IC Systems, founded in 1938 by Ruth and Jack Erickson, has seen three generations of successful operation within the Erickson family, in that time becoming one of the nation’s leading accounts receivable firms, and winning recognition for their speed, efficiency and ethical conduct.
IC Systems has shown itself dedicated to abiding by regulatory measures, and works to not merely barely comply with the rules, but to remain above board and at the forefront of all compliance measures and standards. This dedication pays off in the long run as disruption due to non-compliance ceases to be a concern. As IC Systems is required to handle sensitive information, not just for clients but for consumers as well, the company’s compliance with regulatory measures is not only necessary, but moral and prudent as well.
Apart from the external measures IC Systems abides by, the company also self-regulates by ensuring that its collectors, known as consumer financial representatives (CFRs), abide by a set of legal and ethical standards while serving an account. As CFRs are the face of the company on the field, and the persons with which clients and certainly consumers will have the most interactions with, these self-regulatory measures are very necessary in maintaining the highest standards of behavior within the workforce. One self-regulatory measure, for example, that the company takes is the archiving of calls, which are subject to regular evaluation and review by auditors.
Audits play an integral part in IC Systems’ “compliance risk management systems”, a group of measures designed to ensure proper conduct by the company as it pertains to external regulatory measures and proper conduct by employees as it pertains to internal regulatory measures. A director of internal audits is secured to ensure that policies are not only in place, but clearly and comprehensibly documented so that the possibility of errors in collection is eliminated. This director reports to a committee comprised of leading IC Systems executives.
Through these measures, IC System ensures that the company remains a leader in the accounts receivable business, and an entity dedicated to honesty and ethical behavior.