The efforts of the CFPB are now underway, and this guidance helps define the expectations of this new agency to ensure a self-regulating culture of compliance. It is clear in reviewing the self-policing, self-reporting, remediation and cooperation segments of the bulletin that financial institutions will need the right tool sets to capture and document service delivery failures that could manifest themselves as regulatory reviewable events. VendorINSIGHT® has the requisite dash boards, alerts and SLA tracking modules to keep up to date on vendor performance as measured around the institution. In addition our BCPInsight™ product allows for a disrupting event to be tracked and recorded in real time, to become the evidence that may be required to substantiate decisions and actions made during a calamity to a full-fledged crisis.
What happens if you suddenly lose your point of contact (POC) at a vendor? A POC is an individual or a specific department who acts