Oversight for financial institutions
Providing Vendor Management with compliance, due diligence, risk analysis and document tracking
FULLY OUTSOURCED
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.
- 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.
LICENSE TECHNOLOGY
HQVM is an authorized re-seller of VendorRisk software and can support Lenders in selecting the level of service that is right FOR them.
Software Modules:
- Vendor Management
- List all your vendors, their status & address info
- Unlimited contacts per vendor
- Upload 3rd party & insurance policy documents
- Contract Management
- Keep track of termination dates
- Receive multiple reminders prior to termination
- Upload unlimited contract-related documents
- Vendor Risk Management
- Assess risk using questions & answers or a risk matrix
- Assign each vendor a risk level
- Review committees can approve/reject a submitted review
- Due Diligence Reviews
- Collect info & documentation from vendor during the on-boarding process
- Allow the vendor to upload their responses themselves
- Review committees can approve/reject a submitted review
- Performance Reviews
- Vendor owner completes a questionnaire
- View any incidents/SLA violations the vendor had during review period
- Review committees can approve/reject a submitted review
- Vendor Incident Tracking
- Track details of a vendor incident
- Determine if the incident breaches the contract’s SLA
- Serves as valuable documentation during contract renewal negotiations
- Vendor Selection Management
- Tracks what vendors are being considered for a project
- Allow prospective vendors to view RFP and reply online
- Enter RFP responses to determine scorecard winner
- Service & IT Asset Management
- Track the actual deliverables provided by a vendor
- Can serve as IT asset inventory tool
- Individual deliverables can have their own risk assessment
CONSULTING
HQ Vendor Management’s consulting services can be a strategic alternative to manage your budget while building internal infrastructure.
HQVM’s team has decades of experience in the mortgage industry, and a focus on compliance and risk mitigation.
HQVM provides consulting services on the set up of VendorRisk, policies and procedures development, workflow optimization, among other things. HQVM’s team of experts review the client’s existing operations, understands the company’s aspirations and individual needs to customize best practice recommendations.
HQVM can help you establish a robust vendor management office that ensures adherence with legislative initiatives and federal guidelines.
FOR VENDORS
Gain greater control of vendor oversight requirements and create stronger partnerships WITH your clients.
- Review of the Client’s management and company experience, audit history, licensure information, etc.
- Review of the Client’s policies and procedures for human resources, data security, quality controls and compliance.
- Review of the Client’s Business Continuity/Disaster Recovery Plan.
- Evaluate the Client’s attempts at “best practices” throughout its service operations.
- HQVM will provide a report containing factual information and the opinions of HQVM and serve as a single point of contact to coordinate the due diligence review and disseminate relevant policies, procedures and insurance declarations.