ISGN Corp. has partnered again with TRUPOINT Partners to offer the CFPB Compliance RiskCheck – a cloud-based, software-as-a-service (SaaS), risk evaluation tool designed for small to midsize lenders.
Available to institutions by signing into a Web-based system, ISGN says its new tool helps lenders understand and comply with new and changing Consumer Financial Protection Bureau (CFPB) requirements. The platform contains a series of questions, which are broken out by three categories – compliance management, originations or servicing – and then by area of risk.
According to ISGN, the lender is guided through the self-assessment review process and provided with help features such as best practice sample answers, live compliance assistance and links to compliance regulations when completing the answers, which are then analyzed automatically using classifications in line with CFPB regulatory guidelines to calculate the residual risk.
The CFPB Compliance RiskCheck provides a detailed report including compartment risk weightings, trends and high risk items, which can be provided to regulators and for action plans, ISGN notes.
