Due Diligence and Ongoing Monitoring

Hello Group,

I am unable to locate any information on compliance guidelines for continuous monitoring of appraisal management companies. I would appreciate insights on how others perform their annual ongoing monitoring for AMCs. Thank you.

This message was posted by a user wishing to remain anonymous

Hi, we monitor based on criticality and risk level as well as request they provide current appraisal management certification. 

Hi! Great question!

Best practices for ongoing monitoring on an AMC may include the following:

• Monitoring Service Level Performance
  • Are there any SLAs that the vendor must adhere to? If so, are they meeting those requirements. What does remediation look like if not?
• Tracking Regulatory Compliance
  • This could be done by asking questions through a due diligence questionnaire and/or by using tools such as Venmonitor powered by different industry partners such as Black Kite (Cyber Monitoring), Quantifind (Sanctions Monitoring), and Argos (Business Health)
• Watching for reputational risks such as lawsuits and complaints.
  • This can be done through various negative news searches or also by using Venmonitor which can include negative news monitoring powered by our partner, Owlin.
• Reviewing Financial Health and Cybersecurity posture
  • Collection of these types of documents can be done through a due diligence questionnaire or by utilizing Venminder services. 
• Verifying license and certification statuses of appraisers

I hope this gives you the guidance you're looking for! If you have any questions, please let me know! Have a great day!

-Madelyn

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Madelyn Norwood, CTPRP
Manager, Customer Success

Venminder by Ncontracts