32. When assessing the adequate knowledge and experience of a member, consideration should also be …

When assessing the adequate knowledge and experience of a member, consideration should also be given to knowledge areas where a general understanding is needed for the purpose of the day-to-day management of the credit servicer, including:

• a. assessment of the effectiveness of a credit servicer ’ s governance, oversight and internal controls;
• b. banking and financial activities;
• c. contractual law;
• d. accounting and auditing;
• e. the interpretation of financial information, the identification of key issues based on this information, and appropriate controls and measures; and
• f. managerial knowledge.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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