Description: When financial institutions think of conducting a risk assessment, they most often think of hot-button issues, such as BSA and cybersecurity. However, many institutions ignore the major operational risk that is most likely to drive accountholders to a consumer rights attorney – collections! No area of operations has seen the increase of risk like collections. From increased regulatory scrutiny to alarming litigation, this once-stable area has become a storm. The potential for fines, penalties, and legal damages has never been higher. How are you managing hidden collections risks? There are complex compliance issues, including lending regulations, UDAAP, third-party collections, and privacy. Do your collectors know the landmines? Are they prepared? Are you? This important session will teach the basics of creating and conducting a collections risk assessment to identify and address potential issues before they cause harm.