Innovation & Change Management Flashcards

Which TSR disclosure must a debt relief provider make before a client enrolls, regardless of the technology used to enroll?

Answer: The time it will take to make a settlement offer to each creditor and the amount needed to save before offers

The TSR requires disclosure of timing and savings needed before offers, along with other material terms.

In change management, a 'change champion' is best described as:

Answer: An employee who advocates for the change and helps peers adopt it

Change champions promote adoption and provide peer support within teams.

A debt relief firm wants to expand into a new state. Which step is MOST important before enrolling residents there?

Answer: Verify and obtain any required state license or registration

Many states require licensing or registration and set fee limits for debt relief providers.

Which tool helps a firm decide whether to adopt a new technology by comparing expected benefits to costs?

Answer: Cost-benefit analysis

Cost-benefit analysis weighs anticipated gains against implementation and ongoing costs.

After migrating client records to a cloud CRM, which safeguard is required under the GLBA Safeguards Rule for firms handling consumer financial information?

Answer: A written information security program with risk assessment and access controls

The FTC Safeguards Rule requires a written security program, risk assessment, and safeguards like access controls.

A firm uses a 'sunset' plan when replacing legacy software. What does this mean?

Answer: A scheduled phase-out of the old system after the new one is stable

A sunset plan sets a timeline to retire the old system once the replacement is proven.

Which approach best sustains a process change after initial rollout in a debt relief office?

Answer: Embedding it in procedures, training, performance metrics, and ongoing reinforcement

Institutionalizing change through procedures and metrics prevents backsliding.