As discussed, last week was the first of a series of webinars focused on Credit Union Vendor Management we are co-hosting with our partner AuditLink. As regulators focus their attention on Vendor Management, Credit Unions have begun searching for solutions to this complex problem. AuditLink and Trust Exchange have developed a joint offering that solves this difficult problem.
Credit Union Vendor Management Overview
The webinar opened by reviewing the requirements for vendor management and the best practices. The new regulations, guidelines and policies were reviewed in detail. Jim Vilker, Auditlink's VP of Professional Services summarized the current of compliance readiness by stating that less than 50% of the vendors being engaged are not ready to be vendors for Credit Unions. Credit Unions must take the lead in ensuring their vendors are compliant.
Credit Union Vendor Database
Jim also provided a summary of the vendors that are being monitored on a daily basis via the Trust Exchange Platform. Our joint Credit Union clients are actively monitoring 317 Vendors that are broken down into 5 tiers based on their risk profiles.
- 79 Tier 1 Vendors
- 31 Tier 2 Vendors
- 9 Tier 3 Vendors
- 62 Tier 4 Vendors
- 136 Tier 5 Vendors
Vendor Management Cost Reductions
Jim also explained how Credit Unions are achieving cost saving 80% over their prior Vendor Managment Software. On a typical implementation, Credit Unions save thousands of dollars because the heavy lifting was done by the peer-to-peer network. 8 out of 10 vendors are already being monitored in the system. This can save 1-2 FTE on the typical vendor management implementation.
Don't Miss Out...Sign up for Next Webinar
The next webinar in the series will be held on 12/19.