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Auditing the Consumer Complaints Process
Auditing the Consumer Complaints Process
Assessing the effectiveness of an institution's consumer complaint resolution process can help identify potential internal control deficiencies and regulatory compliance risks.
Asa Sum, CRCM
Thomas Giltrow, CRCM
Customer service-oriented companies understand the importance of responding timely to, and resolving complaints received from customers regarding products and services. More importantly, these organizations understand the significance of avoiding complaints, taking steps to build internal processes and controls that focus on consistency, transparency, and clarity in product development, delivery, pricing, and service. As the adage goes, you can't please everyone all of the time. However, organizations should view consumer complaints as opportunities to improve their operations and differentiate themselves from their competitors.
Consumer complaints are valuable inputs into an organization's risk management program and are key indicators of potentially unfair, deceptive, or abusive acts or practices (UDAAP). As regulatory focus on UDAAP increases, it is important for financial services internal auditors to assess how their organizations respond to and evaluate consumer complaints, and use this information to address potential deficiencies timely.
Consumer complaints have played an important historic role in shaping the regulatory environment for consumer financial products. Federal statutes like the Truth in Savings Act and the Equal Credit Opportunity Act, as well as other regulations, have been legislated to address perceived abuses associated with financial products and services, largely driven by feedback from consumers and often in the form of complaints.
Consumer complaints have been viewed by the federal banking regulatory agencies as important indicators of potential regulatory issues and noncompliance. Each agency has created a website specifically to help consumers with filing complaints. For example, the Office of the Comptroller of the Currency's "Help With My Bank" website allows consumers to file, check the status of, and appeal complaints. In addition, the Federal Reserve Board (FRB) implemented Regulation AA, which, among other things, requires the agency to establish a consumer complaints process that includes collecting and processing complaints, sending written acknowledgement to the consumer, referring complaints to other federal banking agencies as appropriate, and ensuring that all investigation results are communicated to the consumer.
Other agencies such as the Federal Trade Commission (FTC) and the Financial Industry Regulatory Agency (FINRA) also have recognized the importance of consumer complaints and, as a result, have implemented processes and procedures to collect and monitor them. The FTC collects consumer complaints through its website, which it uploads into a broader database called Consumer Sentinel that is used by other civil and criminal law enforcement agencies. While the FTC does not typically respond to individual complaints, it does use information submitted to detect possible trends and direct its investigation and enforcement efforts. Annually, the FTC publishes a public summary of its consumer complaints activity, noting the most significant categories of complaints and affected institution types. FINRA is more prescriptive as it requires supervised entities (e.g., brokerage and securities firms) to report quarterly detailed complaint information in a standardized format. Consistent with the other regulatory agencies, FINRA analyzes consumer complaints data to help identify potential regulatory issues and direct its examination efforts.
With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Congress directed the newly-formed Consumer Financial Protection Bureau (CFPB) to collect, monitor, and respond to consumer complaints. On July 21, 2011, the CFPB launched a consumer complaints portal on its website and began collecting consumer complaints specific to credit card products and has since expanded to cover mortgages, deposit accounts and services, vehicle loans, consumer loans, and student loans. Dodd-Frank also requires the CFPB to share consumer complaints received with other federal and state agencies. For instance, an agreement signed in August 2011 between the CFPB and FTC allows the CFPB to share and access complaints through the FTC's Consumer Sentinel system. The agreement improves transparency and federal government oversight of consumer financial products because the Consumer Sentinel is now made available to the CFPB, along with many other government and non-government entities.
The CFPB has emphasized in its Supervision Examination Manual that compliance management systems should be responsive to consumer complaints. Examiners are instructed to evaluate the manner in which supervised institutions (banks and non-banks) identify and categorize complaints, resolve complaints timely, review responsibilities for managing complaints with third-party vendors, develop reporting and escalation procedures for complaints involving legal issues that may harm consumers, incorporate complaints data into their change management processes, and assess the effectiveness of their complaints management systems. In addition, the CFPB Manual also addresses how the CFPB will use consumer complaint activity as part of its examination of supervised institutions' compliance with particular laws and regulations (e.g., Fair Lending and UDAAP).
Developing an effective process for identifying and tracking complaints can be challenging for financial institutions as operating models, products, and services and the nature of customer communication — including email and social media — become more complex. There are several key challenges that financial institutions may encounter.
