Sep 21, 2016, 5:08 PM
Terry Campbell
--
President,
Canadian Bankers Association
Hello Mr. Campbell,
My name is Anoop Bungay; a former Chartered Banker (circa early 1990's), President of MortgageQuote Canada Corp.
A World First for the Banking Sector: Solving Superintendent Jeremy Rudin's Concerns
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).
What does our technology do, exactly? As I explained in a letter to Mr. Jeremy Rudin, Superintendent at the Office of Superintendent of Financial Institutions, (and subsequently, to Finance Minister Morneau), we are able to certifiably ensure that a finance sector company (including all Federally Regulated Financial Institutions (FRFI) operate in a manner that is 100% compliant with statutory and regulatory requirements. (B-20, B21 and related guidelines and requirements).
What we have developed over 10 years is revolutionary and groud-breaking because it provides a method to bring trust, confidence, safety and soundness in Canada's finance sector, to a transactional level.
The best part, is rather than have all the banks invest hundreds of million's of dollars to build their own ISO 9001:2015 system, they can simply license our technology for much less. Anybody who knows the ISO 9001:2015 technology understands that it can be scaled from a 1 person company to a 100,000 person company, regardless of jurisdiction, complexity of operations and independent of existing technology platforms.
Canada First
As explained to Mr. Rudin: earlier this year, I decided it was important to share our Canadian regulatory compliant mortgage (finance) processing technology with the world by marketing our ISO 9001:2015 certified integrated Quality Management System and expertise to governments, banks and credit intermediaries, globally.
We started in Switzerland, where the World Economic Forum (WEF) is based because each year the WEF painstakingly ranks each country for Trust & Confidence in the Banking Sector. Each year since 2008, Canada is ranked #1 in the world. Canada must be doing something right and other countries who seek to achieve Canada's level of performance, might want to learn from Canadians.
My thinking was "if the WEF painstakingly ranks countries by trustworthiness and confidence in banking (credit intermediation subsector) each and every year, then the members of WEF might be interested in what MortgageQuote has done by marrying ISO 9001:2015 to the credit intermediation industry" in Canada. This marriage of technology and ISO 9001:2015 levels of quality management, enables the transfer of knowledge and skills from a sector-level to a company-level, regardless of jurisdiction.
With over 25 years of history, the current Quality Management Standard of ISO 9001:2015 is proven to be a perfect instrument for technology transfer and training because it is designed to be scalable and transferable regardless of employee size, complexity of existing operations and existing technology platforms. Perhaps some members of the WEF would be interested in transferring our Canadian regulatory compliance technology for the finance sector into their respective jurisdictions.
When I read the contents of Mr. Rudin's letter dated July 7, to Canada's Federally Regulated Finance Sector (your members), it dawned on me, rather than going international, why not help the members of the finance sector in my own country, first?
Especially if our integrated Quality Management Systems technology directly solves the Superintendent's concerns in critical areas including residential mortgage underwriting.
The website, www.mortgagequote.ca explains it all.
- You might want to read the an open letter to the Top Leadership of all Canadian FRFI's, respecting a solution to Mr. Rudin's concerns, located here.
- MortgageQuote's Technology and its effect on Canada and International Finance Sector Public Policy is located here
A Message for the Banking Industry in Canada; All levels of Government, Regulators, International Bodies, Media and the Canadian public
After you learn and understand what we have developed, I am certain you will agree that this message "needs to get out". We are a private company that only (after 10 years of development and 8 years of ISO certification) now realize (partly due to Mr. Rudin's published concerns), that what we have built will have a material effect on the finance sector-at-large, public policy and Canadian consumers trust and confidence.
The core issue is, what we have developed is "more than merely a technology". No software company, regulatory compliance company, (so-called "regtech", "fintech") or management consulting company is able to make the claims that MortgageQuote does; nor is there any company that is certified to deliver results, as we are. For me, building our technology was a way to make my life easier. A true labor of love.
As President of the Canadian Banker's Association (CBA), I am of the opinion that you might be the best person to help us get our message out. Especially since the CBA advocates for the banking industry. You have nothing to gain or lose, apart from helping to make Canada's banking sector the best it can be (and remain #1 in the world as far as the World Economic Forum is concerned).
Frankly speaking, as of writing, I am not certain a "press release" or a mere introduction to a journalist is the right approach - especially for something as significant as this is. Perhaps you and the CBA might be the first to learn about us and by way of a profile, article, letter or other means, introduce us to Canada, it's banks and the Canadian consumers?
Thank you in advance for your time and consideration; your thoughts?
Sincerely yours,
Anoop Bungay
If you have questions, please contact me at your convenience. In order to prevent errors and omissions, email is the preferred choice of communication.
Thank you for choosing MortgageQuote Canada Corp., 'Proud sponsor of the Canadian dream.'®
Sincerely yours,
A. K. (Anoop) Bungay, B. Comm.
Broker
MortgageQuote Canada Corp.
Alberta (AB) * British Columbia (BC) * Ontario (ON)
ON Brokerage License #12279
communication-policy.
"Proud Sponsor of the Canadian Dream"®
An ISO 9001:2015 Registered Company
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