Top Management Leadership & Commitment: Quality Starts at the Top

(It's a Requirement)

A Message to Chartered Banks and Finance Sector Company Directors and Shareholders

A Message to Existing and Prospective Company Directors

A Message to Existing and Prospective Directors & Shareholders-Investors (Chief, Minor and Major)

As a country, just as Canada's devotion to Quality Management starts at the top with the Parliament of Canada; so too, must a Bank and Finance sector organization's devotion to Quality Management start at the top: namely, from Top Management.

The Importance of Top Management Leadership & Commitment for the National Standard of Canada

Introducing technology, systems and processes based upon ISO certified Quality Management System is different than traditional "vendor marketing". Especially if the underlying technology is based upon and certified to, a National Standard.

Since MortgageQuote's integrated risk-based Quality Management System technology is based upon a Quality Management System certified to ISO 9001:2015, which is a National Standard of Canada; we are required to follow the requirements of the standard.

One of the requirements is Clause 5, which states that MortgageQuote is required to obtain "top management" leadership and commitment at the outset. Top management is defined as: person or group of people who directs and controls an organization (3.2.1) at the highest level. Namely, Namely, "B" level (Board), "C" level (Chief), and Executive level individuals.

Clause 5: ISO 9001:2015 Requirements:

5 Leadership

5.1 Leadership and commitment

5.1.1 General

Top management shall demonstrate leadership and commitment with respect to the quality management system by:

  • what is Top Management? It is defined as follows:
    • top management
      • person or group of people who directs and controls an organization (3.2.1) at the highest level
        • Note 1 to entry: Top management has the power to delegate authority and provide resources within the organization.
        • Note 2 to entry: If the scope of the management system (3.5.3) covers only part of an organization, then top management refers to those who direct and control that part of the organization.
        • Note 3 to entry: This constitutes one of the common terms and core definitions for ISO management system standards given in Annex SL of the Consolidated ISO Supplement to the ISO/IEC Directives, Part 1.

a) taking accountability for the effectiveness of the quality management system;

b) ensuring that the quality policy and quality objectives are established for the quality management system and are compatible with the context and strategic direction of the organization;

c) ensuring the integration of the quality management system requirements into the organization’s business processes;

d) promoting the use of the process approach and risk-based thinking;

e) ensuring that the resources needed for the quality management system are available;

f) communicating the importance of effective quality management and of conforming to the quality management system requirements;

g) ensuring that the quality management system achieves its intended results;

h) engaging, directing and supporting persons to contribute to the effectiveness of the quality management system;

i) promoting improvement;

j) supporting other relevant management roles to demonstrate their leadership as it applies to their areas of responsibility.

NOTE Reference to “business” in this International Standard can be interpreted broadly to mean those activities that are core to the purposes of the organization’s existence, whether the organization is public, private, for profit or not for profit.



person or group of people that has its own functions with responsibilities, authorities and relationships to achieve its objectives (3.7.1)

Note 1 to entry: The concept of organization includes, but is not limited to, sole-trader, company, corporation, firm, enterprise, authority, partnership, association (3.2.8), charity or institution, or part or combination thereof, whether incorporated or not, public or private.

Note 2 to entry: This constitutes one of the common terms and core definitions for ISO management system standards given in Annex SL of the Consolidated ISO Supplement to the ISO/IEC Directives, Part 1. The original definition has been modified by modifying Note 1 to entry.


management system

set of interrelated or interacting elements of an organization (3.2.1) to establish policies (3.5.8) and objectives (3.7.1), and processes(3.4.1) to achieve those objectives

Note 1 to entry: A management system can address a single discipline or several disciplines, e.g. quality management (3.3.4), financial management or environmental management.

Note 2 to entry: The management system elements establish the organization’s structure, roles and responsibilities, planning, operation, policies, practices, rules, beliefs, objectives and processes to achieve those objectives.

Note 3 to entry: The scope of a management system can include the whole of the organization, specific and identified functions of the organization, specific and identified sections of the organization, or one or more functions across a group of organizations.

Note 4 to entry: This constitutes one of the common terms and core definitions for ISO management system standards given in Annex SL of the Consolidated ISO Supplement to the ISO/IEC Directives, Part 1. The original definition has been modified by modifying Notes 1 to 3 to entry.

A Message to Chartered Banks and Finance Sector Company Directors and Shareholders

A Message to Chartered Banks and Finance Sector Companies

Finance Sector Organizations including: OSFI , the Committee of Sponsoring Organizations (COSO) and The Institute of Internal Auditors, Inc. say the same thing:

Senior management, with guidance from the Board of Directors, must fully support strong governance, risk management and control.

