Compliance

PAR is dedicated to reducing client risk and expanding our compliance program. We are excited to announce Platinum ComplianceTM is PAR's new web-based, self-service portal that provides customers with real-time access to PAR's compliance information as well as the compliance data of PAR's network of 600+ recovery vendors.

PAR Platinum ComplianceTM

The New Industry Standard for Compliance:

  • Platinum ComplianceTM is PAR’s new web-based, self-service portal that provides customers with real-time access to PAR’s compliance information as well as the compliance data of PAR’s network of 600+ recovery vendors.
  • It sets a higher level of compliance with the most stringent and extensive due diligence requirements in the industry—providing our customers with the peace of mind that only qualified, experienced, and trained recovery vendors are working their assignments. Only vendors who are Platinum Compliant and in good standing with our compliance checklist may receive assignments.
  • The new portal is easily accessible and promotes transparency into PAR’s network of vendors, employees, due diligence information and training.
  • Through the Platinum ComplianceTM portal, customers have direct access to due diligence and supporting compliance documentation for all recovery vendors, a comprehensive real-time database of state-level requirements impacting recovery vendors, and all PAR and vendor due diligence including insurance certificates, relevant licensing, operational and enterprise policies, and even PAR employee-level compliance data.

Makes Managing Compliance Easy:

  • In an era of increased scrutiny and heightened regulatory requirements, customers are now accountable for due diligence and compliance of both PAR as well as our third-party vendors.
  • Platinum Compliance TM fills the gap by providing increased visibility and accessibility into PAR’s vendor management system and due diligence documentation.
  • It’s easier than ever before for customers to reference state statute information; customers can view real-time information on current state-level recovery vendor requirements across all 50 states from one central portal.
  • The added functionality of reviewing compliance documents in the Platinum ComplianceTM system will reduce administrative work—and customers will benefit from more efficient and simpler audits.

Automates Vendor Compliance and Renewals:

  • Platinum ComplianceTM requires a comprehensive checklist of due diligence items for each of PAR’s recovery vendors to be in good standing. Only vendors in full compliance may receive assignments.
  • The system streamlines and automates reminders, making it easier for vendors to remain in good standing.
  • Through the new portal, PAR’s vendor management team can view an easy-to-understand dashboard indicating current status of all due diligence items, including expiration dates and action items to ensure continued compliance and good standing.

Streamlines Internal Processes:

  • The Platinum ComplianceTM self-service portal consolidates all due diligence and compliance documentation into one system—streamlining onerous internal processes for collecting and storing this information.
  • The new system provides the added functionality of comparing compliance documents, reducing administrative work and making customer audits faster and more efficient.
  • The self-service portal provides customers with the flexibility they need to access due diligence and compliance documentation anytime and anywhere—without the assistance of a PAR representative.

How to Enroll:

PAR reduces client risk through several different specialized groups.

Dedicated Compliance Team:

Although compliance is built into our everyday processes, PAR maintains a dedicated compliance team consisting of a VP of Compliance and Operations, a Compliance Manager and a team of skilled Compliance Auditors. PAR’s compliance department receives guidance from KAR’s corporate compliance and legal teams and is strategically separated from PAR operations. This team audits all facets of the operation and each operations team is continuously audited. Findings are reported to the operations teams as well as to senior management on a monthly basis. This team monitors, reviews and scores phone calls for quality and compliance purposes. Additionally, this team audits against SLA requirements and reports its findings directly to clients upon request.

Vendor Management:

The Vendor Relations team has responsibility for daily monitoring of recovery vendor compliance, however, the compliance team is also auditing the activities of the Vendor Relations team to ensure that our vendor management efforts are quality focused and compliance driven. Our Vendor Relations team is overseen by the VP of Operations who reports directly to the President, a director, the Vendor Relations Manager, and a team of regional managers who are responsible for oversight of a specific group of recovery vendors in a defined geographic area. Stringent onboarding requirements for new vendors helps ensure that only the most highly qualified recovery vendors will be working your accounts.

Information Security:

Our Chief Information Security Officer is tasked with ensuring that customer information is handled and maintained in a secure manner. PAR is SOX compliant, ensuring that strict change controls are in place to govern IT changes and to keep your information safe. Communication of information to and from recovery vendors is sent through a secure, web based platform. PAR’s data center and disaster recovery site both have SOC 2 certifications.

SOC I Type II Attestation:

PAR’s internal controls are subjected to a rigorous annual SOC examination by a third‐party audit firm, and a SOC report is available for your review. Managing the recovery of assets and the mitigation of risk is PAR’s mission. PAR is focused on continuous improvement of our people, processes and technologies to ensure successful and secure recovery of client assets.