Managing Vendor Management and Assessing Third Party Risk

Credit Unions increasingly rely on vendor relationships for critical internal operations, as well as member services.  Vendor partnerships can provide certain advantages, but can also be accompanied by strategic, financial, reputational, and legal risks to your institution – you can never outsource risk!  This program will provide a practical vendor management framework that can help your Credit Union build, incorporate, and sustain a robust, risk-focused vendor management program and culture that you can tailor to your own strategic objectives.     

Topics Covered in this Course

• Macro View:  Why Vendor Management and Understanding Third Party Risk is Important at your Credit Union
• Common Vendor Management Pitfalls
• Managing Vendor Management and Assessing Third Party Risk at your Credit Union
  • Risk Assessment
    • Identifying Internal Challenges and Aligning Vendor Partnerships with your Credit Union’s Strategic Goals
    • What Defines Success in the Vendor Relationship?

• • Vendor Due Diligence
    • Knowing Your Vendor – The Business, the Industry, the Reputation
    • Contract Negotiations
  • Ongoing Monitoring
• How Good is your Credit Union at Managing Vendor Management?

*This program does NOT qualify, nor meet the National Standard for NASBA accreditation.