On Thursday, August 8, 2019 the Seventh Circuit Court of Appeals (7th Cir.) published its long-awaited opinion in the matter of Lavallee v. Med-1 Solutions, LLC, 17-3244 (7th Cir. Aug. 8, 2019). For everyone in the ARM industry that is considering using email to deliver requisite 1692g disclosures, the decision is mandatory reading.
The number of people who have both a strong sense of where they came from as well as a determination to leave things better for those who are coming next is very small. Tracey Bannochie is in that group. Read on to learn more about Tracey, why you’re best to catch her early in the day, and why “Rock and Roll All Nite” is more than just a song to her.
Name: Tracey Bannochie
Company: DCM Services
Length of time at current company: 15+ years
Length of time in industry: 30 years
I started as a skiptracer and general admin for a small commercial collection agency in Minneapolis and then got hired as a collector at A.M. Miller & Assoc. back in 1990. They were fabulous at management development and I am lifelong friends with a core group that I met there! So, I guess you could say it changed my life personally and professionally.
Helping to build this company to where it’s at today. I’m just one small piece of its amazing history and breadth of talent.
First thing in the morning! I get punchy later in the day which, my coworkers will attest to.
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All of the women who have come before me and paved the way. It could not have been easy and I thank you! I can only hope that I’m doing my part for the next generation!
I can pack a mean suitcase — and I get a lot of practice. I pity the TSA agent when my bag comes up for random inspection.
The amazing network of friends and colleagues that I have surrounding me who are always willing to share best practices and their experience.
How difficult it is to influence policy and regulation. There are many masters, many interpretations, and much risk for doing it the wrong way.
Travel, wine, food … any profession where I could combine the three.
I think herding cats is an appropriate description.
I have many: Totino’s pizza, Junior Mints, 1970’s glam rock, and massages.
Never create a folder called “Forms”. It will become the dumping ground for everything and you’ll never find the form you need.
A Bill Bryson travel memoir (he’s hilarious), and I always have some random 19th century novel on my nightstand — there’s a reason they’re called “classics”.
I’m fiercely loyal. Once you have earned my trust, we will stay in touch forever!
This article was originally published on AccountsRecovery.net. Read the original article here.
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Empathy /empəTHē / (noun): The ability to understand and share the feelings of another.
Empathy has gone from merely a word, to an organizational state of mind at DCM Services (DCMS). In any consumer interaction, empathy is critical to success. Flippant attitudes and disregard for the feelings of the person interacting with your front-line employees can cause damage you may never have the chance to repair. Alternatively, when given the appropriate consideration, these challenges provide an opportunity to cement a positive and lasting relationship with a customer.
This principle may not hold truer in any industry more than deceased accounts receivable management. Mastering empathy starts with developing an academic understanding of the process this a person is experiencing; learning how to actively listen and engage with the a survivor, personal representative, and/or executor, and creating respect for the unique grieving process each person is navigating.
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When we train new representatives at DCM Services, the first step we take is to walk our newest employees through a trainer-facilitated module explaining the probate process in plain English - from the perspective of a decedent’s family member acting as the estate’s personal representative or executor. This family member may go through the process of retaining an attorney, filing for probate, interacting with creditors, and resolving accounts to close the estate in court. Therefore, understanding probate is the first building block in developing academic appreciation for the consumer experience. Before our account representatives can attempt to relate, they must own a comprehensive knowledge of the process a survivor may experience themselves.
To move past appreciation and into a genuine engagement with someone, simply hearing the words they say is not enough. In what might be an emotionally-charged conversation, such behavior will not help drive solutions. Therefore, at DCMS we break “empathic active listening” down to a science; the steps we take while doing so, and how we demonstrate an active role in a conversation. Internalizing the spoken words, filtering for the applicable facts and emotions, and using what was deduced to arrive at a mutually satisfactory solution. In the short duration of each phone call, our exemplary representatives apply everything they’ve learned to problem-solve with consideration and kindness.
Despite popular belief, the grieving process lacks five neatly defined stages nor a linear progression. Ensuring that our employees understand this misconception is one of the most important insights our trainers emphasize during their initial three weeks of influence. A truly empathic representative understands that a caller who seemed “at peace” with the passing 30 days ago, may have a drastically different reaction to a conversation today even if the stereotypical progression of grief suggests they should be coping better with the loss. Every story may sound similar on the surface, yet underneath they are never the same.
Regardless of the portfolio, the overarching narrative of the account receivable industry, and more broadly the financial services industry, is in the hands of those who directly interact with consumers. Anyone with a vested interest in improving the general perception of the industry has a responsibility to act from an educated position, and to use that position to change that perception through genuine engagement and respect for the varying stories and circumstances of consumers, one interaction at a time.
