Compliance is about more than obligation

More than 1,000 auto and auto-finance industry leaders came together to learn last week at Cherokee Media Group’s annual Used Car Week conference in San Diego. Attendees heard from a host of influential leaders, including Exeter’s Chief Compliance Officer, Meredith Garland-Hannifin.

Meredith earned a position on this year’s distinguished list of “Women in Auto Finance” and was invited to participate in a panel discussion with several other honorees. To say that Meredith received this recognition merely as a reflection of being a seasoned compliance professional is a grave understatement. She is considered an expert in building a well-rounded Compliance Management System and establishing a robust risk framework.

So, we decided to pick her brain about what she discussed in San Diego to discover why she believes industry compliance is the cornerstone of unwavering business practices. Here’s what she shared.

How is safeguarding consumers by staying compliant with rules, laws and regulations essential to establishing/maintaining an industry standard?

“We do the right thing for our consumers each and every day not only because it is required by the applicable rules, laws, and regulations, but most importantly because it’s the right thing to do. Adoption of consumer-focused practices throughout each line of defense that go above and beyond regulatory requirements is the primary way that we safeguard our consumers.”

What have you learned is the most important component of building a top-tier compliance program and why?

“One word: talent. Each compliance professional can and does independently deliver their piece of the overall compliance program. Speed, quality, and efficiency in team delivery are critical to the overall success of the program. The commitment to compliance and personal ownership of controls is also an important piece of building a top-tier compliance program.”

Share a little bit about what goes into balancing regulatory risk with operational cost in financial services -- and in the auto industry more specifically.

“Utilizing both a compliance and economics perspective to balance risk is essential to overall success. I like to consider the math: operational cost + compliance resources + overall cost of Compliance – aggregated – then, compare that cost to regulatory risk.”

We’d like to congratulate Meredith for being among 12 leaders recognized on Auto Fin Journal’s “2022 Women in Auto Finance” list in its August issue. Oftentimes, risk and compliance teams work diligently and quietly behind the scenes at companies. It’s great to see Meredith’s work - and the work of her team here at Exeter - showcased in such a special way.

[Hub footer] If you ever have questions, concerns or comments, chat with us directly through the DealerPortal or call our Dealer Operations Group at 1-855-4EXETER (855-439-3837).

About Exeter
Exeter Finance LLC is a non-prime auto finance company headquartered in Irving, Texas. The company partners with franchised and independent auto dealers throughout the country to make car ownership a reality for consumers. For more information, call our Dealer Operations Group at 1-855-4EXETER (855-439-3837).

Category: Industry