Industry Standards
In any recognized profession you will find two prevailing criteria; a code of ethics and specific Industry Standards. Industry Standards are normally mandated by state law and are developed by practitioners within a specific profession with assistance from state legislators.
In states where no regulations exist for a specific profession there is still an expectation that a profession will have professional Industry Standards to adequately protect the public welfare and enhance the image of that profession. Absent any statutory requirements, professionals within that industry develop those Industry Standards. How do they do it? Usually by creating an independent entity consisting representatives of that specific industry and representatives of “related” industries.
RISC (Recovery Industry Services Company) was created to serve as an independent advocate of the collateral recovery profession. We all know there are very serious issues currently that are detrimental to all professional practitioners and that need addressing for the benefit of the collateral recovery profession and the “related” industries; the lending community and the insurance carriers that offer coverage’s to our industry.
None of those we have spoken to within the collateral recovery industry, the lending community and insurance underwriters disagree with the need for serious dialogue in creating Industry Standards. However, there are those who say, “it can’t be done”. There are those who say, “we are certainly in favor of a serious dialogue but we are skeptical that it will happen”. And then there are those who have told me, “we know changes are needed that are critical to our industry and we are ready to step up to the plate and go “all in” with other professionals to address this situation”
Remember, Mine That Bird won the 2009 Kentucky Derby as a 50-1 underdog!
So, where do we start? Two areas; first we need to seriously go forward with the process of creating Industry Standards by obtaining input from the related industries. We need your time, not your money. And, we don’t need much of your time….about one hour. We are simply asking you to sit down, take pen in hand and list those things you feel should become Industry Standards for the collateral recovery profession and send them to me at joe@RiscUS.com.
The next step is to create an RISC Industry Advisory Council consisting of representatives of the collateral recovery industry, the financial community and insurance representatives. Bringing representatives of these related industries together in an effort that will be beneficial to all will be a welcomed challenge to those who believe that open dialogue can be successful in addressing, perhaps even solving some of the issues that we are currently facing.
RISC will also be available to those who are interested in creating a state recovery association. We have developed a template of state association by-laws which we will make available and we can also assist in creating state association websites.
RISC is not reaching out for your money….no membership fees….no “donations”. We are looking for partnerships with those professionals that sincerely want to make a difference. Is an hour of your time too much to ask for? I hope not.
Be Safe,
Joe Taylor
Director of Education
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