The VendorInsight® CCF Vendor Monitoring Solution

New Regulatory Guidance: reputational risk, abusive practices, customer complaints and social media monitoring for critical customer-facing third party outsourcing relationships.

 

New guidance examination standards posed by the FDIC, OCC, FFIEC, and CFPB in 2013 have focused on new dimensions of risk from vendors and third parties to whom a financial institution may outsource the acquisition or servicing of customers for various marketing, lending, or other product-related initiatives, either on a one-time basis or a recurring, ongoing basis. New risks have emerged from the potential for these types of vendors to utilize aggressive, non-compliant, or abusive practices to secure and maintain customer relationships.

 

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