Protiviti, a global business consulting and internal audit firm, has introduced its Fair Lending Analytics and Governance services, which the company says will support lenders in identifying and addressing potential fair lending compliance issues.
According to the firm, regulators are becoming more aggressive in their enforcement of fair lending regulations, subjecting lenders of all sizes and in all product categories to stricter compliance practices than previously seen.
‘Lenders are uncertain of what supervisory agencies expect in fair lending compliance today,’ says Carol Beaumier, executive vice president of Protiviti. ‘Smaller lenders have seen the bar raised significantly in terms of the types of risk assessments and statistical analyses they're expected to perform.’
As part of its new service offerings, Protiviti says it can design, build and support the implementation of risk assessment frameworks; implement or enhance fair lending monitoring and testing programs; and use its proprietary and customizable statistical monitoring tools to detect and investigate significant trends or patterns in an institution's lending data.
Other services include fair lending training and auditing, as well as the implementation and management of response plans for fair lending-related enforcement actions.