While third-parties can provide tremendous value and benefit to credit unions, they also pose significant risk if not properly managed.  Given the variety of vendors utilized within the industry, as well as current efforts being utilized by credit unions in contracting with vendors to help increase income and decrease expenses, the NCUA has indicated that the management of third-party relationships, including written policy and procedures, will be an area that receives increased attention throughout 2008 examinations. 

The Rochdale Group’s Vendor Management Program will provide you with the necessary policy and procedures to meet your credit union’s compliance needs.  The program also includes the necessary resource tools including a business justification and risk evaluation, a formal risk assessment process and several checklists to help ensure that your credit union is adequately managing its third-party relationships.