to the CFPB’s ad and social media campaigns that have been encouraging consumers to submit complaints.
•Once companies reach the threshold of 2,000 consumer complaints, the probability of being fined increases to 43%.
•A company that fails to respond to 100 or more complaints in a timely manner, or closed over 100 complaints with monetary relief, increases its chance of being fined by 42%.
•Complaints from Special Groups, including older Americans and servicemembers, are monitored closely by the CFPB and could bring about additional risk.
“We’ve seen that understanding consumer complaints provides a competitive advantage for those companies who monitor them,” said Alex Baydin, CEO of PerformLine. “The insights provided by our Complaint Risk Signal have been so well received that during our recent compliance and RegTech conference COMPLY2017, we announced that we are now bringing this business intelligence data into the PerformLine SaaS platform to provide companies with unparalleled insights into consumer complaints.”
The PerformLine Complaint Risk Signal dashboard is currently in beta with existing PerformLine clients and will be available in Fall 2017. With insights into complaint data within the PerformLine platform, chief compliance officers and their teams now have visibility into how complaints are trending across multiple data points, trends in each product category and see their stack ranking against competitors.
For more trends and insights from the June 2017 Complaint Risk Signal report, download here: http://lp.performline.com/cfpb-risk-signal-report. For more information on the Complaint Risk Signal dashboard within the PerformLine platform, contact David Morgan at David[at]PerformLine[dot]com.
ABOUT PERFORMLINE
PerformLine is the leading RegTech company delivering automated compliance solutions for enterprises looking to mitigate regulatory risk and ensure brand safety. Its cloud-based platform empowers compliance functions with the intelligence, insights, and tools needed to mitigate risk across all consumer interactions channels including web, voice, chat and mobile. PerformLine provides its clients with significant time and costs savings by automating compliance activities across channels and departments.For more information, visit http://www.PerformLine.com. You can also follow PerformLine on Twitter and LinkedIn.
PerformLine, North 6th Agency, http://www.n6a.com, +1 212.334.9753 Ext: 133, [email protected]
Share this article