CFPB Readiness Series: Compliant Vendor Management Overview
The CFPB and Vendor Compliance
Are you looking to find out more about how to ensure that your organization is meeting vendor compliance management requirements? This webinar provides an overview of vendor compliance management programs and what you can expect to need in order to achieve compliance with the CFPB.
In the past, vendor compliance was managed contractually, compliance risk and responsibility was transferred, and compliance activity was kept at an arms-length. Now, a full chain of custody must be implemented as the CFPB expects that you “oversee their business relationships with service providers in a manner that ensures compliance with Federal consumer financial law….” In other words, the CFPB now holds both you and the service provider responsible.
So, what does a vendor compliance management program include? It includes the policies and procedures, list of third parties and the activities that they perform, contracts with third parties, and evidence of due diligence. However, if you are still unsure of how to ensure that your organization is complying with the CFPB standards for VCM, consider doing the following:
- Conducting risk assessments
- Developing/enhancing your policies and procedures
- Implementing continuous monitoring
- Participating in remediation
Download the full webinar to learn more about vendor compliance management and for an overview of types of evidence you might be expected to present to demonstrate CFPB compliance. For more information about VCM or CFPB compliance, contact us today.