New Free Whitepaper Gives 10 Steps for Vendor/Service Provider Oversight

By now you should have your compliance team in place, your policies and procedures finalized, and your complaint management system humming. But if your organization is a typical collection agency, debt buyer, or collection law firm, you know you have one final hurdle to overcome on your CFPB readiness path: Vendor and service provider management.

A new whitepaper from Ontario Systems seeks to provide clarity on this topic. What follows is an excerpt from the whitepaper, available for free download on our site.

You can’t manage what you don’t know. Create a list of every service provider with which you have a
business relationship, and which supports your core collection business in any way. Remember to include
any business that touches, transmits, houses, or has access to consumer financial information
on this list. You may refer to this document as your Service Provider Inventory. An Excel spreadsheet
would work well for this purpose.

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