Credit unions are under increased pressure to find ways to better manage third-party vendor relationships. To maintain compliance, credit unions need to have systems in place to ensure that they meet standards for managing their third-party agreements. A sound contract management system will provide peace-of-mind when preparing for your next exam, without draining the vital resources required to operate your credit union. Effective systems will have tools for organizing agreements; assessing risk; tracking and monitoring third-party agreements; and ensuring critical document retrieval. It is important to ensure that credit unions adopt a system that meets these critical standards.
To that end, LEVERAGE is pleased to offer Credit Union Vendor Management (CUVM). CUVM offers a complete solution for managing third-party agreements. Created by credit unions, for credit unions, CUVM was designed to provide relief for credit unions that are challenged with contract management. It also meets all NCUA compliance standards that accompany this task. The cloud-based platform is offered as a software-only solution or as a full-service solution.
The CUVM full-service solution includes:
- A dedicated analyst
- Tracking and notifications for key contract dates and terms
- Collection of due diligence from high and medium risk vendors
- Limited reviews of critical vendor documents
- A robust database of more than 3,000 vendor partners
- Sample vendor-management policies
- A built-in vendor risk rating system
The combination of a dedicated analyst and the limited reviews conducted on high risk relationships, ensure that your credit union is kept up-to-date with vendor performance and alerted to potential problems with third-party providers. Our risk rating system provides the tools required to adequately asses the risk that each vendor represents. The system is designed to provide the information you need to successfully navigate an NCUA exam with regards to 3rd party vendor management. CUVM analysts are available to support your credit union in every step of the vendor management process.
For those credit unions that want to maintain the vendor management function in house, CUVM offers a software-only platform. The cloud-based solution offers all the advantages of the full-service solution, but does not include due diligence collection, limited reviews, or contract monitoring. This solution will provide the credit union with the tools necessary to more than surpass the compliance standards established by NCUA when it comes to third-party vendor management.