323 East Wacker Drive
Chicago, IL 60601
Monday, October 21, 2013
PRE-CONFERENCE WORKSHOP: CAUGHT IN THE CROSS-HAIRS - MITIGATING VENDOR RISK
If there was previously any doubt as to whether companies, subject to regulation by the CFPB, would be held responsible for actions of vendors they utilized, the answer is now very clear. The recent $6.5M settlement between U.S. Bancorp and the CFPB has brought accountability for vendor actions into clear focus within the regulatory cross-hairs of the CFPB.
In addition to navigating their way through new regulatory requirements for themselves, companies in the collection industry are now faced with the challenge of having to regulate their third party service providers. Regulated entities are being forced to become regulators in very short order, which can appear to be a daunting task. Given the apparent urgency of having to gain immediate control of vendor actions, how does a company that specializes in issuing credit or collecting debt attain the appropriate level of oversight of its vendors and implement a compliance function geared to the level of assurance required to alleviate risks? What kind of compliance program is required? What options are available?
This workshop will provide the insight necessary to implement a robust compliance function to manage vendor risk from the due diligence and onboarding processes to required contract attributes. We will cover tools and methods used to monitor vendors, as well as how to determine the frequency of monitoring and documentation requirements.
Breakfast will be served. An additional fee of $149 is applicable in order to attend. Must be a paid registered attendee to qualify.