HAWKEYE ADJUSTMENT SERVICES
How the Perfect Partnership Helped One Small Business Stay Current on Regulations
A small collection agency with a rich history bolsters cybersecurity and achieves defensibility to stringent federal regulations with help from TPx.
The Challenge and Opportunity
As a company with just five employees, Hawkeye Adjustment lacked the internal resources to comply with new federal regulations, which reclassified the company as a financial institution and carried new mandates tied to the Gramm-Leach-Bliley Act (GLBA). Hawkeye needed a partner to help them manage compliance, so they partnered with TPx to help develop and implement the right framework.
Quick Facts
Hawkeye Adjustment is a debt collector in the Tri-State Region in Sioux City, Iowa.
The full-service collection agency represents many industries and has served customers since 1947.
The Solution
Hawkeye Adjustment partnered with TPx’s Security Advisory Services to help maintain a defensible position against the GLBA’s FTC Safeguards Rule.
The Benefits
TPx outlined steps and responsibilities, ensuring every task was completed promptly without burdening the Hawkeye Adjustment team.
The Results
Hawkeye Adjustment has established the framework for complying with federal regulations without interrupting their business operations.
About Hawkeye Adjustment
Hawkeye Adjustment Services, a reputable collection agency operating out of Sioux City, Iowa, has been serving customers since 1947. Despite its small size, the company boasts a nationwide presence, catering to healthcare professionals, retailers, attorneys, and financial institutions.
“TPx was easy to work with and got everything done in a timely manner. The onboarding process and timeline were clear, and the team helped keep me organized.”
Alexandria Searls, Future Owner, Hawkeye Adjustment
The Compliance Challenge
Hawkeye Adjustment Services faced a daunting challenge with the introduction of new federal regulations. Reclassified as a financial institution under the Gramm-Leach-Bliley Act (GLBA), the company was now subject to the stringent requirements of the FTC Safeguards Rule. Compliance mandated the establishment of a robust information security plan to protect customer data, with non-compliance carrying hefty penalties of up to $100,000 per violation.
Navigating these complex regulatory waters was particularly challenging for Alexandria Searls, the leader of a small team of five at Hawkeye Adjustment Services. “I don’t have the resources to assemble this huge binder of information that I needed,” Searls said. “I don’t have an IT background or anything like that. I can do the bare minimum. So, I needed help.”
Seizing the Opportunity
Recognizing the critical importance of compliance and the need for specialized assistance, Searls sought out a trusted partner to guide Hawkeye Adjustment Services through the compliance process. As a member of ACA International, The Association of Credit and Collection Professionals, she turned to the organization for recommendations.
Despite Hawkeye already having a commendable track record of compliance and fostering a culture of cybersecurity within the company, they recognized the need for more structured processes to maximize defensibility, especially in the face of potential audits.
ACA recommended TPx as an ideal partner, having already been vetted for their expertise and reliability in assisting businesses with regulatory compliance challenges. TPx’s extensive knowledge of cybersecurity and regulatory compliance made them a natural fit for Hawkeye’s needs. “TPx just checked all the boxes,” Searls explained.
The Tailored Solution
TPx emerged as the ideal partner for Hawkeye Adjustment Services, offering a comprehensive suite of Security Advisory Services. Leveraging TPx’s expertise in cybersecurity and regulatory compliance, Hawkeye Adjustment Services received tailored guidance to maintain a defensible position under the FTC Safeguards Rule.
Through meticulous planning and strategic collaboration, TPx outlined a roadmap tailored specifically to Hawkeye’s requirements under the FTC Safeguards Rule. This structured approach ensured that every facet of the compliance process was addressed promptly and efficiently, alleviating the burden on Hawkeye’s limited resources and allowing them to concentrate on core business operations.
Thanks to the detailed roadmap, the Hawkeye employees knew exactly what they were expected to do and when to be defensible to the FTC Safeguards Rule. “It helped to know what needed to happen on my end,” Searls said. “TPx was doing a lot behind the scenes, and understanding exactly what I needed to contribute helped prevent me from holding up the process.”
The Benefits
TPx’s partnership yielded tangible benefits for Hawkeye Adjustment Services. Clear delineation of tasks ensured swift completion of compliance activities, sparing internal resources for core business functions. TPx’s collaborative approach also alleviated the burden on Hawkeye’s limited resources, providing comprehensive expertise and support. Through effective collaboration, Hawkeye gained confidence in navigating the complex regulatory requirements of the FTC Safeguards Rule.
The Results
Under TPx’s guidance, Hawkeye Adjustment Services successfully fortified its compliance defensibility to the FTC Safeguards Rule without business interruptions. The partnership not only bolstered Hawkeye’s defensibility to this specific framework but also laid the groundwork for addressing future regulatory challenges.
Searls foresees a lasting partnership with TPx fueled by responsiveness and effective collaboration. “I was comfortable enough to reach out to our TPx representative whenever I needed to,” she explained. TPx’s commitment to streamlined communication and expedited resolution of issues ensured seamless progress toward compliance objectives, setting the stage for continued success.
Additional Resources
FTC Safeguards Rule Compliance Guide
The FTC Safeguards Rule requires institutions engaged in significant financial activities to take steps to protect consumer information. This guide explores the compliance requirements in the new version of the FTC Safeguards Rule and how organizations can ensure defensibility.