Credit Unions

Webinar Recap: Credit Union Vendor Monitoring

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.

Focus: The Cost of Vendor Management

We're co-hosting an event with our partner Audit Link this Wednesday, March 29th from 11to 11:30 ET.   The web conference will focus on the cost of Credit Union Vendor Management.   There will also be q & a with Jim Vilker, VP of Professional Services and Edward Sullivan, CEO of TrustExchange.

The webinar will cover the following topics:

 

•FFIEC and new OCC guidelines and requirements

•Responding to Alerts or expired/updating due diligence

•Periodic reviews and reports

•Non-responsiveness

•Business decisions

•Performance

•Contracts

• Report to management significant findings

•Report to Board on significant findings

•Keeping up with the changing regulatory environment

 

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.

More details can be found HERE.

Trust Exchange 2017 Release is LIVE!

Release Features

This major release launches our new user interface, which features beautifully redesigned views, intuitive navigation and forms, greater user control over permissions and significantly enhanced reporting flexibility.  In addition to these platform upgrades, system updates have been implemented that increase speed and stability, several bug fixes have been applied, and support resources have been expanded.

Platform-wide User Experience Redesign

The new Trust Exchange user interface features attractive, easy to understand views and intuitive top level navigation in the left sidebar, as well links to user-friendly support resources and company information in the footer of every page.  In addition, helpful text descriptions and mouse over information is served up contextually throughout, and forms for searches, reports and information entry have been extensively redesigned for simple and efficient input of parameters and data.

Enhanced Dashboard Information

Dashboard pie charts have been replaced with dynamic graphs which provide detailed information on multiple aspects of portfolio list status at a glance.  The new dashboard also features a scrolling feed in the right sidebar highlighting summaries of new events created in portfolio companies.  The dashboard continues to offer direct navigation between portfolios, and list management, monitoring and reporting tools remain accessible via the list drop down menu.  New, expanded reporting capabilities can be utilized by clicking on the “Reports” icon in the navigation sidebar.

Intuitive, Versatile Reporting Tools

In the updated interface, reports are built using easy-to-understand report wizards and permit significantly increased reporting versatility.  Event Reports and Checklist Reports can be created for any number or combination of companies and/or portfolios. Each report type allows the user to select a custom set of events or checklists to report on, and the user may choose from several convenient, pre-set date ranges.

Flexible Company Profiles

Both company profile views and reports increase user control over the types of events displayed and the date range covered.  Enterprise tier users may now delete events which they themselves have created from a company’s timeline.
 

Expanded Company Information

Company information input forms are now tiered in multiple tabs, allowing a user to add basic information and then more details as desired.  A company owner has access to additional tabs to further complete their company’s profile.  This information works hand-in-hand with enhanced search capabilities and will allow prospective customers searching Trust Exchange to more easily find vendors who meet their needs.  Trust Exchange and its partners will also use this information to feature companies who meet the criteria of our enterprise customers who are seeking vendors with specific attributes.

Improved Document Management

Documents can now be uploaded in a user’s “Files” section via an easy-to-use form.  When attaching a document to an event, a user’s list of documents is served up at the bottom of the new event entry form, allowing a user to click to select any number of documents to attach them to the event.

Enhancements

Several useful enhancements have been implemented with this release:

  • Editing permissions can now be selectively granted for both private and public events

  • A “Comments” field, which displays in the Event Report as well as in event summaries, has been added to all event types

  • Users can now navigate to portfolios from a company profile

  • Functional organization is improved for portfolio and user settings

  • Many entry fields for event creation, checklist monitoring, permissions and reports throughout the platform now use incremental search rather than scrolling lists for input selection

#regtech: The Future of Compliance

I read an interesting article recently in FinRegAlert:  Fintech, Regtech and the Role of Compliance. In it the author points out the tension between the drive to adopt new financial technologies and complexity added by new regulatory requirements.   The article is a good summary of the information published by Thomson Reuteurs which can be dowloaded here. However, I do think it misses a key point in that the new regulatory requirements are an EXPONENTIAL increase in complexity which will never be fully addressed by incremental regtech. 

Exponential problems are difficult if not impossible to get under control and trying to solve these problems wtih linear solutions (more storage, processors or deploying more people etc.) is a fool's errand that can add unbounded cost.  The solution is exponential regtech!

Here at Trust Exchange we are working to solve these problems by bringing exponential technologies to the sharp edge of these challenges.  For instance, we are using crowdsourcing to solve the data collection problem inherent in most regulatory requirements.  Like Facebook collect information from the edge, compile it and present it in clear and actionable ways.  

If you wold like to learn more, CONTACT US for more information.  

 

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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Vendor Management Web Conference

We're co-hosting an event with our partners Audit Link on November 29th.   The web conference will review the latest regulatory requirements, guidelines and best practices for vendor compliance management.  There will also be q & a with Jim Vilker, VP of Professional Services and Edward Sullivan, CEO of TrustExchange.

 

Click HERE for more information and registration.

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!!