MBSi & RISC introduce compliance management solution for repossessions
Repossessions are complicated, so MBSi Corp. and RISC are working together to help finance companies find the compliant resources they need.
This week, the SaaS provider of repossession assignment software and third-party compliance management company for the auto finance industry announced the launch of VendorConnect, what they called a “revolutionary” compliance management solution that can allow access to a comprehensive list of compliant, vetted third-party vendors in the repossession industry.
MBSi and RISC highlighted that VendorConnect can provide immediate access to compliant agents that are fully vetted and available to work for creditors and national forwarders.
VendorConnect is designed to provide full transparency of the third-party vendor and includes client propriety documents, insurance ACORDs, licenses, background checks, onsite inspections, and CARS certification.
“With VendorConnect, a client can be sure that the third-party vendors they use to handle sensitive borrower data are 100% compliant to their unique standards,” MBSi and RISC said in a news release.
MBSi and RISC reiterated that the Consumer Financial Protection Bureau’s supervisory guidance was recently updated to stress the importance of real-time data transfers to prevent the risk of wrongful repossessions and to require the monitoring of service providers.
With recovery assignment volume on the rise, MBSi and RISC pointed out that it’s more important than ever to have an audit-proof process in place and a platform that helps manage both recovery performance and compliance oversight.
Finance companies now can monitor performance down to the agent in the field, according to MBSi and RISC.
VendorConnect is where RISC will continue to provide compliance monitoring for third-party and fourth-party vendors. RISC’s compliance service offerings include:
• Vendor Vetting: insurance, business licenses, policy and procedure documents, OFAC and more
• Background checks
• Onsite inspection of the storage and office locations
• RISC’s CARS Education
“Nothing like this exists in the collateral recovery industry,” RISC founder and chief executive officer Stamatis Ferarolis said in the news release. “VendorConnect was years of collaboration between RISC and MBSi to be the next evolution of compliance management. This system provides complete transparency on who is working and recovering a client’s collateral.”
MBSi president Cort DeHart added, “This an exciting opportunity for MBSi as the software provider and our partner RISC, who provides compliance services and oversight, to be able to merge the assignment management and compliance management systems together in one efficient platform.
“We continue to work hard to ensure that we are providing the best tools we can for our customers,” DeHart went on to say.
To receive a 30-minute demo and to hear about trial offers, go to this website.