OCALA, Fla. -

Along with selecting its outside legal counsel, Recovery Industry Services Co. recently formed the RISC Compliant Agent Network (RISC CAN).

RISC highlighted membership is open to any professional collateral recovery agency owner who can meet the stringent requirements of the firm’s network and adhere to the RISC Code of Ethics.

The company is out to assure all its RISC Agent Alliance members are automatically members of RISC CAN.

To further explain the concept, the company answered a few what it considered to be frequently asked questions:

Why was RISC CAN formed?

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.

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 RISC encourages 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.

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

The answer is that as a RISC CAN member owners 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.

The 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.

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

As a member agency owners 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 services the agency provides, a copy of your insurance Acord and Workers Comp certificate, copies of applicable licenses, a list of storage lots, storage lot inspection reports and listing of all agency employees.

—Compliance documents: all necessary compliance documents are within the member dashboard area. Agencies will also have access to the RISC Compliance and Operations Manual designed to make the business compliant in all areas of Consumer Financial Protection Bureau requirements.

—Discounts on all RISC services including the C.A.R.S. National Certification Program, the Skip-Tracers National Certification Program, iRepo Vendor Comply, locksmith training, key codes, key blanks.

—Best practices and business forms: Documents designed to improve the company’s top and bottom lines, including human resources, marketing and operations.

—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 the agency and is updated immediately as the comprehensive profile is updated. A link to the agency’s profile can also be emailed to a prospective client.

—Repossession Case Law: Specific case law and opinions for every state

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

To become a member of RISC CAN, owners must apply as an agency. Once an agency becomes an RISC CAN member, the owner receives a $1 million client protection bond and a 15-percent discount off the retail price to any service RISC offers.

The annual subscription fee now is $795, which can be financed monthly. There is a one-time initial application fee of $295 to determine qualification. The $295 application fee also includes one lot inspection and one background check.

After answering those questions, RISC president Stamatis Ferarolis said, “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,” Ferarolis continued. “We are the best value in the recovery industry as no one can match our services and value.”

For more information, e-mail RISC at services@RiscUS.com, call (866) 996-7472, or visit www.RiscUS.com.

RISC Taps Outside Legal Counsel

RISC recently announced that Bogdan Rentea of Rentea & Associates has agreed to represent the company as its outside legal counsel.

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.

Rentea helped to design the RISC CAN contract. RISC indicated Rentea will extensively review RISC’s compliance and operations manual, which includes procedures for complying with current CFPB compliance requirements and best practices.

Rentea 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.

RISC vice president Joe Taylor remembered first meeting Rentea back 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,” Taylor said.

“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,” Taylor continued.

Ferarolis added, “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.”

“Bogdan 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,” Ferarolis went on to say.

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