A common question people often struggle with is, “What constitutes appropriate vendor due diligence?” Or, “What are vendor due diligence reviews”? As with any question, the official answer can be [...]
Don’t let the vendor fool you. Be diligent and perform reviews, even when you feel it may be unnecessary.
One of the primary pain points in third party risk management is document collection. Add vendor questionnaires into that, and the subsequent review and analysis, and it’s no wonder that some [...]
On March 18, 2019, FIS announced the acquisition of Worldpay, a move that combines two very large payments systems. Not far behind January’s First Data Fiserv move, the FIS Worldpay acquisition [...]
Vendor compliance isn’t about luck. Ensuring vendor compliance is dependent on how you manage vendor oversight. Here are 4 reasons why.
Third party risk management is the process of fully identifying all of the significant companies/vendors that aid in the delivery of a product or service to your organization or to your customers [...]
With any successful partnership, there should be an agreed upon level of understanding between both parties. In this piece, we’ll look a little deeper, past the dinner with the executive team, [...]
News articles have discussed wire fraud risk and the oversight practices involved in closing settlement agents. In fact, you can find helpful information on the topic by reading this blog post – [...]
Not only is it a regulatory requirement but it’s also a sound business practice to conduct due diligence on all vendor relationships that provide the organization with a product or service.
We’ve covered the benefits of using a software solution for your vendor management processes. Now, let’s talk about what to look out for and consider when selecting your software at your mortgage [...]
Mortgage subservicers offer a unique challenge to third party risk management. Unlike many fulfilment services engaged in the origination process, a subservicer interacts with the consumer for [...]
When reviewing your vendor list at your mortgage company, do you pay close attention to your closing agent vendors? If not, you need to ensure you’re doing proper oversight going forward.
Complaint management plays a vital part in delivering a great customer service experience. But when it comes to vendor oversight, the initial complaint issue can have a lasting perception of the [...]
Many states require lead generators to hold a mortgage broker license in some shape or form on the NMLS (Nationwide Multistate Licensing System/Nationwide Mortgage Licensing System and Registry). [...]
"The first thing we do, let's kill all the lawyers" is a well known quote from Shakespeare’s Henry VI Part 2. I was an English major, so I read a lot of Shakespeare and I don’t particularly agree [...]
As you may have seen this week in the news, the first of the Apple Pay contracts are up for renewal; if you haven’t seen it, here’s a handy link to the article.
You need to know the business impact risk of your vendors. Once you know that, you can figure out how they play into your financial institution’s business continuity plan. A way to start is to [...]
The responsibility given to a vendor management department may vary across institutions. In some instances, the vendor management team may even have a voice when it comes to vendor selection and [...]
Quality control audit firms play an important role in the review function of loan files. This requirement is performed at the pre-funding and post funding stage of the loan origination process. [...]
March 2nd, the CFPB issued Supervisory Highlights Consumer Reporting Special Edition (Issue 14), Winter 2017. For those who have had a less than perfect experience when interacting with a consumer [...]
How often do you check your oil in your car? The air pressure in your tires? Do you take your car in for routine maintenance? Or do you ignore everything until a warning light appears on the [...]
With the new year, you may reflect upon how things are going within your bank or credit union's third party risk management program. Make sure your team is on the same page.
I was recently at a [...]
Here's a classic dilemma – what happens when a vendor simply won’t give you the documents you need to complete due diligence? Do you stand up and walk out on them? Usually not... but you do need [...]
You’re getting ready to do business with a huge industry leader. Why, there’s no need to try to do the usual due diligence, is there? They have to be safe.
I mean, they’re never going to give us [...]
No serious cyclist would ever dream of riding their bicycle without wearing a helmet. Personally, having been hit by a car twice while cycling, I probably should wear a helmet every time I talk [...]
There is always the natural tension between wanting to get to market with a good idea or new service provider and the need to do your homework and make sure the [...]
Anywhere your company is spending money for a product or service, well, that’s a vendor of some sort. As part of your vendor management, you need to start by knowing who exactly your vendors are.
A little over ten years ago, I was leaving MBNA America following an acquisition by Bank of America.
I really hadn’t searched for a job in nearly 20 years, so I wasn’t quite sure where to start.
Vendor management has been around for years. Having a firm grasp on the companies with whom you are doing business is not new, but the regulatory expectations continue to evolve and grow.