Oversight & Governance

Whitepaper – Vendor Oversight

Domestically Speaking:

Regulators across many industries, especially within financial services, have placed unprecedented importance on Vendor Management.  The Reason:  The lack of attention in this discipline was deemed to be a contributing factor to our “Great Recession” beginning in 2008.  Both the OCC and CFPB have since published extensive requirements.

Our 3Wp professionals were at the forefront throughout, and have remained there.  As former mortgage bankers at Top-5 lenders, responsible for the global vendor infrastructure and for implementing the related Dodd-Frank Act requirements, we are well-seasoned.  We can help clients:

  • Build and execute a vendor oversight and governance model
  • Establish controls and compliance against pre-determined requirements
  • Perform vendor and process-level audits (e.g. operational, information security, physical security, etc.)

Specific to Outsourcing:

Not many topics in outsourcing grab media headlines like Third Party Oversight and Governance… usually the lack thereof.

Contrary to popular belief… Few, if any, regulatory bodies or agencies categorically forbid outsourcing, provided there is an effective control infrastructure in place.

3Wp can help, simply by customizing the domestic oversight and governance model to overlay against outsourced vendors.  In fact, regulators applaud such consistency across the entire vendor platform.