James S. Ganther, Esq. President Mosaic Compliance Services.
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Transcript of James S. Ganther, Esq. President Mosaic Compliance Services.
![Page 1: James S. Ganther, Esq. President Mosaic Compliance Services.](https://reader035.fdocuments.us/reader035/viewer/2022070410/56649ef05503460f94c01416/html5/thumbnails/1.jpg)
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James S. Ganther, Esq.James S. Ganther, Esq.
President
Mosaic Compliance Services
Mosaic Compliance Services
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Digital ComplianceDigital Compliance
What is it?
Any compliance solution or tool that is:
•Web-based; or
•Computer-based; and
•Automated
•Efficient
•Effective
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Digital ComplianceDigital Compliance
Why do you care?
Research shows that:
1.Dealers are cheap.
2.Dealers expect compliance solutions from their vendors.
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Digital ComplianceDigital Compliance
Digital Compliance Topics:
•Environmental, Heath & Safety
•Human Resources
•OFAC
•Safeguards Rule
•Red Flags Rule
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Digital ComplianceDigital Compliance
But wait, there’s more:
•F&I Menu
•Dodd-Frank/Adverse Action Notices
•Compliance Training
•Product Training
•Audit and Review
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Digital ComplianceDigital Compliance
A few thoughts:
•If you don’t document it, it didn’t happen.
•Learning Management System (“LMS”)– Tracks usage
– Generates reports
– Archives results
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Familiar Compliance Hot SpotsFamiliar Compliance Hot Spots
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Environmental, Health & SafetyEnvironmental, Health & Safety
In a nutshell, Dealers need to obey:
•OSHA
•DOT
•EPA
•State agencies
•The local press corps
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Environmental, Health & SafetyEnvironmental, Health & Safety
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Human ResourcesHuman Resources
In a nutshell, Dealers need to:
•Hire employees
•Discipline employees
•Fire employees
•Not get sued
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Human ResourcesHuman Resources
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OFACOFAC
In a nutshell, Dealers must:
•Confirm that their customers are not on the list of Specially Designated Nationals (the “Bad Guys List”)
•Don’t close Gaddafi!
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OFACOFAC
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OFACOFAC
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Safeguards RuleSafeguards Rule
In a nutshell, Dealers must have:
•A Compliance Officer
•Information Security Policy
•Physical, Electronic, and Procedural Safeguards to protect consumers’ Nonpublic Personal Information (NPI)
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Safeguards RuleSafeguards Rule
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Electronic Document Management
• Incorporate all your deal documents into our online compliance solution
• Quickly and easily retrieve documents at the touch of a button
• No more misfiled deal jackets or lost documents
• Stay compliant with the Safeguards Rule
Keep your customers’ personal information secure.
© DealerTrack, Inc. All Rights Reserved
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Red Flags RuleRed Flags Rule
In a nutshell, Dealers need:
1.Policy
2.Training
3.Detect
4.Prevent
5.Mitigate
6.Oversee
7.Ensure
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Red Flags RuleRed Flags Rule
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Risk Level & Status SegmentRisk Level & Status Segment
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OFAC, ID Match & Red Flag AlertsOFAC, ID Match & Red Flag Alerts
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ID Match Application vs. Credit Bureau
ID Match Application vs. Credit Bureau
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Manual Review Process:Manual Review Process:
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“Out of wallet” Authentication:“Out of wallet” Authentication:
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In a nutshell, Dealers must present products:
•Consistently
•Accurately
•Uniformly
•Legally
•Effectively
F&I Menu
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F&I Menu
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F&I Menu
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Dodd-FrankDodd-Frank
In a nutshell, Dealers need to:
•Provide adverse action notices that– Disclose numeric score
– Give range of scores
– Decision factors
– Date of score
– Entity that created the score
– Person at the dealership to blame
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Customer ABC123 America StreetAnytown, USA
Customer ABC
Dodd-Frank
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Compliance TrainingCompliance Training
In a nutshell, Dealers need to:
•Expect their non-lawyer employees to consistently obey laws they do not know exist.
•Yeah, good luck with that.
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Compliance TrainingCompliance Training
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Product TrainingProduct Training
In a nutshell, Dealers need to:
•Expect their employees to always tell the truth.
•Expect their employees to consistently describe the features, benefits, limitations and exclusions of every product they sell.
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Product TrainingProduct Training
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Audit & ReviewAudit & Review
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Audit & ReviewAudit & Review
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If Dealers Don’t ComplyIf Dealers Don’t Comply
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ConclusionConclusion
1. Simple, Effective, Affordable digital compliance tools are available.
2. Dealers expect vendors to cover their subject.
3. No one vendor covers everything.
4. Dealers need a checklist to make sure all the bases are covered.
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ConclusionConclusion
For a copy of a Compliance Checklist: