Introducing VendorConnect – Compliance management that puts control in YOUR hands

FOR IMMEDIATE RELEASE

8/30/2022–PHOENIX, AZ and TAMPA, FL — MBSi Corp., the leading SaaS provider of repossession assignment software, and RISC, the leading third-party compliance management company for the auto finance industry announces the rollout of VendorConnect, a revolutionary compliance management solution that allows access to the most comprehensive list of compliant, vetted third-party vendors in the repossession industry.

VendorConnect provides immediate access to compliant agents that are fully vetted and available to work for creditors and national forwarders. VendorConnect is designed to provide full transparency of the third-party vendor and includes client propriety documents, insurance ACORDs, licenses, background checks, onsite inspections, and CARS certification. With VendorConnect, a client can be sure that the third-party vendors they use to handle sensitive borrower data are 100% compliant to their unique standards.

The CFPB’s supervisory guidance was recently updated to stress the importance of real-time data transfers to prevent the risk of wrongful repossessions and to require the monitoring of service providers. Bulletin 2022-04 advises companies to “Monitor repossession service providers for compliance with repossession cancellations”. With recovery assignment volume on the rise, it’s more important than ever to have an audit-proof process in place and a platform that helps manage both recovery performance and compliance oversight. Lenders now can monitor performance down to the agent in the field.

VendorConnect is where RISC will continue to provide compliance monitoring for third-party and fourth-party vendors. RISC’s compliance service offerings include:

Vendor Vetting: insurance, business licenses, policy and procedure documents, OFAC and more
Background checks
Onsite inspection of the storage and office locations
RISC’s CARS Education

The powerhouse combination of MBSi’s software and RISC’s compliance servicing together creates the most comprehensive solution for recovery agencies, national forwarders, and auto finance lenders. With RecoveryConnect and VendorConnect, companies can not only manage their assignment portfolio, but also maintain compliance-related documentation and certifications while managing and safeguarding their businesses.

“Nothing like this exists in the collateral recovery industry,” said Stamatis Ferarolis, RISC Founder & CEO. “VendorConnect was years of collaboration between RISC and MBSi to be the next evolution of compliance management. This system provides complete transparency on who is working and recovering a client’s collateral.”

Cort DeHart, President, MBSi Corp. echoed, “This an exciting opportunity for MBSi as the software provider and our partner RISC, who provides compliance services and oversight, to be able to merge the assignment management and compliance management systems together in one efficient platform. We continue to work hard to ensure that we are providing the best tools we can for our customers.”

To receive a 30-minute demo and to hear about our trial offers sign up here.

About MBSi Corp.

We seamlessly integrate recovery case management, data-driven automation, mobile technology, compliance solutions, and all industry participants, into a single platform that brings our customers the most advanced technology to manage asset recovery cases efficiently and securely from open to close. For more information, visit www.mbsicorp.com.

About RISC

RISC is an organization dedicated to providing compliance oversight and training services to the collateral recovery industry and beyond. RISC advocates on behalf of all practitioners within the industry. For more information, visit www.RISCus.com or call (813) 712-7535.