Compliance is compliance

While not related specifically to information governance – it’s more a straight governance issue – what do you do if a large percentage of your customers don’t honor their contracts?

“More Than 40% of Student Borrowers Aren’t Making Payments,” The Wall Street Journal, April 7, 2016. Fifteen percent of the borrowers haven’t made a payment in a year. Part of the problem is that large numbers of borrowers don’t respond to letters, calls, emails or texts. Go figure.

If you’re serious about your contracts, do you take action against people who don’t comply?  If it were your money rather than mine, would you act differently?  Do you have the Social Security Numbers for these folks?  What happens if you don’t enforce vigorously?

Why do you have contracts if not to protect your rights?  Who’s responsible?

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Filed under Controls, Governance, Internal controls, Oversight, Third parties

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