Credit unions, today, utilize an increasing number of outsourced, 3rd party providers/vendors to deliver quality services to their operations and members. The complexity of managing these relationships can be time consuming and daunting even for a credit union with many resources. In addition, credit unions now have to deal with an increased level of compliance described in recent letters from the NCUA regarding vendor selection and management.
The solution we offer is a collaborative effort (with multiple credit unions) to eliminate redundant research and due diligence. In addition we believe it would be a natural extension of this model to offer other related services. The features we offer to participating credit unions would include:
Evaluate vendors and appropriate due diligence on common vendors in our market
Establish and implement consistent “best practices” for vendor due diligence
Investigate new vendors or products
Warehouse and update vendor due diligence
Provide compliance & consulting services to participating credit unions
Implement a software solution to manage Vendor Management workflow
Work with NCUA to ensure compliance with applicable requirements
This service will bring a consistent shared resource to credit unions no matter their asset size or resources they have available.
Benefits:
Credit Unions –
Simple, Consistent solution for vendor due diligence support
Peer collaboration and on vendor selection process
Centralized Compliance and Consulting resources
Industry based best practices (initial research & updates) for Vendor selection
Vendors –
“White Knight” status as a vendor
Consistent format for due diligence & updates
Reduced burden of redundant requests
Membership
Membership provides:
Access to the NCIS network of credit union contacts
Access to online member forums & peer to peer inquiries
20% discount on all compliance or consulting services
Membership in advisory councils
Software Solution for VM workflow
For a reasonable initial investment and a modest monthly fee you will have access to many of the services offered by National VM Network. For more information on the cost associated with joining National VM Network, contact Rock Carter
Member Benefits:
Expertise: Whether you are evaluating new solutions, searching for policies, looking for feedback on the latest changes in regulatory requirements, or simply want to know what strategies other credit unions implement. We will warehouse information and tap industry sources for expertise.
Local Peer Networking:
Curious what other CUs in your area are doing? We will facilitate meetings providing members with an opportunity to share experiences, ask questions and collaborate face to face with their peers. Our plan is to have a regular luncheon with education presentations and group discussions.
Regulatory Involvement & Collaboration:
We would maintain a close relationship with federal and state regulatory representatives and monitor NCUA developments in the areas of vendor management and compliance.
Education & Awareness:
Our research and industry contacts will enable you to have sources for staying up-to-date with the latest best practices. We will also join other industry groups to increase our vision and scope of expertise. We will also make white papers and other topical ideas available to the network.
Cooperative Purchasing:
The network will have a voice with vendors that will enable increased value in negotiations with vendors. Also, we can share product and vendor experiences to gain impartial advice from peers.
National Forum Networking:
We will connect with other Vendor Management Forums and resources to be sure our best practices and updates are always reliable and current. We will focus on the local credit unions but maintain contacts and resources nationally.
