3rd and 4th Party Vendor Management Software Platform
With Integrated Consumer Complaint Management
Hudson, Ohio-based Millennium Capital and Recovery Corporation, a leading provider of nationwide recovery management and related services announces its recently formed strategic partnership with VendorRisk, a leading procurement and vendor management software provider based in Burlington, Massachusetts.
The partnership combines intelligent automation and human ingenuity applied at the core of the recovery business to address loss mitigation, 3rd and 4th party vendor compliance as well as measurement tools and analytics to maximize performance and efficiency. Millennium has committed significant capital over the past several years to maximize the value it brings to its premier list of clients. Millennium’s recovery operations experts have worked with VendorRisk to identify certain requirements that will further tailor the product offerings to meet the specialized needs of the auto and powersports financing Industry.
“Millennium is committed to adding value through innovation to the industry we serve for the long term,” said Jayne Bronchetti, president of Millennium Capital and Recovery Corporation. She added, “Our new ‘Assured Intel’ offering will help demonstrate our future commitment to the industry.”
The strategic partnership’s initial offerings include two products: the vendor management software solution; and, a comprehensive consumer complaint management system, both powered by VendorRisk.
3rd & 4th Party Vendor Management Software Solution
This product offering provides complete transparency to managers, executives, compliance personnel within lender organizations to the complete network of service providers utilized by nationwide recovery managers as well as all independent contractor agents in the network utilized by lenders under a direct service model.
The other benefits of the vendor management modules enable transparency and a complete document trail related to:
- Vendor vetting process and requirements
- Due diligence related to facility inspections, audits and background and citizenship verification
- Complete vendor database
- Auditing – Allows lender audit teams to perform detailed vendor and 4th party vendor audits without requiring on-site audits, if they so choose
Consumer Complaint Management System
This system integrates the consumer complaint module, capturing more information than any other system available with information down to the consumer level including related source documents.
Other beneficial features include:
- Robust reporting capabilities are complemented by customizable report writing features
- “Agnostic” Platform – The software platform works regardless of which transactional system and databases a lender may be using to process recovery assignments as their system of record. The platform provides a business management system to the lender’s organization. It is created for business leaders by business leaders
Demos of the platform are available for scheduling now. Platform pricing is both a transparent and an equitable structure.
Millennium is transforming the asset recovery industry by leveraging intelligent automation with industry expertise and forensic analytics to help its customers and the auto finance industry to embrace intelligent technology and compliance oversight responsibly and with confidence. The full range of technology products will be offered through Millennium’s “Assured Intel” solutions platform.
Millennium Capital and Recovery Corporation is the lead sponsor of Repo Con at Used Car Week, November 12-16, in Scottdale, Arizona. The vendor management and consumer complaint management software, along with Millennium’s proprietary business intelligence dashboard reporting systems “Assured Intel” will be discussed in greater detail at Repo Con.
VendorRisk, a SaaS, web-based system was introduced into the market in 2009. It is used by over one-hundred organizations that are regulated by agencies such as CFPB, OCC, SEC, NCUA, OCR, OSHA, FDIC, FFIEC, CMS and OMB. A core value of the VendorRisk system is to create a systematic process to manage third-party vendor relationships.
About Millennium Capital and Recovery Corporation® (MCRC)
Millennium Capital and Recovery Corporation founded in 1999 is a Kaizen Award recipient and recognized by Toyota for its commitment to excellence and innovation in support of Toyota Financial Services. Millennium is a certified Women’s Business Enterprise (WBE) and has achieved the Service Organization Controls (SOC 2) Type 2 Internal Audit certification for seven consecutive years. Headquartered in Hudson, OH, a suburb of Cleveland, Millennium is one of the few remaining privately held companies and long-term service providers dedicated to the recovery management services industry. For more information, visit NationwideRecoveryManagers.com.