The vendor due diligence process inherently means some heavy lifting when it comes to data collection… and with so many different moving parts, it can be easy to miss one or two (or let’s face it [...]
Let’s face it, automation really helps drive efficiency. It speeds up processes, allows full-time employees (FTEs) to focus on strategic business initiatives and helps catch errors, but it’s [...]
Vendor management, or third party risk management as it’s more commonly referred to, has been around for years. Having a firm grasp on the vendors with whom you are doing business isn’t new, but [...]
You may or may not realize this yet, but every organization does have a risk appetite. The ISO 31000 defines risk appetite as the amount and type of risk that an organization is prepared to [...]
With all the rapid changes, and regulations becoming more stringent at the prudential regulators, there’s an expectation that your third party risk management program is evolving too. When you sit [...]
I’ve been to a rather significant number of conferences over the course of my career. I’ve found that each session will usually give you at least one pearl of wisdom. However, the gold nuggets we [...]
As part of your third party due diligence, you should have a comprehensive plan to vet vendors before contracting with them. One of the first things you should consider is some type of [...]
A little over 13 years ago, I was leaving MBNA America following an acquisition by Bank of America.
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.