TAMPA, Fla., May 26, 2017 – Recovery Industry Services Company (RISC), the industry-leading provider of Collateral Recovery Training, Certification, and Compliance Solutions, today announced that it has signed a definitive agreement to acquire Recovery Compliance Solutions (RCS) in order to enhance its Vendor Vetting services as part of RISC’s overall compliance-related offering.
“RISC is a perfect fit for us,” read a statement from RCS. “They share our vision for ensuring that the most capable, well-rounded, and compliant individuals and agencies are operating on behalf of the automotive lending community. We are thrilled to be a part of the RISC family.”
RCS was founded in 2008 and has offices in St Louis, MO.
“The RCS team has built a very strong practice in repossession agent auditing. Their process is extremely thorough and by combining our teams we will be able to better serve our customers by delivering best-in-class compliance validation,” said Stamatis Ferarolis, president of RISC.
The acquisition comes at an exciting time as RISC has recently unveiled technology integrations which allow forwarders and financial institutions to ensure that agents meet their specific compliance standards all the way from agent selection through individual assignment and asset storage.
“RISC’s overall vision is to create a succinct experience allowing lenders to be sure that the agents they work with are thoroughly trained, comprehensively vetted, and in possession of secure and adequate storage lots,” said Ferarolis. “Through our technological integrations, lenders and forwarders can manage assignments with all of that compliance information at their fingertips. They can even specify their own custom compliance standards and push required policies and training courses to their agents. We’ve worked with the industry’s leading stakeholders, as well as bodies such as the CFPB to architect universally accepted compliance guidelines and integrate them with our solutions.”