Defining Consumer Complaint. A consumer complaint is defined generally in certain regulations and rules such as the FRB's implementing regulation on Unfair or Deceptive Acts or Practices (Regulation AA) and FINRA's quarterly consumer complaints reporting rule (Rule 4530). These rules state that complaints involve allegations of misconduct, unfair or deceptive practices, or potential noncompliance with legal and regulatory requirements. However, the plain meaning of the word complaint itself suggests a relatively broad interpretation and can be difficult to define in practice. For instance, at what point does a communication from a customer expressing dissatisfaction with, or criticism of, a financial service or product become a complaint? Financial institutions should evaluate how to distinguish among inquiries, feedback, and complaints. An institution's complaint management program should provide clear definitions as to what constitutes a complaint, how it is recognized and then escalated, and take steps to ensure that employees are appropriately trained to recognize and take adequate measures when complaints are received.
Categorizing Complaint Data. Categorizing complaints received is critical for meaningful root cause analyses and management reporting. A complaints management program should be designed to collect all types of complaint data, even in situations when the complaint does not specifically relate to a bank product or service. Financial institutions should track complaints by affected regulations (e.g., Truth in Lending Act, Gramm Leach Bliley Act, Americans with Disabilities Act). The CFPB has further emphasized that institutions should assess complaints for potential UDAAP violations, either on an individual basis if such action is overt, but also on an aggregate basis. Although complaints might not be categorized individually as regulatory in nature, broader trends such as product terms and conditions might highlight potential UDAAP violations.
Tracking and Reporting of Complaint Data. Financial institutions should evaluate cost effective and efficient methods for consistent tracking and reporting of complaint-related data. Managing complaint data can be particularly burdensome for large institutions because complaints may be received from various sources and in various places within the institution. As such, institutions may find centralized tracking necessary to manage complaint volumes. Furthermore, institutions should identify which pieces of information must be collected for each complaint to ensure consistent tracking and management reporting. Determining the minimum amount of information needed for each complaint will assist in identifying trends and early warning signs of regulatory issues. Notwithstanding internal reporting, broker-dealers also must incorporate FINRA's quarterly reporting-related controls into its complaints management infrastructure. Internal tracking mechanisms should correlate closely to the FINRA reporting requirements (e.g., internal complaint categories should coincide with the standard complaint categories required to be reported by FINRA).
Complaint Resolution Procedures. The process for resolving consumer complaints can be complex and impact multiple lines of business and functions. Critical to this process is defining roles and responsibilities for complaint resolution, particularly when complaints should be escalated to the institution's compliance or legal departments. As a result, financial institutions must consider, evaluate, and design controls to address situations where a complaint involves multiple regulatory requirements and lines of business. Controls should be designed to ensure consistent research methodology and uniform documentation and retention standards, particularly for financial institutions with a decentralized complaints resolution process.
Other Sources of Complaint Data. Institutions also must be cognizant of complaints received through other non-traditional methods. Mobile banking and social media websites such as Facebook or Twitter have provided a quick and easy method for consumers to publish complaints-related comments about financial institutions. As a result, financial institutions must now address how to assess and evaluate such social media trends and, if possible, contain the spread and possible reputational and brand damage. In addition, the CFPB has indicated that it will evaluate complaints received by non-affiliated external parties, such as the Better Business Bureau or online compliant boards. Financial institutions also should include these sources in their complaints management procedures.
Inherently, consumer complaints are lagging indicators of risk. However, it is important that financial institutions establish robust consumer complaints tracking, response, and reporting processes such that appropriate steps are taken to respond and resolve consumer complaints. Institutions also should analyze the volume and nature of those complaints for trends and report complaints activities periodically to senior management. Given the importance of consumer complaints as key risk indicators, and the applicability of certain regulatory requirements (e.g., the FRB's Regulation AA for state member banking institutions and the FINRA consumer complaints quarterly reporting rules for broker-dealers), internal auditors should periodically evaluate their institution's customer complaints response processes and consider conducting complaint function-specific reviews, or incorporating this evaluation into other functional area audits (e.g., mortgage lending, deposits, and collections). In auditing consumer complaints, internal auditors should consider the following.
