Risk Alert: Examining Vendor Management Risks

Credit unions work with numerous vendors and third-party providers to deliver products and services to their members. In fact, these thirdparties often play an important role as you strive to become more competitive. But partnering with these vendors doesn’t come without risk. Managing risks associated with these relationships is a critical aspect to maintaining a successful operation.

Recording / Slides Available: Listen to this Vendor Due Diligence webinar as our Risk Management Consultants discuss steps and potential miscues that occur when forming new third-party relationships or maintaining existing ones.

Vendors play a key role in your organizational success. However, relying on vendors can also introduce added risk, and managing these relationships is important. A best practice is to rank and evaluate vendors according to their criticality. “This determination should not just be made based on the amount of exposure a vendor has to sensitive information, but instead based on the criticality of the function it provides,” suggests Jim Bullard, CUNA Mutual Group Senior Risk Consultant.” In other words, what would the impact be on the credit union and its members if this vendor disappeared tomorrow?”

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