The following Q&A session took place between Aspen Grove Solutions and Altisource in September 2019.
Altisource has been an early pioneer of the industry standard and a champion for compliance. Why is demonstrable compliance to an industry standard important for Altisource?
“Altisource and its clients operate in highly regulated industries, where noncompliance with rules and regulations can severely impact margins, reputation, and potential revenue. Altisource understood early on that by leveraging Aspen Grove’s solution it could reduce the supply chain risk for itself and its clients, as well as help bring standardization to the industry.”
In your opinion, why is compliance a differentiator in the marketplace?
“The default market is ripe for media. Having strong compliance standards is one of the best ways for Altisource to protect both itself and its clients. Regulators and internal audit teams actively seek proof of compliance with rules and regulations. Our clients invest time and resources to build and maintain compliance controls, and suppliers that do not keep up can easily become a liability to them. Keeping the highest compliance standards is both good for our clients and it’s good for our business.”
What are the main value-add benefits that using Aspen iRecord® have brought to Altisource’s operations?
“Streamlined, consistent process to background check our vendors and subcontractors.”
“Abundant check-in metadata to feed on-the-field analytics; better visibility on the true size of our vendor network and depth of supply chain, beyond our direct relationships.”
“Standardized background check appeals process to manage exceptions through a committee made up of industry leaders, including Jim Vaca, SVP of Altisource Field Services.”
What added value do these services provide to Altisource vendors and clients?
“Clients: Consistent background screening for individuals accessing their properties. Objective compliance requirements and reporting across their suppliers. Abundant meta data that can be used for analytics, but also as potential evidence to defend against claims – when, who was where and for what.”
“Vendors: Ability to ‘recycle’ background checks with multiple clients while paying once. Better visibility into their subcontractor network activities.”
In an era of big data, how do Aspen iRecord®‘s reporting capabilities enable Altisource to efficiently manage business operations?
“We extract and utilize information from Aspen iAnalytics℠ for vendor scorecards, which gives visibility into which vendors are eligible and prioritized for additional business. We use the data for internal reporting including monitoring check-in compliance.”
The industry-standard background check is scored into 4 levels of compliance. Does having a simple scoring mechanism reduce ambiguity and mitigate risk for your vendor management team?
“Criminal offenses have many different names and classifications across the United States and jurisdictions. Having a predefined scoring matrix that takes all of this into account is a great way to streamline vendor due diligence. The background check appeals committee helps add transparency with industry leaders reviewing cases where the scoring may not be as straightforward due to special circumstances or other factors.”
Our clients say that having a network of contractors who have passed an industry standard is an important factor in building consumer and client trust? Would you agree and, if so, why is so important for business?
“By establishing an industry baseline for subcontractor compliance rather than relying on each supplier’s compliance standards, builds and maintains consumer and client trust. Collaborating with Aspen, Altisource is taking compliance standards to the next level by enabling Aspen Grove users to add subcontractors to their network, perform background checks, and flag the user for preferred status in order management platforms and mobile applications. This will allow Altisource and other Aspen Grove users to assign work orders with the most compliant subcontractor. Altisource has successfully tested this concept as a pilot and is looking to expand across the vendor network.”
Aspen and Altisource have worked closely together to improve standards across the industry. How has this relationship enabled Altisource to build for the future?
“Altisource realized early on that Aspen’s products would help define compliance standards across the industry and understanding and leveraging these products creates a competitive advantage. Altisource continues to work closely with Aspen to improve reporting, notifications and mobile application controls. Together we are raising the bar!”
About Aspen Grove Solutions: Aspen is a software technology platform that delivers optimized workflow solutions to the default industry by connecting disparate data, complex pricing controls, SLA management, vendor oversight, and regulatory compliance. We partner with asset managers, servicers, and preservation firms to drive transformation across the industry by offering solutions that deliver cost-savings and transparency. Additional information is available at aspengrovesolutions.com
About Altisource: Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.