Policies, Procedures, and Responsibilities
Auditors should assess whether:
- The institution has established written policies and procedures to address the receipt, monitoring, and reporting of consumer complaints. Policies and procedures should be current, address any applicable regulatory requirements regarding complaints, establish internal response and documentation standards, and be followed consistently across business lines. Auditors should establish whether the policies and procedures provide appropriate guidance for the resolution of consumer complaints and outline the responsibilities for consumer complaint resolution, particularly the extent of compliance's involvement in the process.
- Policies and procedures establish clear parameters regarding the definition of a complaint, citing examples or instances that would meet the institution's definition of a consumer complaint. Policies and procedures should address consumer comments received through social media sources and assign responsibilities for monitoring and tracking.
- The written policies and procedures are periodically reviewed and updated by business lines and compliance management.
- The responsibility for resolving consumer complaints currently resides within the institution's organizational structure and to whom these individuals report functionally. Auditors should determine whether personnel responsible for processing consumer complaints have been provided sufficient authority and independence to obtain necessary documentation timely and effect corrective action as necessary. These individuals should have knowledge and understanding of all consumer protection laws and regulations that apply to the business operations of the financial institution, as well as a general knowledge of the overall operations of the institution. Auditors should identify if and how personnel are provided training relevant to the institution's consumer complaint handling and resolution policies and procedures and applicable regulatory requirements. Personnel responsible for researching and responding to consumer complaints should receive in-depth training regarding the institution's operational procedures and systems, as well as applicable regulatory requirements to respond to complaints appropriately.
Complaints Response Processes
Auditors should:
- Review the institution's process for receiving, prioritizing, logging, and tracking consumer complaints to ensure they are handled appropriately and timely.
- Determine if the institution has established a process for escalating consumer complaints when warranted and involves compliance or legal personnel in the research and response processes related to certain high-risk complaints (e.g., potential discrimination, threatened litigation, and regulatory agency complaints).
- Explain to management how personnel research and investigate the nature and basis of the consumer complaint, including what systems and resources are used; what procedures, checklists, and models are employed to support decision-making; and how the results of investigations are documented for completeness and consistency. Such research should identify the potential root cause(s) of the complaint, if possible, to effectively respond to the consumer and determine the need for potentially broader corrective actions, if necessary.
- Select and review samples of consumer complaints to determine if the consumer complaints were received, tracked, and responded to appropriately and in accordance with the institution's policies, procedures, and applicable regulatory requirements.
Trending and Management Reporting
Internal audit should:
- Determine whether and how the institution aggregates and assesses consumer complaint activities for possible trends (e.g., by products/services, lines of business, employees, or regulatory requirements) and assesses complaints for legal and regulatory impacts, such as potential UDAAP violations.
- Determine whether the institution regularly furnishes information regarding consumer complaint activities and trends to management or the board of directors.
- Review recent copies of consumer complaints trend analyses and reports provided to management and the board and discuss with management how apparent trends were identified, assessed, and investigated, and corrective actions were initiated, as appropriate.
- For FINRA-regulated broker/dealer firms, discuss with management how their quarterly consumer complaints reports are generated and submitted to FINRA timely and completely. Auditors should review a sample of consumer complaints and validate that information stored in the institution's internal complaints tracking database and reported to FINRA is consistent with information contained in the actual consumer complaint and the institution's written response.
Vendor Management and Oversight
Audit should consider:
- Whether consumer complaints and feedback are considered in the initial due diligence performed prior to contracting with a third-party vendor, such as per review of the Better Business Bureau website and other publicly-available sources.
- Whether and how the institution handles complaints received regarding third-party vendors performing services on behalf of the institution, whether received directly by the institution or through the third-party vendor. Auditors should identify how such complaints are received, tracked, and assessed; how complaints are factored into the assessment of the vendor's performance (i.e., as a quality metric in a vendor scorecard); and how corrective actions are evaluated with the third-party vendors.
Technologies and Tools
Auditors should assess whether:
- The institution has developed robust tools (e.g., databases, spreadsheets, reporting) by which to track consumer complaints, including: the receipt date and source, research and results, the consumer response type and date, and corrective actions taken. The institution should design a consumer complaint tracking process that is reasonable based upon the nature, size, and complexity of the institution and the relative volume of and sources by which consumer complaints are received. Audits should determine if the technology enables management to produce reports detailing consumer complaints activities and if reporting is systematic or manual.