MortgageQuote Canada Corp.'s ISO 9001:2015 certifiable Financial Regulatory Compliance & Operations Technology provides strong governance, risk management and control. Certification proves it.

Consider the following:

In an increasing complex regulatory world, especially in the finance industry where Trillions of consumer and investor dollars have been lost due to errors and omissions, negligence or unchecked fraud, scrutiny of financial sector companies will increase....but you already know this.

A Message to Existing and Prospective Directors & Shareholders-Investors (Chief, Minor and Major)

A Message to Existing and Prospective Company Directors

Here is the 3 story elevator statement: "If you are a Senior Manager or Director level of a regulated financial services company and you want to sleep well at night knowing that all aspects of the company you are responsible for operates in a manner that is certifiably accountable to your regulators at any given time, then you need MortgageQuote Canada Corp.'s ISO 9001:2015 certifiable Financial Regulatory Compliance & Operations Technology."

As a shareholder and stakeholder in a business that operates in the finance sector, ask yourself: WHO MANAGES THE MANAGERS; WHAT MANAGES THE BUSINESS?

Specifically, ask: Is the financial services company in which I am a shareholder or stakeholder able to certify that it operates on the basis of the following quality management principles:

  • Regulatory Compliance - on a daily basis, at a transactional level
  • Customer focus
  • Leadership
  • Engagement of people
  • Process approach
  • Improvement
  • Evidence-based decision making
  • Relationship management

Trust your Trustees, Direct your Directors, Manage your Managers and Empower your Employees(TM)

Don't be these Investors - Invest in Financial Companies that have CERTIFIABLE Quality Management Systems that Prevent such actions.

  • 5,300 Wells Fargo employees created 2 million phony bank accounts and racked up huge fees, raking in commissions from their employer for being such great salespeople for the bank's services; meanwhile, the fees associated with the 2 million fake accounts created the appearance of much greater earnings for the bank, which it trumpeted to its investors. "".

Do not invest your personal or family net worth - at any dollar amount $100.00 or $100M - into a bank, finance, or credit intermediation company (non-depository lender) company that cannot prove they are operating at the highest standards of efficiency, regulatory compliance and accountability: on a daily basis and at a transactional level.

Years of experience supported by contemporaneous information available from public information sources has enabled MortgageQuote to arrive at the following cautionary memo for investors who seek to become or are already are, shareholders & stakeholders in a Financial Services Company: Poor or ineffective management systems and management skills are the primary blame for business failures in this finance industry.

Ask the company the following three important questions:

  1. Determine the cost of nonconformity based upon existing systems. Disclose your history of errors and omissions claims; network-wide, including your divisions, sub-divisions and franchisees.
  2. Ask if the company if it is ISO 9001:2015 certified. Certification is the provision by an independent body of written assurance (a certificate) that the product, service or system in question meets specific requirements. Statutory, Regulatory, Shareholder -- on an annual basis. DO NOT TAKE THE MANAGEMENT'S WORD: "Oh, we are already compliant...."; or we are developing the system right now. Ask them to PROVE IT - daily. Afterall, the company will have use of your investment capital "daily"; so they must be able to prove they are in continual compliance for as long as they possess your capital. Or, if they are only developing systems, tell them you will wait until the system is developed and proven to be effective, via certification by a third-party auditor.
  3. Is the company able to provide evidence that it is in continual compliance with all business processes at a transactional level? If you ask, "show me the following transactions and let me know what stage they are at", is the company able to provide you with this real-time level of accountability?

If not, consider an alternative to investing.

What are the implications to shareholders and stakeholders who do not insist on this quality management level of performance?

Here are some names of businesses that shareholders and stakeholders wish had effective, certifiable quality management systems in place:

Principal Group (Canada)

Canadian Commercial Bank (Canada)

Tower Mortgage Ltd. (Canada)

Lehman Brothers (USA)

Home Capital Group Inc. (Canada and USA)

MortgageQuote suggests the following: do not become a shareholder or stakeholder in a credit intermediation business unless the management and directors are able to demonstrate that the credit department (lending) has implemented an effective, certifiable quality management system (risk management system). In an industry based upon obligations, both to the regulatory bodies and general public, you owe it to yourself.

Board of Directors & Senior Management for Financial Institutions

Duty of Care for Regulated Financial Institutions (RFI):

Board of Directors and Senior Management are responsible for the management of the RFI and ultimately accountable for its safety and soundness and compliance with governing legislation. Regulator's mandate to supervise includes apprising RFIs of situations having material risk that it has identified during its work, and recommending or requiring corrective actions to be taken. RFI's look to the Board and Senior Management to be proactive in providing RFI's with timely notification of important issues affecting the RFI.

