The digital transformation of compliance has begun. The emergence of technologies such as cloud computing, artificial intelligence, crowdsourcing and block chain have accelerated the pace of dematerialization in industry.
Trust Exchange is a social network designed to allow the free flow of real-time information between businesses. The Company’s technology-enabled platform allows businesses of all sizes and in all industries to connect, exchange and monitor up to the minute, mission-critical business information.
Trust Exchange is offering a free third party risk management check up for companies in all industries and of all sizes including: banking, credit unions, pharma, healthcare and municipalities.
Trust Exchange and Strategic Risk Advisors partner to provide a vendor risk management solution for banks.
We want to extend a warm welcome to new Vendor Management Community member Cincinnati Police Federal Credit Union! COPFCU has selected Trust Exchange and our partner AuditLink, to provide vendor compliance services to help keep its members’ assets safe, while they focus on keeping their community safe.
The Cincinnati Ohio Police Federal Credit Union was started on June 27, 1935 during the Great Depression to serve Cincinnati Police Officers and their families. Today, COPFCU serves more than 11,000 public servants and family members in Ohio and Kentucky, including public educators, firefighters and government employees as well as police. The credit union “strives to live up to its industry motto of “people helping people”. Their good works range from helping to collect funds for police officers battling cancer to providing financial education for area youth. You can learn more about COPFCU by visiting their website: https://www.copfcu.com/
Trust Exchange is disrupting the $40B Business Information Services market by enabling companies to securely disclose and monitor key information about customers, vendors, and partners with a centralized, secure cloud platform. Trust Exchange provides Collaborative Compliance, dramatically lowering the cost of compliance by helping institutions automate critical compliance activities, build deeper trust with customers, vendors, and partners, and monitor their own company’s reputation performance over time. Trust Exchange has tens of thousands of individual members as well as hundreds of customer institutions. Leaders like Nasa, Sodexo, Xerox and others count on Trust Exchange to streamline vendor management and compliance processes and deepen their trusted business relationships.
AuditLink is your execution arm for tackling auditing and compliance-related requirements and the supporting core system processes driving your operations. Credit Unions that work with AuditLink gain confidence knowing they have implemented effective procedures and controls to be in compliance with regulatory requirements. https://auditlinksuite.com
For more information, visit www.trustexchange.com
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Become a fan of Trust Exchange on Facebook: https://www.facebook.com/TrustExchange/
Since returning from RMA GCOR, I've been flooded with conversations about Third-party risk management. Customers, partners and prospects alike are going through an awakening regarding the risk posed by third-parties and it's interesting hearing all perspectives on the issue. The guidance provided by the regulatory bodies such as the OCC 's Bulletin has been clear regarding what needs to get done, however, there seems to be a lot of confusion regarding the "how" of the requirements.
Enter, "Third-Party Risk Management: Driving Enterprise Value" by Linda Tuck Chapman. In this recently released book, Linda lays out how financial institutions should go about building a world-class third-party risk management program. She does an excellent job of providing deep context on the problem, clear definitions of the risks associated and guidelines on implementation.
From her crystal clear definitions in chapter 1 to her tactics on monitoring in the last section of the book, Linda does a great job clarifying a difficult subject. I'm going to gift this book to all of my banking friends.
The book should be available on Amazon in the coming days. I'll update the post with a link to purchase. In the meantime, I have few to spare so send me a message if you'd like a copy HERE.