- If and how the institution retains documentation relevant to consumer complaints received, including the original written consumer complaint and the response, as well as any supporting documentation used to research the claim and the institutions' documentation retention standards.
It is important for internal auditors to understand and evaluate the processes by which their institutions track, respond to, and monitor consumer complaints. In a dynamic environment dominated by enhanced regulatory oversight and the proliferation of social, electronic communications, robust complaint tracking, trending, and monitoring controls will enable institutions to quickly identify potential internal control deficiencies and areas of regulatory, financial, and reputational risk.
To comment on this article, email the FSA Times editor at email@example.com.


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From the article: Tips for Running in Hot Weather
How do you handle hot weather running? Do you run early or late in the day? Stay in the shade? Freeze your water bottle so your water stays cold? Wear thin, light-colored running clothes? Share your tips for staying cool during hot weather runs.
I wait and run at night
- I prefer cold weather running but when it is hot and humid I have found that it is cooler to run in the evenings, around 8:00pm. I have tried early morning but it seems more humid and there is usually NO wind to help cool me off. If you run in the morning, I suggest running before the sun gets above the trees. The early morning sun can "feel" very hot; however, running when the sun has gone down "feels" much cooler for some reason!
- —Guest Lori
run in the morning and hydrate
- I always try to run in the morning, before it gets too hot. If I have to do a run or a race in the heat, I make sure I hydrate very well the day before and during the run. I always try to plan it so I can cool down in a pool or take a cool shower soon after thr run.
- —Guest mindy
prefer hot weather
- I love hot weather running. I usually run right after work which is usually the hottest part of the day. I carry plenty of water.
- —Guest keith

subset: commoncrawl


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Austin A90 Atlantic Sports Saloon 1951
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Space Dreads is a online multiplayer game for iOS. In Space Dreads arenas there is no room for small fighters, only gigantic hight tech machines will fight to death. Choose the smaller frigates, fast and deadly, the middle sized cruisers or the colossal dreadnaughts, and play alone or with a friend versus anyone around the world.
0 comments by DamathaStudios on Feb 15th, 2013
I have been uploading Unity screenshots of the spaceships so you can see them. There are three classes: Frigate, Cruiser and Dreadnaught. Every class has it's own habilities.
There are four races now, Acamar, Saateba, Draconis and Asterope. The ingame race differences are only visuals, and every ship has an "elite" version that can be unlocked.
Latest tweets from @damathastudios
First #SpaceDreads update is here! T.co #free #app #game #multiplayer
May 18 2013, 3:49pm
Our new game #spacedreads is available! iTunes: T.co Youtube vid: T.co #app #free #game #ios
May 5 2013, 4:25am
#Spacedreads May 5th on #AppStore T.co
Apr 30 2013, 3:10am
Space Dreads spaceship screenshoot from the #Unity3D editor. #Free #iOS #damatha #game T.co
Feb 15 2013, 4:56am
@michelelmejor mandame un DM, hay un Red Gun pendiente para ti.
Jan 25 2013, 3:46am
Promote Space Dreads on your homepage or blog by selecting a button and using the embed code provided (more).


text:
Staff Reporter
NILAMBUR: Kumbham, a collective of the potter community at Aruvakode near here, hosted a two-day gathering of handicraft and art aficionados from different parts of the country. The meeting tried to address various issues facing the sustainability of traditional crafts.
The gathering had people of various professions, including architects, automobile designers, software developers, crafts and design students and teachers, non-governmental organizations, and natural scientists from places like Pune, Mumbai, Hyderabad, Bangalore, Jaipur, Bastar, Belgaum and Adilabad.
They spent the weekend with the children of Aruvakode, learning and imparting knowledge in an informal ambience. They fell in love with tapioca and coconut chutney served for breakfast. The two-day event marked three exhibitions of the works done by the children of Aruvakode.
The clay works done by children during the summer holiday workshop series titled 'sensing nature and knowing nature', the clay works of Kumbham, and the products of the Enable Artisan project were on display for two days.
Much of the discussion focused on the Enable Artisan project, a unique scheme aimed at helping the potter community of Aruvakode to take their craft to newer heights.
