Subcontractor Oversight Q&A with Stratus Payments
NCBA’s Subcontractor Oversight Program is beneficial to both law firms and vendors who participate in third party assessments. NCBA Executive Director Liz Terry and NCBA Industry Partner Dave Worton, Managing Member of Stratus Payment Solutions spoke about the benefits of the program for the creditors rights industry.
Liz: NCBA was thrilled to have Stratus Payment Solutions as the very first vendor to complete the Subcontractor Overview Program last year. At the beginning of 2021 you also completed the second-year assessment with our program. This renews your commitment to the program and we very much appreciate your support. What has been the biggest benefit of the program for your company?
Dave: At Stratus, it is just one more way we can emphasize the close partnership we have with our clients and provide clarity and transparency of our practices and controls. We know this program is a priority for many of NCBA’s members so it’s a no-brainer for us. The ‘best in class’ assessment conducted by Crowe LLP ensures our law firms that our controls and their data is being handled responsibly and safely. Crowe’s feedback also helps us streamline our own practices. This centralized audit levels the playing field and gives our clients additional confidence in our products.
Liz: Having now gone through the assessment twice with Crowe, how would you describe the process?
Dave: The Subcontractor assessment is pretty seamless and we were satisfied with the methods used to ensure that the process was straightforward and thorough. Obviously, there is more time and effort necessary in the first year’s assessment to share the data and vital information that Crowe requires in their process. But everything is well documented which makes the 2nd year renewal much easier.
Liz: What would you say to a new vendor who is considering participating?
Dave: Take the time to review the program and reach out to NCBA to get started. In our view, it’s clearly a win-win for vendors, law firms and the creditors. The more companies that commit to undergo these assessments, the more time and cost savings there will be for everyone, while at the same time keeping our data and clients’ data safe and secure.
Liz: Thank you, Dave, for sharing your views and your continued partnership with us. NCBA Members, please reach out to us for more information on how to receive Stratus Payment System’s Subcontractor Oversight Program assessment and please encourage your vendors to participate in the program.