Working within the OSFI Supervisory Framework

"Work with the system, not against it"; MortgageQuote's technology integrates within OSFI Supervisory framework for Federally Regulated Financial Institutions.

Why ISO 9000 & ISO 9001:2015 Quality Management?

Longitudinal empirical studies of public and private companies, and MortgageQuote Canada Corp.'s own experience over 10 years of continuous certification, demonstrates that certification to ISO 9001:2015 provides multiple and statistically significant benefits including:

  • - abnormal profitability as compared to non-certified peers
  • - demonstrable increase in sales volume by unit and revenue
  • - measurable significant efficiency resulting in increased EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) over both short and long terms
  • - process control resulting in certifiable statutory, regulatory and process compliant operations at a transactional level for each and every transaction
  • - integrated reporting of source origination documents, management documents and regulatory documents for: quality review, regulatory or non-regulatory audit, or litigation purposes
  • - implementation of effective preventive measures and internal operating controls that ensure that nonconformity of a statuatory, regulatory or process nature do not occur, to reduce errors and omissions claims.reduced errors and omissions annual insurance premiums or claims or both
  • - a technology independent platform that can be transferred to any finance sector jurisdiction, nationally or globally
  • - a quality management operating framework that is scalable from 1 employee to 100,000+ employees
  • - self correcting, transparent and integrated management system that gives confidence to the shareholders that the company Directors, Executive Officers, Management and Employees are working daily in accordance with the vision of the founding principles; efficiently, effectively and in a statutory and regulatory compliant manner
  • - development of a series of internal controls that deliver effective risk management and returns consistent, sustainable shareholder value over the long term
  • - independent annual audits by qualified third party auditors

MortgageQuote Canada Corp.'s Leadership Role

MortgageQuote Canada Corp. (MortgageQuote) knows Quality Management-in-Finance and statutory, regulatory and process compliance. Since May 2008, our Quality Management System is certified to ISO 9001:2015 standards for the scope of Mortgage Brokerage and since June 2015, our Quality Management System is certified to ISO 9001:2015 standards for the additional scope of Mortgage Banking.

Since 2008, MortgageQuote's quality management system certification registrar and external auditors is the world leading, BSI the British Standards Institution (BSI Group). Operating by Royal Charter, BSI Group is the the world's oldest (established in 1901), largest and most respected standards certification and registration body.

While we are a functioning mortgage banking (defined as mortgage lending in Canada) and mortgage brokerage firm, MortgageQuote is also internationally recognized as experts in design, development and deployment of enterprise-class, certified and non-certified mortgage banking systems based upon the ISO 9000 family of quality management standards, guides and tools.

USER # 1

We are not just consultants, MortgageQuote operates functional mortgage lending and mortgage brokerage business divisions, whose own quality management systems are certified to ISO 9001:2015 standards. MortgageQuote Canada Corp.s certification is for the following scope:

Provision of mortgage banking and mortgage brokerage services.

MortgageQuote's ISO 9001:2015 certified Canadian quality management-in-finance and statutory, regulatory and process compliance technology is available to: OSFI-regulated financial institutions, government, quasi-government, non-government organizations, industry regulators, professional services companies and international financial services companies.

According to the Swiss-based World Economic Forum, since 2008, Canada is renowned world-wide for Trustworthiness and confidence in it's finance sector, so it is no wonder that Canada (coincidentally, since 2008) is also home to the world's leading advisor, namely, MortgageQuote Canada Corp., of ISO 9001:2015-certified based, quality management systems that address the need for effective statutory, regulatory and process compliance management, operations processing and reporting systems for the finance sector.

#1 in Canada for Quality Management: Best-in-Industry Sector & Best-in-Industry Class

Proof is here

ISO 9000 & ISO 9001:2015 Quality Management Principles: Creating Trust & Confidence in Global Commerce

Developed by the International Organization for Standardization (and first published in 1987), ISO 9000 is a family of standards that "address various aspects of quality management...the standards provide guidance and tools for companies and organizations who want to ensure that their products and services consistently meet customer’s requirements, and that quality is consistently improved."

Click here to learn more about the ISO 9000 Quality Management Principles.

ISO 9001:2015 Risk Based Thinking - Regulator Level Controls

In 2016, MortgageQuote transitioned to the next generation quality management standards, ISO 9001:2015; a risk-based standard.

Learn more

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