How Yendo used Themis to manage 200+ compliance action items

Yendo

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Pre-Launch, we didn’t initially have a process built for managing our third-party due diligence, so Themis’s Vendor module was extremely helpful to us. It provided a clear, structured path for us to manage our vendors and our risk assessments of them.

1 in 4 people in the U.S. lack access to mainstream financial services and resort to using high interest, predatory loans like Payday, Title, Pawn, and Personal Loans), which costs 300%+ APR and trap borrowers in a downward debt spiral and severely limit their chances for getting ahead.

Leveraging modern technology, Yendo is building the world's first asset-backed revolving credit product that makes inclusive lending decisions agnostic of credit score and delivers standard interest credit through a simple mobile platform. 

While $3T worth of vehicles are owned outright in the U.S., tens of millions of their owners are denied by traditional lenders. Yendo is unlocking the value in those vehicles to provide sustainable credit for those that need it most.

The Problem

When the founders of Yendo started the credit business, they were very aware of the potential risks and values of investing in compliance from the very beginning. When the team recognized the need for a reliable, unified, and collaborative compliance tool, Yendo hadn't even launched its 1st product and was only a few months past the inception of the company. 

Like many fintech startups, Yendo knew the success of its business would be dependent on partnering with banks, which require rigorous compliance processes. For early-stage startups like Yendo, being prepared for such a long process of documentation, reporting and compliance monitoring took a lot of time and effort. Having an experienced compliance team and hiring professionals from large banks and regulators, the company quickly realized Themis could be the solution that they needed to ward off material compliance problems and interact with bank partners.

The Solution

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Pre-Launch, we didn’t initially have a process built for managing our third-party due diligence, so Themis’s Vendor module was extremely helpful to us. It provided a clear, structured path for us to manage our vendors and our risk assessments of them.

Policies & Procedures Module

Themis’s Policies and Procedures keep users aligned by providing a centralized repository where internal and external stakeholders draft, finalize and collaborate on important documents. With the integrations with Google Drive, users can easily edit and access historical versions of policies and procedures. By adding policy owners and approvers, users can also share policies and request approvals from different teams for tens of different policies.

Vendor Module

Vendors Module is a platform to manage and visualize relationships with external vendors and conduct vendor due diligence processes. This module identifies and tracks firm-wide issues related to your external vendors by providing you a questionnaire and risk assessment template to determine appropriate action plans, and risk rate issues and create alerts. It provides a clear guiding path for our users to head start on third-party due diligence, which could be integrated to company-wide compliance flows.

Marketing Module

Marketing Module is a platform for users to collaborate on sales and marketing materials and provide real-time comments with an easy-to-use interface. The platform lets users communicate and manage creatives at a glance with the tag, commenting and live share functions.

The Results

When we started using Themis, we did not have our product released, but we were very aware of the risks and values of investing early in compliance

1→6

Teams
From compliance to Product, Finance, Operations, Customer Service and Executives

Collaborative - When Yendo signed up, only a few accounts were activated. The experienced compliance team was able to take advantage of the product and soon started adding people to the platform. They started with their marketing team to be aligned on online ads they were developing, and then onto executives to record approvals, and finally external vendors, like consulting firms, to manage more workflow through Themis. So far, the team has created accounts for their colleagues and external vendors, and it quickly became a default collaborative compliance that are used daily by different stakeholders.

200+

items managed
200 action items to a single software

Unified - before using Themis, Yendo used a checklist with 200 action items that were requested by their bank partners. The compliance team had to go through the action items for policies, procedures, and marketing materials managed separately on different software. Our software lets you manage compliance on a single platform, and provides a set of tools that fintech and banks need for their compliance - marketing, policies, procedures, and vendors all in one place.

“A clear guiding path”

Reliable - The Yendo team did not initially have a clear process for how they would manage their third-party due diligence. After researching options, the team decided to use the Vendor Module as the core of its third-party due diligence, and incorporate the module’s guide into the overall procedures. This created a reliable guiding path for the third-party due diligence and saved significant time. For Yendo’s bank partner, Themis' vendor module, with its built-in expertise, was leveraged to conduct vendor due diligence and generate a vendor report, satisfying Yendo’s sponsor bank’s requests for third-party oversight.

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