HQVM leverages VendorRisk software to centralize information and documentation, streamline workflow management, and automate notifications such as due diligence, risk assessments, performance and contract renewals.
HQVM configures each system to align with the lender’s current operations and risk appetite/tolerance.
HQVM oversight program includes the following aspects:
- Assist Clients in determining who their core vendors are and the level of oversight required.
- Develop due diligence questionnaires based on vendor relationship and risk exposure.
- Review vendor’s internal controls as they relate to consumer privacy issues, including systems controls, disaster contingency plans, and maintenance of documents/information containing consumer’s non-public private information.
- Analyze the financial strength of the vendors including financial statements, their ability to service existing lenders and to control and manage new business at their projected growth rate.
- Assist Client in assessing the vendor’s quality and consistency of service based on the expectations and the contractual performance requirements.
- Assist Client in ensuring that the vendor’s business objectives are consistent with the Client’s strategic plan and overall business strategy, while maintaining an acceptable level of counterparty risk.
- Leverage technology for document management, storage of key vendor information and workflow automation.
- Produce detailed and customized reports which can be utilized by management in making vendor selections and in conjunction with regulatory examinations to show proof of compliance with vendor monitoring obligations.
- Review and ensure regulatory compliance for each contract, terms and pricing.
- Perform vendor on-site reviews as required by HQVM best practices guidelines.