Explaining the project, K.B. Jinan, the patron of the potter community, said that it would enable the young artisans of the traditional potter community to take forward their skills as a viable livelihood option by equipping them with necessary skills such as entrepreneurship, communication, designing ability, functional computer and accounting ability. It would also enable them to establish links with relevant players.
The 'Enable Artisan project' will give the potters exposure to the urban population and help them better understand the ecological sensitivity of their craft, modern ways of marketing, Internet and web marketing, new designs, and potential in the building industry and tourism.
They will be given hands-on training in various modern communication media. In the last leg of the two-year project, the candidates will be helped to set up production centres in their respective villages. Mr. Jinan said that the project would be unique in its collaborative nature in raising the funds required for it. About Rs. 29 lakh is the estimated cost of the project. The project, he said, has been made a democratic one by opening up for interested people to collaborate.
"About 2,500 people chipping in Rs. 1,000 each is what we needed," said Mr. Jinan.
The project, according to Mr. Jinan, will have far-reaching results. The trainees are expected to influence their villages with their new improved skills and new ideas.
There will be at least 600 new products, which will be documented as a blue print for the other crafts such as brass, bamboo, textile, and stone.


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Also, I wonder if hoofball in Equestria is more like American football or international football (aka soccer in America)?
Also, I wonder if hoofball in Equestria is more like American football or international football (aka soccer in America)?
Hi, I'm new to the MLP community. I started watching in April 2014 and I got hooked from then on. It's now my second favorite show right behind Pokémon. I'm going to get the books, comics and TCG, including the upcoming Crystal Games in October. I'm also planning on going to BABscon in April. Anyone went to Bronycon?
You got that right! The Legend of Korra is returning on October 3rd! Mark your calendars!
I just saw Rainbow Rocks today and it was really good. I thought it was better than the original Equestria Girls or even Twilight's Kingdom. I liked the songs and I was excited to see more of Twilight's Castle.
Here's why I believe that my red looks the same as your red.
If every person saw the same color differently then the psychological effect of that color would also be equally different for every person.
BUT, that is not the case. Blues and greens tend to be universally calming.
Excluding colorblindness, which is physiological and sometimes psychological,
I believe that people with normal vision and normal brains see the same colors the same way.
Equestria Daily: Sethisto: Claire Corlett (Sweetie Belle) and Michelle Creber (Apple Bloom) Aiming for a Comedy Series and Need Votes
I'm certain there'll be a few moments requiring flat questions and screams of frustration between those two fillies, assuming that's where we're going. Deliveries around Ponyville could give Sweet Apple Acres and Manehattan's fashion critics some pointers for exchange, and they'd be happy to see their surroundings grow in response. For my part, I might enjoy the translations for this cartoon's earlier songs (hint, hint) as they have stood, alongside the opening themes, among other tidbits for comparison and contrast.
Babylon 5, Codename: Kids Next Door, 24, and now, My Little Pony: Friendship is Magic. I am many things at once, and many people might have different opinions about little, old me. If freedom is my main idea, then harmony, individuality, and modernization are the three attributes I now sense and track. Those three attributes and that idea combined to make the United States of America a great global superpower and Pearlshipping and Wishfulshipping great Pokémon couples, and now, they've combined to make those four shows truly great television programs to me. I will enjoy enthusiastically supporting the Equestrian ponies' adventures for peace, for humankind, for the future.
As you can tell, I like Drowning in Horseshoes.
Hi everyone, I'm a pegasister (or female brony if you will, 'cause apparently ppl hate that term for some reason), I've been into mlp for........ I don't even remeber, two to three years probably; and a registered serebiii member since 2010, and yet this is the first time I post here lol.
Sssssooooooooo......... has any of you tried to make an oc or ponysona?
^I did, once...he is named Steam Works, and he is a Unicorn who, via magic, magic powered and/or steam-powered clockwork gadgets, works to maintain Equestria's various ancient clockwork systems.
His cutie mark is a golden cog with a silver wrench under it...
s of now she's a pegasus with a white-beige coat, olive green eyes and a messy blonde mane... still haven't made a c.m though. I guess it'll be quills or a scroll or something like that since I like literature and writing... I'm also still debating on wheather or not I should make her an earth pony instead :P
Last edited by Absol Wings; 19th November 2014 at 10:26 AM.
