Vendor Management

A Logical, Logistical Approach to Oil and Gas Supply Chain Compliance

Congratulations to Catherine Muldoon and Shelly Barard, who work for our customer BDP International, on the publication of this article:  A Logical, Logistical Approach to Oil and Gas Supply Chain Compliance.       The article was published in The Association for Corporate Counsel's "Docket." 

The article describes the complexity of the oil and gas supply chain and the specific international anti-corruption regulations.  They detail their approach to ensuring compliance and the various consequences of non-compliance including criminal charges, fines and reputational damage to companies.  They also touch on the negative impact corrupt practices can have on developing countries across the globe.  

Catherine and Shelly explain how they use TrustExchange's (aka G2Link) platform to ensure compliance and increase the trust and transparency between their suppliers.  They even  include a nice quote from me:

“Leveraging the advantages of cloud computing organizations has an unprecedented opportunity to more rapidly share their valuable data within their extended organiza- tion including customers, employees, partners, and vendors,” says Edward Sullivan, CEO of G2Link. “When the collaborative economy technologies are fully embraced by enterprises, the value is exponential. Automation and true real-time decision making have come of age.” 

You can download and read the entire article HERE.

If you want to learn more about how TrustExchange can help REQUEST MORE INFORMATION.

 

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Vendor Compliance Monitoring for Credit Unions

Yesterday we co-sponsored a webinar with our partner, AuditLink.  This was the first in a series of web conferences we will be hosting for Credit Unions and CUSO's regarding their unique challenges with Vendor Compliance.  

This first webinar detailed the key aspects of a vendor compliance program and the solution being offered jointly by AuditLInk and TrustExchange.  

Here is the video of the slides we used.  A recording and q&a will also be available shortly.  If you would like more information or a demonstration, please fill in the form below.

 

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The Credit Union and CUSO Compliance Knot

Credit Unions and CUSO's are facing a tough compliance landscape.  After the passing of Dodd-Frank, vendor management,  as applied to financial institutions became much more complex.  Each regulatory body (OCC, FDIC, NCUA, OCC and the Federal Reserve) has issued their own rules and guidelines for achieving and maintaining compliance with the new regulations. The monitoring aspect of these guidelines require financial institutions and their vendors to communicate and exchange critical information more frequently and on a much deeper level.  CUSO's (Credit Union Service Organizations for the uninitiated) and some financial "super vendors," have a particularly challenging problem with compliance due to the multiple layers of one-to-many relationships. 

The monitoring requirement for Credit Union and CUSO compliance, increases the number of minimum interactions between a vendor and credit union exponentially.  The frequency and depth of these interactions depend upon the risk posed by each service provided.  High risk vendors (payments, clearing, settlement) must be monitored at a higher frequency than low risk vendors (non-core, staffing, facilities etc.).  For example, a high risk vendor might require the review of monthly SLA's, quarterly performance and qualifications, whereas a low risk vendor might only require the review of insurance and qualifications annually. 

Adding to this compliance complexity for CUSOs is the fact that many of them provide more than one service and may utilize downstream vendors as well.  Each of these services has an independent risk profile and associated monitoring frequency.  Just delivering these compliance documents to their Credit Union clients can quickly become an unmanageable problem:  a seemingly infinite number of interactions.  This is an exponential problem and unfortunately, the existing tools (email, spreadsheets, people) are linear solutions and won't solve it without increasing costs.

Fortunately, the latest influx of solutions from the Internet has provided us with several models that give us hints on how to untie this knot.  For instance, the sharing or collaborative economy model illustrates a clear path to getting to scale without breaking the bank by opening up the data and enabling each participant to create valuable data. 

At TrustExchange, we've studied this problem from several industry points of view:  finance, logistics, shipping and healthcare and have built a product that leverages a few of these key innovations to solve the compliance problem.  Credit Unions and CUSO's have a unique  compliance challenge because of their position as a "super vendor" and sitting in the middle of a large compliance interchange.  By creating a solution that leverages lessons from the collaborative economy, we've built a scalable collaborative compliance platform that solves this problem for CUSO's and Credit Unions simultaneously.

 

Contact us to learn more about how we can solve this problem for you! 

CONTACT US!!