New American Funding

Best in Class in Third Party GRC Management – Medium Enterprise

The modern business depends on, and is defined by, the governance, risk management, and compliance of third-party relationships to ensure the organization can reliably achieve objectives, manage uncertainty, and act with integrity in each of its third-party relationships. A haphazard department and document-centric approach for third-party risk management compounds the problem and does not solve it. Organizations need to address third-party GRC with an integrated strategy, process, and architecture to manage third-party relationships with real-time information and risk intelligence. 

New American Funding (NAF) is one of the fastest growing and largest privately-owned direct mortgage lenders, as well as the 16th largest overall in the U.S. Over its almost 20-year history, the company has consistently focused on leveraging the latest technology to streamline operations and develop a highly efficient lending process that enables industry-leading loan closing times. Their commitment to increasing homeownership for minorities and customer service has enabled their growth to 165 locations nationwide with a portfolio of over 231,000+ loans in excess of $61.2 billion.

NAF evaluated Supply Wisdom while searching for a solution to evaluate location-based risk. Over a number of conversations with Supply Wisdoms team, the scope expanded beyond country and geographical risk to the other services provided by Supply Wisdom, specifically continuous monitoring and real-time alerting on suppliers. At the time, the organization’s top priority was figuring out how to effectively manage a large set of third parties with limited resources. NAF’s teams’ goal was to build a comprehensive scorecard and need- ed an intelligence solution that went beyond financial and cyber risk to also include compliance, operations, reputational, and location-based risk intelligence.

GRC 20/20 has evaluated and verified the implementation of Supply Wisdom at New American Funding and confirms that this implementation has achieved a remarkable case study in how to address third-party GRC/risk management with clear benefits achieved. 

This approach is “best in class”, and in that context GRC 20/20 recognizes New American Funding and Supply Wisdom with a 2023 Best in Class GRC Award in the Category of Third-party GRC Management – Medium Enterprise (1,000 to 10,000 employees).

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