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Since joining DCM Services in 2008, Tony has executed on the organization’s core values in several roles. After 3 years as an Account Representative on behalf of several clients, Tony acted as the Senior Quality Assurance Specialist for 5 years as a member of the organization’s compliance department. In 2016, he assumed a new role in managing DCMS’ new hire and on-going training initiatives. He strives to ensure the organization is providing a top of the line learning and development experience by collaborating with stakeholders and introducing new programs, including DCMS’ newest opportunity, Corporate Coaching.
Minneapolis, MN — June 17, 2019 — DCM Services, LLC (DCMS) the industry leader in estate and specialty account recovery solutions, announced today the promotion of Dereck Eastman to Chief Technology Officer.
Dereck Eastman, Chief Technology Officer
Eastman, who most recently served as Vice President of Information Technology, will continue to oversee all application and development support as well as the IT infrastructure area. Eastman joined the organization in 2006 and has nearly 2 decades of experience architecting and developing software. He has been the premier software developer at DCMS and has led the development of several technologies including Probate Finder®, Probate Finder OnDemand®, DCMS ServiceLink® and many other industry leading tools.
“Over the last 13 years, Dereck has become an integral part of our organization,” said Tim Bauer, DCMS Chief Executive Officer. “Dereck’s ability to understand business challenges and apply appropriate technology solutions has established him as a leader within DCMS. Dereck’s leadership and accomplishments at DCMS have led to this well-deserved promotion.”
About DCM Services
Minneapolis-based DCM Services, is the industry leader in estate and specialty account resolution services, maximizing the value of client portfolios across financial services, healthcare, retail, and telecom industries through innovation and performance. Its recovery solutions offer a full range of services from proprietary web-based solutions to full outsourcing, maintaining an unmatched spectrum of innovative solutions that increase recoveries, protect brand value, and enhance survivor relationships – with respect and sensitivity. For more information on all DCM Services’ offerings, visit www.dcmservices.com.
Did you say audit? Audit requests for companies like DCM Services are part of our everyday operations and environment. Our team understands that audit preparation is a large, but very important endeavor. Being an auditee involves a time commitment for document gathering, an explanatory meeting regarding processes and procedures, and gathering evidence requests. This pre-audit foundation work is often met with more critique than praise. However, what most internal audit teams ignore are the many opportunities to create organizational value following an audit.
An independent perspective
The audit process allows you to receive an independent perspective on your company’s processes and efficiencies. Most of the time the auditor has audited companies in your industry, or even your competitors. The auditor’s opinions and recommendations should be held in high regard and used to improve your company’s services, internal operations, and processes. An on-site audit is also a great opportunity for our team to build a trusted reputation and relationship.
Furthermore, auditing is a chance to showcase your company’s dedication to compliance, the complex regulatory environment, and your proactive approach to strong internal controls. Many organizations face a wide range of risks that impact the outcome of their business; risk management, compliance, and audit functions deserve attention as they are extremely important to the overall organizational health.
A consultative approach
After an audit, our team pays close attention to the audit closeout meeting, which is a comprehensive discussion of the audit experience. Auditors leave no stone left unturned, covering observations both good and bad, but ultimately highlighting areas of improvement. Often, audit teams overlook the mentions of positive actions and practices that were observed during the audit due to the negative connotation often associated with the audit process. Once received, the audit report details any opportunities for improvement. These items then are discussed with our audit committee and executive leadership team.
This closeout meeting is also our chance to ask any questions, give feedback, evaluate portfolio strategies, and the improvement of processes. During this time, we discuss any potential discrepancies, and provide clarity to the auditors about our internal processes. Most importantly, our team takes advantage of this meeting to build rapport as most auditors are subject matter experts in their industries with vast repositories of knowledge and upcoming trends.
How to create value
Auditing is an independent, objective, assurance activity that adds value and improves our company’s operations. Audit activities also provide assurance to management and our audit committee that risks to the organization have been properly evaluated and are being managed appropriately.
Our advice? Embrace a solution-driven culture of creativity and innovation for your clients, employees, and stakeholders. Leverage the audit as a valuable resource to executive management and the board of directors in accomplishing overall goals and objectives, as well as strengthening internal control and governance. A vendor with strong processes in place sets a standard for their clients, and ultimately elevates the industry at-large. Your commitment to continually improve your relationships and business operations will result in air-tight process control and eventually the establishment as a leader in your industry.
In the long run, it will be most effective for your organization to internalize proper audit practices as part of your holistic mission and culture. Here at DCM Services, we do the right thing not because a policy or law requires it, but because we truly value integrity and recognize the critical importance of compliance and risk management.
About the Author
Melissa Coutier applies her decade of experience in government/regulatory auditing to successfully managing the Audit team at DCM Services. Her variety of expertise includes Risk Management, Federal Compliance, Internal Controls, Process Improvement, and Internal Investigations. She is a member of both the Certified Fraud Examiners Association and the Certified Internal Auditors Association, along with serving on the Supervisory Committee at a Federal Credit Union. Melissa’s team has received praise and won awards from clients as being a top leader in compliance in our industry.
