My Career With Bmw Financial Services Essay

2501 Words Oct 23rd, 2016 11 Pages
My career with BMW Financial Services began in 2009 as an analyst in the Collections Department. At the time our country was embroiled in a deep recession and a large portion of the conversations and meetings I had with our corporate attorneys’ involved Bankruptcy regulations and filings of replevins. In the years since my employment date, I have moved to a few different roles within the company. Most of these roles were in our project group and had little interaction with our attorneys. Last year I pursued an opportunity to come back to the Collections Department and what a difference seven years have made in the emphasis on regulatory compliance as it relates to consumer protection laws.
Regulatory compliance is not limited to the collections arena, it encompasses many areas within a financial institution. Regulatory compliance is in place to make sure that corporations observe the laws and guidelines relevant to their specific business units. Violation of these laws can result in hefty fines and sanctions. Compliance has become the predominant topic in our business location resulting in the formation of a Compliance Department led by an attorney that was once in our Legal Unit. An attorney as a compliance officer allows for better interpretation of these intricate required laws. Many of these laws impact the financial industry but other industries are impacted. As an example, HIPAA (Health Insurance Portability and Accountability Act) has a large impact on the health…

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