MISMO to Help Standardize Third Party Risk Management
MISMO, the mortgage industry's standards organization, is seeking participants for two new groups designed to help improve risk management of 3rd parties while reducing costs for all parties.
The first group, the 3rd Party Business Partners Risk Management Community of Practice, will provide a forum for industry-wide discussion of issues associated with the use of 3rd party service providers and is expected to produce specific task oriented efforts to develop best practices or standards for different aspects of 3rd party risk management. The second group, the 3rd Party Oversight Questionnaire Development Workgroup, is charged with adopting a standard list of questions that lenders and servicers can use to assess third parties. Read More Here.