Improve efficiency and maximize the value you receive
If your idea of vendor management is a spreadsheet and a one-time vendor review, it’s time to rethink your approach to managing your third party relationships.
Vendor management is much more than checking off a box for the auditors, although meeting NCUA and other federal regulatory requirements is the first reason you should have a comprehensive program in place. The second reason is to ensure good business practices—contract management, knowing how your vendors are protecting your interests, performance reviews, and risk assessments—are being performed. Regardless of asset size or staff resources, you can implement a vendor management program that meets your compliance needs while adding value to your credit union.
In this podcast, Andy Vanderhoff, CEO and Founder of Quantivate, discusses a successful vendor management strategy. Andy explains:
- Four good business practices that will help protect your credit union
- Pros and cons of a central versus distributed approach
- Ten questions to ask during a due diligence review, and why you should do it on a regular basis
- What credit unions typically miss during a due diligence review
- How to perform a risk assessment
Quantivate is exhibiting at the upcoming NAFCU Technology and Security Conference, February 26–28 in Austin, TX.