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MortgageQuote Canada Corp. ( The World's Safest Banking & Finance Network (

Quality Management-in-Finance.

Tuesday, 11 October 2016

The Benefits of ISO 9001:2015 (Quality Management-in-Finance) or; Non-Compliance versus Statutory and Regulatory Compliance versus Certified Statutory, Regulatory and Process Compliance (aka Quality Management): in Pictures for EVERYONE TO UNDERSTAND

Operating in a Non-Regulated Environment:
This is the original state of the Canadian banking and financial system, in Year 1, hundreds of years ago. In the beginning, the finance sector operated without (or with little) regulatory or statutory compliance requirements; like the teeth you find in a shark tank or dragon's den. "It's painful but due to the sharp edges, it is fast, so the pain does not last long." People lost money due to predation and nonconformity caused by the absence statutory, regulatory and process requirements.

Unverified Operations within a Regulated Environment:
This is the current state of the Canadian banking and financial system, with the exception of few companies, like MortgageQuote Canada Corp. After the introduction of statutory and regulatory compliance, people still lost money. Predation still exists, although it is often up to the consumer to figure out that they have been "had". Banks and finance company's say, "hey, we are regulatory and statutory compliant because we have our licenses to operate." Why? Due to the absence of verification.

Just because the Department of Motor Vehicles issued you a license to drive a car, does not mean that you drive responsibly on an ongoing basis. Obtaining a license to operate does not mean you are operating effectively, safely or within the statutory and regulatory requirements.

Market realities prove that getting a license is simply not "good enough". The ability to obtain a license to operate in a regulated industry is the minimum standard for entry; diluted for the market, as a whole. The fact that an organization is licensed does not tell the customers that the licensed entity is actually working in accordance with the licensing requirements.

Regulators will admit: "after we issue a license to operate, the only time we find out bad things are happening is, if someone lodges a complaint or something worse happens". Indeed, ask any regulated entity: bank, mortgage broker, syndicated lender, investment advisor: if you get audited tomorrow by your regulator -where they will go over all of your business operations, including your client and transaction records, pursuant to your requirements of licensing; will you be able to sleep well at night, tonight?" Most respondents will say "no".

Look at the billions of dollars in contingent liabilities that Canada's top 5 banks must account for, EACH YEAR in their ANNUAL REPORTS. This does not include the hundreds of millions of dollars paid by mortgage brokers, investment advisors, insurance brokers and other finance industry sector professionals who fail to operate in a statutory and regulatory manner.

This systemic weakness is evidenced by the sheer dollar volume of paid and pending contingent liabilities; into the billions on a per annum basis. Nor does it mean that all non-statutory and non-regulatory processes are effective enough to ensure that statutory and regulatory non-compliance events are prevented.

Additionally, merely demonstrating that an organization has employees who fulfill the role of compliance officer does not mean that the organization has implemented an integrated, risk-based process approach to ensure certifiable levels of compliance to all statutory, regulatory and procedural requirements. Nor does it mean that the organization has a system of preventive measures to ensure statutory, regulatory and process nonconformity (employee fraud, consumer predation, systems breakdown) do not occur.

Verified Operations within a Regulated Environment aka Certified Quality Management:
This is MortgageQuote Canada Corp. Canada's only finance sector company, whose integrated Quality Management System is certified to ISO 9001:2015 for the scope of Mortgage Banking ("lending" in Canada) and Mortgage Brokerage Service. Customers and stakeholders can trust the company to function in an environment that is statutory, regulatory and process compliant.

What does this result?
  • Cut costs, through improved systems and processes
  • Increase customer satisfaction, through improved safety, quality and processes
  • Near zero (0%) levels of statutory and regulatory non-conformity
  • Consumer Confidence
MortgageQuote Canada Corp. undergoes a 2 part process. Through implementation and certification of the internationally recognized, tried and tested quality management system namely, ISO 9001:2015.  Developed by the International Organization for Standardization (ISO), based in Geneva, Switzerland. ISO is an independent, non-governmental international organization with a membership of 163 national standards bodies. As Canadians, we are founding members.

Implementation Aspect:

The ISO 9001:2015 Quality Management System standard specifies requirements for a quality management system when an organization:

a) needs to demonstrate its ability to consistently provide products and services that meet customer and applicable statutory and regulatory requirements, and

b) aims to enhance customer satisfaction through the effective application of the system, including processes for improvement of the system and the assurance of conformity to customer and applicable statutory and regulatory requirements.

Certification Aspect:

ISO states: "Certification [is] the provision by an independent body [3rd party] of written assurance (a certificate) that the product, service or system in question meets specific requirements. [Namely, statutory, regulatory or process compliance]. Certification can be a useful tool to add credibility, by demonstrating that your product or service meets the expectations of your customers. For some industries, certification is a legal or contractual requirement."

Since 2008, MortgageQuote Canada Corp. is audited twice per year, by two different third-party auditing firms: an internal auditor and an external auditor. The external auditor is a Standards Council of Canada-Accredited Management Systems Certification Body.

The Standards Council of Canada (SCC) is a federal Crown corporation. Its mandate is to promote efficient and effective standardization in Canada. The organization reports to Parliament through the Minister of Innovation, Science and Economic Development Canada and oversees Canada's national standardization network. According to the SCC: "Standards help to ensure better, safer and more efficient methods and products."

Proven History:

Over 25 years of global history is not wrong. This international Quality Management Technology is what keeps you safe in a hospital; keeps you safe while flying and makes sure your light switch operates each time you need to turn it on.

Maybe it's about time you tell your bankers, lenders, mortgage brokers and investment advisors to give you the same degree of quality, don't you think?

Welcome to the Future of Finance

Financial Regulatory Compliance & Operations Technology & Financial Products-Services

MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), certifiably compliant, origination, operational processing, audit & reporting technology to the finance sector.

In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, integrated Quality Management System designed to enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).

"Making Banks Better"

If you have any questions, contact us at Ask for Anoop Bungay or one of his team members.

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