“Why you need 3rd-Party-Vendor Management” is a topic that is still just as “hot” as when we wrote about it in July of 2014. Since then, National List has teamed up with MicroBilt and their sister company, ComplyTraq in order to make their vendor inspection program available to NL members at a reduced rate. We now have multiple clients using their services, and all of them recommend the program to others. We want to remind all of our readers about this valuable resource and the importance of vendor management.
Tamara Girling, VP of Operations at Roosen Varchetti & Olivier, told NL, “Our clients prefer we use a third-party service provider to inspect our vendors, so we began using ComplyTraq. It was fast and easy to sign-up and get started. The inspector took pictures that exposed potential compliance issues and wrote a comprehensive analysis only days after we put the request in. An additional benefit that the ComplyTraq service provides is saving our firm the travel expenses involved in doing the site inspection, including but not limited to the hotel, car rental, airfare, wages, etc. Thank you ComplyTraq for this great and cost-effective service.”
Consumer Financial Protection Bureau (CFPB) regulators are clear about their stance: when a transaction between a financial institution and its customer involves a third-party, the financial institution is still responsible for compliance with laws and regulations.
The CFPB has examination authority for banks and certain nonbank entities, including debt collection and student loan servicing. The bureau checks to determine what steps these entities and their vendors are taking to comply with consumer protection regulations.
National List’s Kacey Rask says, “The buzz I’m hearing in calls to our office is that many of our forwarding clients are requiring law firms to utilize an outside source to inspect all their vendors. I know that some of our clients are also requiring our law firm members to write policies and procedures on vendor management, and conduct inspections to ensure they aren’t using high risk vendors.”
Why The National List Partnered with ComplyTraq
ComplyTraq, LLC is a joint venture between MicroBilt Corporation, premier provider of decision critical data and credit industry veteran and attorney, Oscar Marquis. The company provides robust FCRA compliance, credentialing, audit and training services to the credit and data industries. Oscar Marquis, who worked at Trans Union for almost 25 years with 15 years as General Counsel, is a partner at Oscar Marquis & Associates, law firm (www.omarquislaw.com ).
The joint venture was formed to serve the growing need for compliance and auditing within an industry that is under increasing pressure for state and federal regulation related to FCRA issues. Through the combined experience of MicroBilt teamed with Marquis, and as regulation increases, the joint venture assists organizations with compliance and auditing.
ComplyTraq can do much of the work required to manage vendors and ensure compliance, both inside and outside of member firms, including:
- Writing policies & procedures for vendor management
- What to consider when auditing
- What to consider for site inspections
ComplyTraq is an approved third party credentialing vendor for Experian, Equifax, Trans Union and ChoicePoint. They are Credit Bureau certified. Now mandated under FCRA requirements, the site survey process is critical to proper credentialing of users who access consumer information. Their site survey process includes:
- Onsite industry specific inspection
- Completion of property observation form
- Minimum of four clear photos of interior and exterior (a photo of the business license will be taken if available)
- Stringent on-site inspection guidelines from certified site inspectors
- Automated tracking and proven confirmation process for fast turnaround and rapid approvals
If you would like to know more about how your affiliation with The National List can make connecting with ComplyTraq more efficient and cost-effective, call Kacey Rask at (800) 227-1675, or go to email@example.com.