The top tier financial services organization in the U.S. count on Hiperos for our leadership in 3PM and for our flexibility to meet the ever-changing regulatory requirements
Somerville, NJ (PRWEB) July 10, 2012
Hiperos, the leading 3rd Party Management (3PM) solution for financial services firms, announced a turn-key solution to support compliance with CFPB Bulletin 2012-03 published on April 13, 2012. The recently formed Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, exercises supervisory and enforcement authority over how banks and non-bank consumer financial service companies manage their 3rd party vendors. Bulletin 2012-03 mandates an effective process to manage service provider risk, including thorough and on-going due diligence and a process to promptly identify and act upon any problems.
Hiperos provides a comprehensive solution including risk assessments, compliance programs, multiple 3rd party training options and a complaint management process that will meet these requirements more efficiently and effectively than any other solution. The flexible framework of the Hiperos (3PM) solution enables their customers to start meeting the requirements outlined in the CFPB bulletin today.
“The top tier financial services organization in the United States count on Hiperos for our leadership in 3PM and for our flexibility to meet the ever-changing regulatory requirements," said Greg Dickinson, CEO of Hiperos. “CFPB Bulletin 2012-03 demands an even greater level of due diligence and management over 3rd parties that Hiperos is proud to say it supports with out-of-the-box functionality.”
With 3PM, Hiperos customers are not only able to attest that their 3rd parties are aware of the requirements of federal consumer financial laws, but also assess the inherent risk of each product and perform internal and external due diligence in accordance with the CFPB Supervision Examination Manual.
“The Dodd-Frank Act not only gives the CFPB authority to supervise and examine its supervised banks and nonbanks, it also grants the CFPB this broad authority over supervised service providers, which includes the power to examine the operations of service providers on site,” notes Michael Whalen, Partner at Goodwin Procter LLP. "The CFPB has been actively exercising this authority and taking a much closer look at service providers’ interactions with consumers."
Hiperos will be hosting a Webcast on CFPB and OCC 3rd Party Oversight Compliance on Tuesday, July 31 to discuss the regulatory issues financial organizations are facing. To register for this webinar and find out more about the Turn-Key Consumer Fraud Solution go to http://www.hiperos.com.
Hiperos simplifies the complexity of 3rd Party Management (3PM). Hiperos helps companies avoid a value shortfall and fully realize the benefits of using 3rd parties by providing a SaaS (Software-as-a-Service) solution to maximize the value and minimize the risk around brand reputation, regulatory compliance, and customer experience. Hiperos clients include many of the world’s leading companies such as Aetna, Astra Zeneca, Bank of Montreal, CA Technologies, MasterCard, Microsoft, PNC Bank, State Street, TD Bank, and United Technologies. For more information visit http://www.hiperos.com