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Cost control, efficiency of process, and the globalization of the ARM industry have significantly increased the use of outside vendors to manage everything from the telephony systems we use, to the letters we send, to the individuals speaking to our customers.
With that expansion of outsourcing there is a risk of those tasks being done incorrectly or outside of compliance with either your policies or regulatory guidelines. Recognizing, reviewing and remediation have become not just a good idea but a vital part of the relationships with your vendors. These vendors have become an extension of your company.
You must increase your review of these companies to ensure good corporate governance. You need to understand the risk they pose to your organization along with the obvious benefits.
To the Point: Vendor Management gives your agency insight and a road map of best practices.
Author: The Compliance Professionals Forum