Legal Team Update
As part of the YBR Group's quality assurance and audit program, brokers will be subject (from time to time) to a quality assurance review or traditional file audit of a particular credit assistance file & loan application by our auditors. These audits are conducted to provide brokers a better understanding of their current processes and how they meet regulatory & legislative requirements, as well as an opportunity to educate & improve on any issues raised in a broker's credit assistance process and/or operational procedures.
The YBR Group utilises a "traffic light" scoring system (Green, Amber, Red & Black) to score the individual files reviewed and the overall audit overcome. The scoring is weighed depending on the issues raised within each file that can vary between legislative/regulatory requirements & standards or YBR group policy requirements.
We know some things can go wrong from time to time and if you receive an adverse audit result, the YBR Group works with you to provide ongoing support by assisting in the understanding of any raised issues, training on the VowNet platform and education on legislative & regulatory requirements, amongst other things.
The Legal, Risk & Compliance team have previously conducted a webinar on the Quality Assurance & Audit Program to help brokers better understand the process & what to expect. Please visit the VOW Professional (PRO) platform to view the webinar & the extra resources here.