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ComplianceFinanceDecember 18, 2020

CFPB asks: How compliant is your vendor?

Risk mitigation is of utmost importance in an environment where lenders continue to be held to higher standards of accountability. As part of this, lenders must look not only to their own policies and procedures but to those of the vendors with whom they work. It is the lender’s responsibility to make sure a vendor is compliant. For larger lenders, that means actively auditing their vendors.

When looking at potential vendors to help you mitigate risk you will want to review that the vendor has: 

  • Reliable audits and related practices in place 
  • Local system recovery; e.g. fault-tolerate and redundant system configurations
  • Data center disaster recovery
  • Data replication to standby data center
  • Service operations business continuity support
  • Business resumption planning

Our white paper offers more insight into how you can select a vendor that ensures your compliance and helps you mitigate risk. 

Download our white paper to learn more.