Terminology
This is what is referred to as "risk presented to the organization absent of controls".
What is "Inherent Risk"?
This is the highest rating that can be given at LoanCare for either Inherent or Residual Risk
What is "High"?
The negative impact to business operating performance resulting from non-adherence to a corporate policy (including parent’s corporate policies where applicable), industry standards, business unit policies, laws, regulations, and other applicable legal requirements.
What is "Compliance Risk"?
This team is responsible for vendor management at LoanCare.
What is "Service Provider Oversight or SPO"?
This is our Chief Risk Officer's favorite football team. SKOL!!!
Who are "The Minnesota Vikings"?
These provide individual lines of business a comprehensive look at their risks and controls and provides a first line inherent and residual risk rating assessment of each.
What is a "Risk and Control Self Assessment or RCSA"?
This operational effectiveness rating is given when a control receives an "Ineffective" for design.
What is "Unsatisfactory"?
The possibility of an act or event occurring that would have an adverse effect on the organization due to operational, regulatory, or market changes that impact the revenue potential, profitability, liquidity and/or capital position of the Company.
What is "Financial Risk"?
This team ensures all technology risks are identified and assessed within the organization.
What is "IT Risk"?
This is, according to Pete, the best mob movie ever made (I knew it was you, Fredo. You broke my heart!)
What is "The Godfather Part 2"?
This process assists in proper identification of where an issue stems from or how it may have happened. It also aids in successful mitigation of said issue.
What is "Root Cause Analysis or RCA"?
Considerable Impact and Likely Likelihood Ratings Result in this Inherent Risk Rating.
What is "Considerable"?
The possibility of an act or event occurring that would have an adverse effect on the organization from inadequate or failed internal processes, people and systems, or from external events.
What is "Operational Risk"?
This team is responsible for execution of the RCSA program, control testing, and Operational Losses Oversight...just to name a few!
What is "Operational Risk Management or ORM"?
Justin is not only a fan of this sport, he's also a player! Calcio!
What is "soccer"?
This is what the "CFR" stands for in Federal citations.
"What is "Code of Federal Regulations"?
A Moderate Inherent Risk Rating along with a Strong Control Environment would result in this Residual Risk Rating.
What is "Low"?
The risk to LoanCare of an action or inaction related to strategic business decisions or changes in market conditions. These factors include negative effects from business planning or decisions, environmental changes, competitive dynamics, or the management of resources and activities.
What is "Strategic Risk"?
This team assists with assessment of potential and actual violations of laws, rules and regulations. It also includes Issues Management (and incorporates Quality Control reviews).
What is "Compliance Integration or CI"?
Mori's wife does this professionally (and very well from Mori's Teams backdrop)!
What is "painting or artistry"?
This occurs when attempting to mitigate one risk and a new risk presents itself which requires amendment and/or a separate mitigant.
What is a "Boundary Risk"?
This is the only Residual Risk Rating that cannot be submitted for Risk Acceptance per the FNF and LoanCare Risk policies.
What is "High"?
Occurs as a result of other risk types, such as compliance and operational risk, but can arise as a part of any activity within the servicing life cycle. LoanCare acknowledges that its core business is built and its continued growth is dependent on its client relationships and customer-centricity ensuring that both are served in adherence to the agreed upon servicing standards and various regulatory requirements respectively.
What is "Reputational Risk"?
This team performs first line reviews concurrent with business activity and serves to identify and "fix" any potential exceptions prior to causing borrower harm.
What is "Quality Assurance or QA"?
Extra! Extra! This film stars Lisa as an extra!
What is "Jersey Girl"?