Irwin Bernstein: From Risk Taker to Risk Manager

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Irwin Bernstein and Michael FlockIrwin Bernstein is the founder of CMS Services, an online tool created to simplify the gathering, sharing, reviewing and updating of data for an ARM firm’s Compliance Management System. Additionally, he conducts CFPB readiness exams on behalf of creditors and debt buyers. He is an attorney and CPA with over 30 years in the financial services industry. Irwin is also the CEO of Allgate Financial, a provider of outsource management, wind-down and back office services to the debt buying industry.

As a debt buyer and outsource agency manager, Irwin has conducted scores of industry reviews for his own business and on behalf of creditors and debt buyers and has participated in the acquisition of over $6 billion of consumer debt portfolios. The good and bad times as a risk taker have provided him with key insights that make him a better risk manager for others.

Here is just a glimpse what Irwin Bernstein shared in the Interview.

“Collections is an entrepreneurial industry. The common denominator for the good middle market agencies, law firms and debt buyers is the culture of servicing others. These companies have a spirit of compliance and wanting to help others. It can be observed by how they deal with both employees and consumers.”

“We need to understand the spirit of the CFPB and work with them instead of focusing on destroying it. Regulation has been part of the financial services industry for years. Meeting today’s stringent compliance requirements is a minimum threshold to participate in the Accounts Receivable business.”

“Common values are the foundation for building business relationships. Relationships should be built around a hand shake and not a contract. The ongoing performance of the relationship is derived from the daily sharing of information. Being sensitive to cultural issues is important because overcoming adversity requires people being able to work together.”

“The future is told to us from the past. Nickolai Kondratieff’s 1926 paper postulated that the dynamics of economic life were not linear but rather cyclical in nature. There needs to be a historical perspective that encourages longer term thinking and, most importantly, to give hope to my five children that they should not be a prisoner to recent history but instead should take advantage of the next great ride that will come.”


About Capital Club Radio

Hosted by Michael Flock, Chairman & CEO of FLOCK Specialty Finance, Capital Club Radio provides a forum for middle market business leaders who have been underserved by traditional banking.

Capital Club Radio provides listeners an opportunity to gain valuable business insights and perspectives to deal with market uncertainty. Topics discussed include: key success factors, both personal and professional insights, dealing with adversity, outlook for the industry, and your business.

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