Last edited by Absol Wings; 22nd November 2014 at 12:18 PM.
Credit to Sworn Metalhead for the banner
RPer's profile, 3DS Friend Code, and Nintendo Network ID
Surprised nobody has mentioned the Season 5 release announcement.


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German court weighs legality of ECB crisis measure
KARLSRUHE, Germany Top European financial officials testified Tuesday for and against a European Central Bank program that has been instrumental in calming the euro debt crisis as it faced a legal challenge in Germany's highest court.
The Federal Constitutional Court in Karlsruhe is considering arguments against the ECB's program, which has been credited with easing turmoil in bond markets in the 17-country eurozone but which some say oversteps the ECB's mandate.
The hearing showed how the ECB's actions were splitting Germany's financial heavyweights in two camps.
German Finance Minister Wolfgang Schaeuble bluntly told the court it had no authority to rule on the program and highlighted how the ECB had saved the euro currency bloc from potential disaster.
But the president of Germany's influential central bank, Jens Weidmann, warned that the ECB's actions were threatening the independence of its own monetary policy.
The program - known as Outright Monetary Transactions, or OMTs - is an offer by the ECB to buy the government bonds of a country in need of financial help. The purchases would help by lowering the country's borrowing costs in the bond markets.
The program was launched in September after ECB President Mario Draghi dramatically vowed in July to "do whatever it takes" to save Europe's common euro currency.
The ECB hasn't bought any bonds yet. But the program's mere existence has helped lower countries' borrowing costs in bond markets dramatically, easing fears the eurozone might break apart. To take part in the scheme, a country would have to commit to reduce its debts and deficits, as well as accept a bailout loan or credit line from the European Union's financial rescue fund, the European Stability Mechanism.
EU efforts to rescue financially troubled countries have run into popular opposition in countries like Germany, the Netherlands and Finland, which have been net contributors to the eurozone's financial rescue programs.
In Germany, opponents of the bond-buying program say it oversteps the ECB's mandate, which forbids it from financing governments.
"I see considerable stability-policy related problems with the programs to purchase government bonds (...) that blur the boundary between European monetary policy and the member nations' financial policies," said Weidmann.
Weidmann, who represents Germany on the ECB's interest rate decision-making council, also worries that the ECB's program might take the pressure off governments to make vital economic and financial reforms.
The people who brought the legal challenge to court are a disparate group of Germans including conservative lawmaker Peter Gauweiler, a team of professors, a citizens' organization and Germany's Left Party.
They claim the measure is illegal because both EU laws and the German constitution say that only the elected national parliament can decide how taxpayer money is spent.
Dietrich Murswiek, one of the plaintiffs' attorneys, argued that the bond purchase program exposed taxpayers to hundreds of billions of euros (dollars) in potential losses if the bonds are not repaid - without any democratic authorization from national parliaments.
"The ECB is turning the currency union into a liability union, without asking member states and their parliaments," he said.


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... though sadly not all downhill despite our earlier climb to the river where we started and went a short distance up one of the more challenging routes to encounter another of the ancient cedars. This involved traversing a river by stepping stones. On our way back the heavens opened but we still stopped at a number of points along the river for pictures including the impressive suspension bridge. We made our way at an ever ...
Starting life in Okinawa
... The drivers are not very good (but they are considerate) and drive on the other side of the road, like in England. Hopefully I will get a car soon. People here also apologize a LOT and they do bow often. Also, I have not seen that many other Americans, although I have mostly been around the campus and not the bases. Thats it for now. Please feel free to ask questions if you want more details on ...
Heat glorious heat
We docked at Naha early this morning. It is the capital of the Japanese Island Okinawa, famous for the World War 2 battle of the same name, and indeed was 'occupied' by the Americans for 25 years after the war ended. There is still a large US force here, some 30,000 soldiers and their families. The weather is perfect, early twenties and that warm sub-tropical humidity that gently wraps itself around you. But we are back in Japan and that can only ...
Okinawa, a well known place for my wife and myself, since we lived there eighteen years ago, together with our then two little boys for four years.
So, when I left Kagoshima the 18th of November by ferry towards Okinawa,
which actually takes 25 hours, I knew to land on a Island from where I have many nice memories.
To make ...