Red Flags Rule Template for the Collateral Recovery Industry
RISC – Recovery Industry Services Company is pleased to announce our creation of a Red Flags Rule Template for the collateral recovery industry. It is free to all RISC Agent Alliance Members and only available to RISC Agent Alliance Members.
The Red Flag Rules is the highest level of Data Security guidelines required of the financial community by the Federal Trade Commission (FTC) and related federal agencies.
As “business Associates”, collateral recovery specialists are also required to meet these guidelines to protect Nonpublic Personal Information (NPPI). Until now, collateral recovery specialists have found it a daunting and expensive process to develop, or purchase Red Flags Rule compliance because federal regulations do not provide a specific, easy to read process for creating a Data Security plan.
In creating a “reader friendly” Red Flags Rule Template, RISC is providing yet another “tool” in helping RISC Agent Alliance Members meet the federal requirements and the Data Security requirements of the lending community they serve.
As a RISC Agent Alliance member you can access this important document by logging into your profile. From there you can simply download the document for your use. View Screenshot
In addition RISC has created a Data Security Manual and test that will outline a Breach Preparedness Program to further help you achieve and maintain compliance with the Federal Trade Commission’s (FTC) Red Flags Rule.
This program will be available to the entire collateral recovery industry within the next few weeks.