Our Board of Directors is actively involved in the development and administration of the Five Lakes’ compliance management system that:
- ensures compliance with all federal and state laws and regulations and
- addresses and prevents associated risks of harm to consumers
Our policies and procedures implement Board direction, are systematically reviewed and updated, include appropriate monitoring and control mechanisms.
Five Lakes’ extensive training program includes quarterly regulatory compliance training and certification for each team member which is essential to an effective compliance program. All training is appropriate to job function. Changes to policies and procedures are systematically distributed immediately by job function which requires team member acknowledgement and sign off and may include testing/certification.
Our compliance system is monitored by our Chief Compliance Officer and our Quality Assurance and Compliance Audit staff. This includes internal audits, call and process monitoring, completion of individual scorecards and due diligence and continuous assessment of all third party service providers.
Five Lakes’ is dedicated to delivering superior performance to our clients. We collaborate with our clients to develop scoring, segmentation and strategies to deliver optimal performance. We also utilize innovative performance metrics appropriate to the clients’ portfolios.
All team members receive monthly scorecards on performance which includes customer experience for customer contact team members.
Five Lakes’ offers incentive programs for team members which include a monthly bonus program. Team members who qualify for performance bonuses must also have very high scores on compliance and customer experience to receive the bonus.
Five Lakes’ is committed to always providing a superior customer experience to our clients and their customers and meeting or exceeding all client expectations, requirements, specifications and service levels.
When dealing with our clients there is always a sense of urgency in responding to their needs. We pride ourselves in being very nimble in adapting to client request, a consumer complaint, or a market or regulatory change.