DS News - U.S. Bank

DS News November 2016

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66 e mortgage servicing industry is increasingly relying on comprehensive technology platforms to meet the expanding needs of vendor management professionals. With the industry's management of third, fourth and often fifth-party relationships, and the proliferation of servicing guidelines, compliance requirements and regulatory enforcement actions, the industry is partnering with technology providers to add automation, data management, and analytics to their vendor management strategy. High-level objectives for vendor management teams include creating stability, consistency, and efficiency in a vendor network. Additionally, these teams are setting standards of performance, providing continuous development through training, and making sure controls are in place to mitigate risk. While vendor management teams have an obligation to focus on areas where process improvement is possible, they must also cultivate valued and trusted partnerships with their vendor network. Technology is helping meet the needs of vendor management professionals across the mortgage servicing industry from recruitment to issue resolution. As requirements of vendor management personnel and teams expand, they are more often turning to technology that is flexible and customizable. Robust technology must not only support the need for centralized data collection and standardization of process, but also help manage evolving regulation and risk and compliance with applicable guidelines. THE LAYERS OF A VENDOR MANAGEMENT PROGRAM Vendor management departments play an important part in the industry's effort to manage risk and maintain compliance. With the responsibility of finding, vetting, documenting, on-boarding, training, managing, and coaching vendors along the supply chain; vendor management teams must evaluate and prioritize each aspect of their role and find ways to proactively drive positive performance and eliminate sub-standard work. In order to create strategic vendor management programs that are both robust and layered, these teams must address key objectives to maintain network integrity. First, vendor networks must demonstrate stability. Valued vendor partnerships are THE FUTURE IS NOW THE FUTURE Integrating Technology into Vendor Management Integrating Technology into Vendor Management I N D U S T R Y I N S I G H T / C H U C K S O C K O L THE FUTURE IS NOW Integrating Technology into Vendor Management SERVICE PROVIDER FOCUS

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