Millennium Capital and Recovery Corp. sees its latest partnership as the combination of “intelligent automation and human ingenuity.”

The provider of nationwide recovery management and related services as well as the lead sponsor of Repo Con at Used Car Week announced it recently formed a strategic partnership with VendorRisk, a leading procurement and vendor management software provider based in Burlington, Mass.

Millennium Capital and Recovery explained this “intelligent automation and human ingenuity” are being applied to the core of the recovery business to address loss mitigation, third and fourth party vendor compliance as well as measurement tools and analytics to maximize performance and efficiency.

The company indicated that Millennium’s recovery operations experts have worked with VendorRisk to identify certain requirements that will further tailor the product offerings to meet the specialized needs of the auto and powersports financing Industry.

“Millennium is committed to adding value through innovation to the industry we serve for the long term,” said Jayne Bronchetti, president of Millennium Capital and Recovery.  “Our new Assured Intel offering will help demonstrate our future commitment to the industry.”

The strategic partnership’s initial offerings include two products: the vendor management software solution and a comprehensive consumer complaint management system. Both tools are powered by VendorRisk.

When a direct service model is in place, the third and fourth party vendor management software solution can provide complete transparency to managers, executives, compliance personnel within finance companies as well as other service providers and independent contractor agents utilized by nationwide recovery managers.

The other benefits of the vendor management modules can enable transparency and a complete document trail related to:

• Vendor vetting process and requirements

• Due diligence related to facility inspections, audits and background and citizenship verification

• Complete vendor database

• Auditing that can allow finance company audit teams to perform detailed vendor and fourth-party vendor audits without requiring on-site audits, if they so choose

Meanwhile within the consumer complaint management system, the platform can integrate the consumer complaint module. Millennium Capital and Recovery claims the solution can capture more information than any other system available with information down to the consumer level including related source documents.

Millennium Capital and Recovery went on to highlight that other beneficial features coming through the partnership with VendorRisk include:

• Robust reporting capabilities are complemented by customizable report writing features

• An agnostic platform that can work regardless of which transactional system and databases a finance company may be using to process recovery assignments as its system of record.

“It is created for business leaders by business leaders,” Millennium Capital and Recovery said.

The company added that demos of the platform are available for scheduling now.

“Platform pricing is both a transparent and an equitable structure,” Millennium Capital and Recovery went on to say.

The company will be discussing an array of technological, compliance and other trends during Repo Con, which is a part of Used Car Week 2018 that runs from Nov. 12-16 at the Westin Keirland Resort and Spa in Scottsdale, Ariz. A vast collection of experts and executives from the retail, wholesale, financing and recovery spaces are already on the agenda for this year's event. The agenda can be viewed here.