Titan Risk Management Services (TRMS) plans on expanding its offerings to include development, management, monitoring, and support services for Service Provider Governance initiatives. TRMS offers four Service Provider Governance (SPG) support services to its bank and non-bank customers. These services were developed to support lenders in protecting both their customers and their enterprise. The SPG services offered include:
►SPG Program Management: Comprehensive program development, management, monitoring, and support services;
►Provider Reviews: Performing on and off-site annual oversight reviews and assessments of service providers;
►Policy and Procedures: SPG policy and procedure development, emphasizing risk mitigation, due diligence, documentation, ongoing oversight and conducting annual reviews; and
• Existing Program Assessment: A full review of a firm’s current SPG program.
All services are performed with an eye towards industry best practices, Federal Financial Institutions Examination Council (FFIEC) guidelines and consumer impact as viewed through the Compliance Management System lens of the Consumer Financial Protection Bureau (CFPB).
“If there were a single area of the ‘typical’ mortgage lending compliance management and governance model that could be, make that should be, targeted as deficient or lacking in expertise, service provider governance would be it,” said Titan president Mary Kladde. “Banks have had to grapple with this issue for years, but this is a relatively new concept for non-bank entities and a much more critical component of risk management than it has ever been. In an era of increased regulatory controls for consumer protection, service provider governance has emerged as one of the critical factors needing attention within both the bank and non-bank sectors."