Everyone on NorthMarq’s Servicing team deals with risk on a daily basis. While it would be nice if we could eliminate risk altogether, the task of our leadership team becomes one of identifying, evaluating, and managing it. Playing vital roles for a sound risk management program are technology, procedures and education as well as continued awareness.
Risk and risk management strategies are ubiquitous in this issue of our newsletter with two articles focusing on cyber risk and NorthMarq’s implementation of new information security systems for protecting sensitive information.
Risk also figures prominently in NorthMarq’s efforts to address insurance non-compliance in our serviced loans, the topic of another article. Borrowers and lenders sometimes have different perceptions about the level of risk posed by property or liability insurance that falls short of loan document requirements. In such situations, NorthMarq as loan servicer takes on a fact-finding role and, where the required insurance is either unavailable or very expensive, helps facilitate solution-building discussions between the borrower and lender.
Our Spotlight profiles NorthMarq’s Investor Accounting Manager Jaimie Owler. As a loan servicer, getting money where it needs to go and by deadlines presents a constant series of risks. It is gratifying for me to read about the team-oriented approach Jaimie employs to get her unit’s important work done. When employees function as a team, healthy redundancies develop, additional eyes watch for errors, stress levels don’t rise to detrimental levels, and camaraderie offsets fatigue, all of which combine to mitigate risk.
Risk will still be around in 2017; however, I am confident that NorthMarq’s risk management steps profiled in this issue will propel us and you—our valued customers—into a bigger and better future next year. Thank you for entrusting NorthMarq with your business and happy New Year to you all!