The creditor’s and vendor’s perspective of important strategies a vendor selection component of a compliance management system should include when evaluating the onboarding of a new technology or technology vendor, including:
1) Updates to your standard contract provisions that can improve communication over technology resources,
2) Re-evaluating pre- and post- selection due diligence tactics,
3) Onboarding a new technology,
4) Assessing generational and other diversity differences from a consumer’s perspective and how to weave them into technology choices, and
5) Early warning options for detecting UDAAP.