In today’s business environment, utilizing third party vendors for critical business operations is the standard; however it can also introduce significant risks.
Thanks to recent new regulations, companies are now held responsible for managing those risks, and must oversee and analyze the quality of their third party relationships. While this is now the standard, wouldn’t it be nice to know you are working with a mortgage lending services vendor that also adheres to the strictest standards in the industry?
Developing a plan to manage the relationship is often the first step in the third-party risk management process. You must take time in conducting a review of potential third parties before signing a contract. This helps ensure that the selection of an appropriate third party performs to-and above-your institutions policies for security best practices.
Some vendors have soared ahead in compliance assurance, visibility, and due diligence, thus making your selection (and ultimately, risk management) a bit less complicated. By actively seeking out vendors with the same level of compliance aptitude, you can lessen the many hours spent on analysis, oversight and quality control of vendors.
Failure to do so could cost you big time! Avoid the risk and partner with trusted vendors that are committed to the highest standards of security excellence in the industry.
Data Facts, Inc., provider of lending solutions for over 25 years is committed to the delivering the highest quality and security of services to their customers. Their completion of the SOC 1 (Statement on Standards for Attestation Engagements No. 16 (“SSAE 16”)) Type 1 examination and a SOC 2 Type 1 examination demonstrates a substantially higher level of assurance and operationally visibility than those companies who do not.