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08/17/2016

Internal Best Practices Assessment: The Most Valuable Thing You Can Do For Your Business

Bestpractices

 

By Kirsten Pollock and Nicole Plath

ALTA Best Practices is a common phrase in the title insurance industry. It is the golden standard for how we conduct our business and an excellent way to demonstrate how you can meet vendor-management requirements of your lending community. We have always worked in an industry driven by regulations. Now, more than ever, we are heavily focused on our compliance, especially with Best Practices. ALTA has provided a variety of tools for title insurance and settlement companies to help meet these standards, including the Assessment Readiness Guides, Assessment Procedures, and Compliance Management Report to name a few. In addition to these valuable resources, ALTA has recently developed the Best Practices Maturity Model. This invaluable tool can help you navigate the road to compliance and help make sure you stay on course.

Becoming Best Practices compliant is not something that happens overnight. It is a continual process that takes time to develop. And you might think that once you are deemed “compliant,” the journey is over, but it’s not. Compliance is a process, not a single point in time. Join us for an Engagement Lab at the 2016 ALTA Annual Convention to learn about how you can utilize this new resource to help your company meet compliance and stay that way. We will walk you through how to evaluate where you are and where you need to go. Let us help take the stress of compliance away with tips and tricks of managing compliance in your title company.

Kirsten Pollock is vice president and audit director of Investors Title Insurance Company. She can be reached at kpollock@invtitle.com. Nicole Plath is CEO of Fortune Title Agency. She can be reached at nicole@fortunereo.com. Pollock and Plath will speak more in depth about this topic during a session titled "An Internal Best Practices Assessment, aka the Most Valuable Thing You Can Do For Your Business" during ALTA's Annual Convention. Click here to register.

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