PCV Murcor, a California-based provider of real estate valuations for the industry’s largest institutions, announced its recent membership in a group aiming to create more standardized, efficient third-party oversight audits.
Referred to as the Shared Assessments Program, the body brings together industry leaders in their efforts to streamline vendor risk management processes and regulatory compliance efficiency. The program was created by leading financial institutions and accounting firms, including Goldman Sachs, Deloitte, Ernst & Young, and more.
By joining, PCV Murcor says it hopes to add its own voice to a collaborative push to “bring simplicity, efficiency and increased coordination to tackle common industry-wide problems concerning compliance and regulatory requirements.”
“We think everyone can agree that a more streamlined compliance and oversight system is better for the entire industry,” said PCV Murcor’s chief information officer, Russell Lewis. “This is a needed initiative and we’re committed to doing our part to help create solutions that will benefit the entire industry.”
As part of the program, the company announced it has integrated the Shared Assessments Standard Information Gathering questionnaire and Agreed Upon Procedures for onsite assessments into its operations. Together, the two metrics are designed to determine how a company is managing information technology and data security risks and how it manages its vendors for risk areas.
Catherine Allen, chairman and CEO of the Santa Fe Group, the Shared Assessments Program’s managing agent, said the program “couldn’t be happier to have PCV Murcor join.”
“Having an established leader of real estate valuations as champions for the Program increases the breadth and depth of knowledge that keeps the Shared Assessments Program Tools on the leading edge of third party risk assurance,” Allen said. “PCV Murcor’s collaboration with cross industry peers to address challenging issues in information and data security, privacy and business continuity, helps our members better respond to regulatory requirements, such as those issued by the Fed, CFPB and OCC. We look forward to making even greater progress with their insight and expertise added to the conversation.”