Combining Compliance With Innovation

Combining Compliance With Innovation
10.04.2017 07:15 am

Combining Compliance With Innovation

Compliance , IT Innovations

The demand for technology has risen over the years, mostly for supporting centralized data collection, streamlining procedures, and managing the constant changes in regulations with attention to risk and complying with client guidelines. With increased reliance on technology, vendor management systems are getting a major overhaul. The key components that are being focused on are analytics, automation, and data administration.

United Field Services, Inc. has created a proprietary vendor management system that effectively maintains stability in its vendor network, monitors ongoing service expectations and results, and processes vendor activity efficiently. As a company that strongly believes in unification and partnership with its vendors, the MS system is strategically contributing to help fight blight in vacant and abandoned properties which in turn promotes safe and viable neighborhoods. With multiple servicing requests such as property preservation, asset management and property inspections, United Field Services is working diligently to set and maintain the highest of standards.

In order to better understand the inner workings of MS, United Field Services has identified the three main areas of focus that help set it apart from its industry competitors. Among other significant features, the MS vendor network system is supported by its comprehensive document repository, coverage mapping technology, and vendor feedback and scorecard integration.

Training Documents and Requirements

With automation being the key feature, the vendor never has to worry about expired documents as the system automatically alerts the vendor via email that expirations are pending and to renew certificates and licenses accordingly. This too can be said about changes in contracts that have recently been edited and in turn need to be resubmitted.

Service Areas

Accurate service/coverage areas that require an in-depth location with drive time capabilities that identifies a vendor's potential turn-around time for completion of work. These precise areas are then inputted onto a real-time mapping tool that allows the assigning team members to accurately allocate work requests.

Vendor Rating and Feedback

Vendors have the ability to receive feedback on a monthly basis through their vendor profile. They are designated ratings or "stars" based on their turn-around time, communication and, most importantly, quality. Comments and suggestions on how to improve are also communicated through this channel which in turn allows for better training procedures to take place for current and future on-boarding vendors. MS system allows the vendors to keep track of the quality of their work regularly and maintain 5-star quality work.

MS is an all-inclusive hub, automating and accurately analyzing data from initial application to vendor management operational tasks. United Field Services, Inc. is continuously on the lookout for the latest breakthroughs and innovations in developing user-friendly content as technology becomes the forefront of the continued success of the mortgage servicing industry. Adapting to the constant changes in the industry, the MS vendor system is capable of meeting and exceeding the expanding needs of clients and vendors.

Related News

EQ launches new automated complaints product for the financial services industry

EQ (Equiniti), the international technology-led services and payments specialist, is delighted to announce that it is launching a new automated complaints... Read more »

iProov to provide biometric technology to challenger bank Knab, part of AEGON

Today, iProov is proud to announce that its technology is to be deployed by Dutch challenger bank Knab, to provide an effortless online biometric experience to its nearly 500,... Read more »

Wolters Kluwer Finance, Risk & Reporting triumphs in Risk magazine awards for third consecutive year

Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has won ... Read more »

SteelEye and UnaVista Partner to Support Market Following CME Announcement

SteelEye, the compliance technology and data analytics firm, and UnaVista, the regulatory reporting platform from London Stock Exchange Group... Read more »

FSS Enhances Secure3D to Prepare Issuers for PSD2 SCA Compliance

FSS (Financial Software and Systems), a global digital payment and financial technology company, announced today that its FSS Secure3D is compliant with... Read more »

ClauseMatch Expands Compliance Workflow and Collaboration Platform with a Launch in the US

ClauseMatch has announced today the launch of its US office in New York. The opening comes in response to demand from US companies and international clients operating in the US... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel