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Dec 31, 1969 by

Due Diligence

What Are Vendor Due Diligence Reviews?

May 28, 2019

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 [...]

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Due Diligence

10 Common Mistakes in Vendor Risk Management: Don’t Be “Fooled”

Mar 27, 2019

Don’t let the vendor fool you. Be diligent and perform reviews, even when you feel it may be unnecessary.

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Due Diligence

8 Questions to Ask If Accepting Shared Vendor Due Diligence Documentation

Mar 19, 2019

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 [...]

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Due Diligence

FIS Worldpay Acquisition Can Pose New Opportunities and Vendor Assessment Challenges

Mar 19, 2019

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 [...]

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Due Diligence

4 Reasons You Don’t Need Luck for Successful Vendor Compliance

Mar 13, 2019

Vendor compliance isn’t about luck. Ensuring vendor compliance is dependent on how you manage vendor oversight. Here are 4 reasons why.

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Due Diligence

What Is Third Party Risk? A Quick Look for Beginners

Mar 6, 2019

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 [...]

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Due Diligence

2 Reasons UDAAP Is Violated Most Often

Feb 26, 2019

Enforcement actions by many different regulators including the CFPB, OCC and FDIC make it clear how important UDAAP (Unfair, Deceptive or Abusive Acts or Practices) is to a solid third party risk [...]

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Due Diligence

What to Know About Fourth Party Vendor Risk

Feb 20, 2019

Third party risk, fourth party risk, maybe even fifth party risk? There’s a lot of potential risk to know and understand. In this blog, we thought it’d be helpful to focus on one that seems to be [...]

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Due Diligence

Are You and Your Vendor a Proper Fit? Gain Cultural Alignment

Feb 13, 2019

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, [...]

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Due Diligence

Why You Need to Do Vendor Due Diligence

Feb 6, 2019

The due diligence you collect on a vendor is only as good as the analysis performed. Due diligence is one of the most critical activities in third party risk management because let’s face it, your [...]

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Due Diligence

Oversight Best Practices for Closing Settlement Agents

Jan 29, 2019

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 – [...]

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Due Diligence

The Objective of Third Party Risk Oversight

Jan 8, 2019

Review of regulatory compliance  oversight requirements for any organization can be a necessary reminder for the C-Suite and a reminder to better understand the purpose of, and requirement to [...]

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Due Diligence

What Is Vendor Monitoring?

Jan 5, 2019

Have you heard the terms “vendor monitoring” and “vendor management” and thought that they mean the same thing? Chances are you’ve probably heard both used frequently and interchangeably [...]

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Due Diligence

How Much Vendor Oversight Is Enough?

Dec 11, 2018

While vendor risk management and compliance in general could be perceived as being a cost center, we often hear from clients who ask this one question which causes a pause...how much is enough [...]

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Due Diligence

Vendor Management: What Are Vendor Due Diligence Reviews?

Oct 9, 2018

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.

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Due Diligence

How Do You Know If a Vendor Is FFIEC Examined?

Jun 19, 2018

The Federal Financial Institutions Examination Council (FFIEC) and the Consumer Financial Protection Bureau (CFPB) both have broad regulatory authority over third party service providers. In fact, [...]

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Due Diligence

Proper Vendor Due Diligence Requirements Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Due Diligence

Critical Vendor Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Due Diligence

3 Phases of the Vendor Lifecycle

Mar 7, 2018

Often times I find many people consider the lifecycle of a vendor to begin once the contract is in place and it to end once it’s terminated. Frankly, this is anything but the case. Many more steps [...]

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Due Diligence

Take Credit for Vendor Management Successes

Feb 21, 2018

One of my most exciting lessons in the world of compliance was that we could actually take credit for doing the job well or for investing in education.

Compliance and third party risk management [...]

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Due Diligence

6 Things to Watch Out for With Your Mortgage Company’s Vendor Management Software

Feb 20, 2018

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 [...]

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Due Diligence

Mortgage Subservicer Vendor Oversight Best Practices

Feb 6, 2018

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 [...]

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Due Diligence

How to Know If Your Vendor Is Naughty or Nice

Dec 20, 2017

He’s making a list, he’s checking it twice, is your vendor naughty or nice? The regulators are comin’ to town… 

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Due Diligence

The Need for Proper Oversight of Closing Agent Vendors

Dec 19, 2017

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.

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Due Diligence

The Relationship Between Vendor Oversight and Complaint Management

Dec 5, 2017

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 [...]

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Due Diligence

10 Best Practices for Lead Generation Vendor Oversight

Nov 7, 2017

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). [...]

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Due Diligence

3 Ways to Use Law Firms to Help With Third Party Risk Management

Oct 25, 2017

"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 [...]

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Due Diligence

Who Is a Critical Vendor?

Oct 4, 2017

Your third parties should be ranked as Critical or Non-Critical for business disruption and ranked High, Medium or Low on all regulatory items.

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Due Diligence

It's Apple Pay Contract Renewal Time - Important Considerations

Sep 20, 2017

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

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Due Diligence

Why Do Vendors Incorporate in Delaware?

Sep 13, 2017

If you’ve done much due diligence work, you’ve certainly noticed that many vendors incorporate here in Delaware (well, technically, I live in southeastern Pennsylvania but have worked for most of [...]

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Due Diligence

Three Qs You Must Ask to Find Out if a Vendor is Critical

Jul 26, 2017

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 [...]

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Due Diligence

Wire Fraud Risk and Closing Agent Oversight

Jul 18, 2017

There are several wire fraud schemes currently in circulation which will have an immediate impact on the housing industry, financial institutions and the end consumer.

  • We’ll look at the top 3 [...]
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Due Diligence

Vendor Alignment Strategies: How Making Right Choices Impact Vendor Oversight Scope

Jun 20, 2017

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 [...]

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Due Diligence

Alternatives in Third Party Risk Management

May 24, 2017

As you may already know, I’m a cyclist. So, typically, I log a few miles every morning before work, amuse the neighbors by posting pictures of my ride on Facebook and generally enjoy rolling along [...]

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Due Diligence

Appraisal Management Company Vendor Oversight

Apr 25, 2017

The Appraisal Management Company (AMC) is a vendor which plays a vital role in the loan origination process. Regardless if your organization is a bank, non-bank, credit union or other type of [...]

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Due Diligence

Vendor Oversight Practices For Post Closing Quality Control Audit Vendors

Mar 28, 2017

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. [...]

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Due Diligence

Your vendor just got acquired so now what?

Mar 15, 2017

On March 13, 2017, as the East Coast of the US was awaiting the latest snowpocalypse or snowmageddon, really big news broke related to vendor management – D+H was acquired and will be merged with [...]

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Due Diligence

CFPB Issues Supervisory Highlights Consumer Reporting (Issue 14)

Mar 14, 2017

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 [...]

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Due Diligence

Why Vendor Document Management Is Essential to Your Third Party Risk Program

Feb 1, 2017

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 [...]

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Due Diligence

Creating A Culture of Compliance for Third Party Risk Management

Jan 11, 2017

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 [...]

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Due Diligence

Watch for Changes At Your Third Party Companies

Dec 7, 2016

Just as the leaves changing or the geese migrating herald the change of seasons, things change for companies as well. And, if those companies are a critical third party of yours, you need to be [...]

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Due Diligence

What Do I Do If a Vendor Won't Provide a Document?

Nov 2, 2016

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 [...]

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Due Diligence

A Well-Known Vendor Doesn’t Mean It's a Safe Vendor

Oct 5, 2016

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 [...]

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Contract Management

Put a Helmet on Your Financial Institution's Vendor Management

Aug 24, 2016

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 [...]

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Due Diligence

Due diligence - regulation or just good business practice?

Jun 22, 2016

Why do we do due diligence?

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 [...]

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Due Diligence

Your Vendor List - The Creation, Managing and Ongoing Maintenance

Jun 3, 2016

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

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Due Diligence

Why Due Diligence Is So Important - Some of the best advice I ever received

Apr 27, 2016

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.

[...]

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Due Diligence

Back to Basics: 5 Core Elements for your Vendor Management Program

Mar 30, 2016

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.

Whether [...]

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Due Diligence

Bank Vendor Management Challenges of 2015 Recap

Jan 1, 2016

Vendor management can be difficult. Throughout 2015 we were curious what specific challenges banks were facing, so... we asked. Here's a list of what banks especially struggled with this year. [...]

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Due Diligence

15 Reasons To Be Thankful To Your Vendors

Nov 25, 2015

We've yet to come across a financial institution that does not have a vendor, and vendors of course means vendor management.

So, in the spirit of Thanksgiving, we decided to put together a fun [...]

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Due Diligence

Do You Know Who You Are Working With?

Feb 13, 2014

Many organizations are initially reluctant to explore the concept of utilizing external service providers to perform critical business functions out of fear of “losing control” of the process.

[...]

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