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Connexus : Issue 36
Don't get caught out The National Consumer Credit Protection Act 2009 (NCCP) and new responsible lending obligations are changing how credit providers do business. Complying with the new responsible lending obligations can mean major changes to your application processes-- which can be costly, potentially disruptive and resource intensive. Veda has a new web-based tool that can be used as part of your credit assessment process. It has been configured to make NCCP compliance easier by optimising the time staff spend on reviewing and assessing applications. The tool, called CreditFlow, also helps track your NCCP obligations for each application by: • recording and retaining reasonable inquiries about a customer's requirements, objectives and financial circumstances • delivering a verification checklist for reasonable steps taken to verify a customer's financial situation • providing a best-practice serviceability model as part of actions to satisfy yourself that a contract is not unsuitable • helping to ensure credit enquiries and lending policy compliance checks are part of your credit assessment and that the assessments are consistently documented. For more information phone 1300 921 621 or visit www.vedaadvantage.com/nccp. Measuring organ PRODUCTS 56 connexus www.abacus.org.au Senior managers are increasingly using cultural diagnostic instruments to uncover the values on which their organisational cultures are founded and the subcultures that exist within. If your organisation is considering an investigation of its culture, it pays to be aware of some of the facts of cultural measurement that will ensure you don't waste time and resources. All methods are to some degree limited in terms of their scope, ease of use or scientific properties, according to Dr Des Tubridy of Quantum Management Indicators.