Every year complaint management becomes more and more important for financial institutions and regulated entities of all types and sizes.The Consumer Financial Protection Bureau’s (CFPB) increasing regulatory focus on Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) has spurred institutions to shift from traditional one-off methods of handling complaints towards standardized and consistent approaches that include centralized tracking, reporting and oversight.The CFPB expects company wide governance of each and every consumer complaint.
These new requirements demand a holistic means of oversight within the corporation, and the development of a central system that can categorize, analyze, track and report on the handling of complaints from the hands-on to the executive level, making sure the problem reaches the individual(s) who can resolve it. This system must also provide a means of tracking outcomes and reporting on them.
ClaySys AppForms has the Complaint Management Solution you’ve been looking for.