Evolution of vendor risk management practices in consumer finance companies

October 2013
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Evolution of vendor risk management practices in consumer finance companies

At a glance

Consumer finance companies should consider re-examining their internal processes and align vendor assessment and monitoring activities to the risk of the type of service being provided to derive greater business value from their investments.

An increased industry emphasis on risk management has driven many consumer finance companies to re-evaluate their vendor risk management programs. As a result of recent guidance issued, regulatory expectations have been more clearly defined. It is now time for companies to re-examine internal processes and begin to appropriately align vendor assessment and monitoring activities to the risk of the type of service being provided in addition to the vendor entity.