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In an industry that is already highly regulated, supervised institutions within the financial services sector are understandably concerned with the additional cost and time required to ensure compliance with the Consumer Financial Protection Bureau requirements and preparation for CFPB examinations.

Many are considering how to implement appropriate oversight and controls in order to meet the requirements for 3rd party oversight, as specified in CFPB Bulletin 2012-03.  

To address these requirements, Hiperos has introduced Hiperos CFPB, a fully integrated component of the Hiperos 3rd Party Management (3PM) SaaS platform. Implemented by 20% of the top 50 financial services companies in the US, Hiperos CFPB is proven to significantly reduce the time, costs and uncertainty associated with CFPB compliance for 3rd parties.

A turn-key solution that can be modified to address company’s specific requirements, Hiperos CFPB provides:

Due Diligence

  • Apply consistent and objective due diligence to new (and existing) 3rdparties, and reduce costs and times (completion in days, versus weeks).

Risk Assessments

  • A prescriptive risk assessment for board and management oversight of inherent risk.

  • A screening program that identifies 3rd-parties subject to CFPB regulations.

  • Best practice templates that can be customized to meet customers’ specific requirements.

Compliance Program

  • A comprehensive due-diligence evaluation that acquires and maintains policy and procedure documentation from 3rd parties.

  • A high-level review and “sign off” documenting the due diligence and compliance process for every in-scope 3rd party.

Flexible Training Options

  • Deploy training to your 3rd parties in accordance with your specific compliance program.

  • Selectively administer and manage training to internal and external associates with direct consumer contact.

  • Automate the collection and management of attestations.

Complaint Management

  • Track and trace consumer-reported complaints through a centralized complaints portal integrated with the CFPB.

Scorecards and reporting

  • Fully integrated scorecards, dashboards, reporting and analytics to support the requirements of internal lines of business, management and Board members, as well as CFPB examiners.

Hiperos also offers compliance solutions for these regulations: