Last week we attended (and sponsored) the Risk Management Association's 12th Annual Governance, Compliance and Operational Risk Conference in Cambridge, MA. What follows are some key takeaways and summary.
Yesterday, our partner AuditLink, hosted their 3rd webinar in a 5 part series discussing how Credit Unions can more effectively comply with Vendor Management regulations. The webinar was hosted by Jim Vilker, the VP of Professional Services at AuditLink and focused on the monitoring requirements in the regulations.
Jim opened by reviewing the latest vendor management guidelines and requirements published by the FFIEC and OCC (OCC Bulletin 2017-7) . The key takeaway was the new monitoring requirements add a significant amount of work that must be done in order to effectively monitor vendor performance and compliance. The additional cost associated with these new monitoring requirements can be significant as the increase in the amount of work required has increased exponentially. The only way to scale this is through automation. AuditLink uses the Trust Exchange platform for vendor management and to automate their monitoring thus significantly reducing the direct and indirect costs of vendor monitoring compliance.
He also discussed responding to alerts generated through the Trust Exchange application, what they mean, their criticality and best practice actions. Prior to taking questions, Jim demonstrated some of the key features in the Trust Exchange dashboard. The dashboard is designed to provide key vendor compliance information at a glance.
The Trust Exchange is a community of businesses who securely disclose and monitor key information to increase their trust in each other. Compliance is a key application for our platform and we are redefining how credit union vendor management should be done. To learn more about how we work with partners like AuditLink to solve compliance problems in many industries, follow the contact link below.