Creating a meaningful CVMS (Consumer Vulnerability Management System) requires careful planning. It is not just about issuing one policy and placing this on the corporate website.
BS18477 – Consumer Vulnerability Standard advocates the application of an impact assessment. This assessment should focus upon the following areas:
- Key factors that can place consumers at a possible disadvantage. This would be in terms of products offered or indeed the channels of communication.
- There is the need to adopt best practices wherever possible. This might require liaison with your trade or membership body if there is one.
- There is a need to examine carefully all current and pending statutory and regulatory obligations. These obligations should be fully assessed with regards the impact within the organisation.
- Feedback channels with consumers to understand their needs and expectations. Not just those sought by the organisation.
- There is a need to design and develop new products (refer to previous blog on this topic) and to thorough test and evaluate new products prior to release.
- Identify the required vulnerability training and assessment of competence levels within the organisation.
- Examination of the management system and policies and processes. Do processes align with existing arrangements. It is suggested a full audit is undertaken to test the new vulnerability processes for appropriate outputs.
- Monitor and review issues found and report back to the executive team.
- Collect any appropriate consumer vulnerability KPI’s that are relevant and examine carefully.
For further information and to book your BS18477 survey please contact: Marcus J Allen at Thamer James Ltd. Email: [email protected]
Marcus has twenty years’ experience in delivering Governance, Risk and Compliance solutions to over two hundred organisations within the UK. Marcus holds the respected Diploma in Governance, Risk and Compliance from the International Compliance Association and holds a master’s degree in Management Learning & Change from the University of Bristol.