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Vendor Management: They’re Watching – Are You?

They say no person is an island—we’re all connected with each other through various relationships, and we all sometimes need to leverage those relationships to help us, whether we’re trying to get ahead or simply working to keep afloat in our lives. In a world with as many facets and complexities as the mortgage industry has, it only makes sense for a company to forge relationships with others who can handle functions it’s not equipped (or simply doesn’t want) to do: vendors. But sometimes those relationships can fail us—communications sour, someone doesn’t deliver on a promise, etc. And when those failures create compliance issues, then everyone has a big problem on their hands. So, how does a business go about preventing these pitfalls? That’s the question at the heart of this issue.

Luckily, we have the expertise of some heavy hitters on hand to help answer that conundrum, including Michael Steer, who penned “The Fine Art of Vendor Management,” a detailed walkthrough of how to execute an effective, compliant, and practical vendor management program (and make sure to watch for Part 2 in the future). Also featured in this issue is Regina Lowrie, a respected author on vendor management topics, with her article, “Effective Vendor Management is the Best Form of Risk Management.”

Approaching the topic from other angles, we’re happy to feature Jeffrey Naimon and Moorari Shah, who co-authored an article from the legal perspective on the CFPB’s direct vendor management supervision program, a weighty piece offering some insight as to what vendors expect to see from a compliant vendor management function. Finally, there’s Debbie Hoffman’s “Vendor Management from the Top Down,” an exploration of regulatory guidance and practical advice using cybersecurity as an example (and if cybersecurity piques your interest, stay tuned in the next couple of months).

On the subject of relationships, Mortgage Compliance Magazine is certainly no island, either. Just as mortgage compliance professionals rely on the expertise offered within our pages each and every month, we rely on feedback, ideas, and support to keep going. With that in mind, feel free to get in touch on our Facebook page (facebook.com/MortgageComplianceMagazine/) or through the contact information below.

Tory Barringer
Managing Editor
TBarringer@MortgageComplianceMagazine.com

Mortgage Compliance Magazine welcomes your feedback. If you have comments, questions, criticism, praise, or information to share with us and our readers, please write us at info@MortgageComplianceMagazine.com.

 

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