Valuation Management Group (VMG) has been in business since 2006 and had not considered applying for the National Women’s Business Enterprise Certification until Dodd Frank and the Proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies. (10-25-13)
VMG was awarded the WBENC certification in July 2014 after significant due diligence by the Women’s Business Enterprise National Council. The volume of documentation required by the council was surprising. They truly investigate and make a site visit to ensure it is a woman-owned and operated company.
We decided to obtain the certification to assist our clients and future clients in their supplier diversity initiatives. The Interagency Policy Statement and Dodd Frank encourage utilization of women-owned and minority-owned businesses by financial institutions. The ultimate goal of the policy is to see increased hiring and utilization by suppliers of services by women -owned and minority-owned businesses.
The Proposed Interagency Policy Statement Establishing Joint Standards For Assessing The Diversity Policy And Practices Of Entities Regulated By The Agencies states, “Companies increasingly understand the competitive advantage of using a broader choice of available businesses with benefits such as price, quality, attention to detail, and future relationship building. A number of entities have achieved success at broadening the range of available business options by increasing outreach to minority-owned and women-owned business.”
Please contact me with questions on how VMG can assist your financial institution with your appraisal management and/or appraisal reviews.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.