With the Consumer Financial Protection Bureau taking a greater interest in what service providers finance companies are using, Recovery Industry Services Co. (RISC), a provider of collateral recovery training, certification and compliance solutions, recently announced that it has signed a definitive agreement to acquire Recovery Compliance Solutions (RCS).

The move was made in order to enhance RISC’s vendor vetting services as part of its overall compliance-related offering.

RISC president Stamatis Ferarolis highlighted that the acquisition comes at an exciting time, as RISC has recently unveiled technology integrations that can 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,” Ferarolis said.

“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," Ferarolis continued.

"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," he went on to say.

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

“RISC is a perfect fit for us,” RCS officials said. “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.”

Ferarolis elaborated about what else RCS brings to RISC’s portfolio.

“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,” he said.

To contact RISC, send an email to sales@riscus.com or visit its website at www.riscus.com.