Vendor Management
To comply with NCUA’s recent Guidance for Evaluating Third Party Relationships Risk, credit unions must take a much more pro-active role in managing alliances with key vendors.
The Paragon Group has joined with Quantivate® and Farleigh Wada Witt to develop a comprehensive suite of services for credit union vendor management.
This comprehensive package of services ensures the following:
- Management tools designed specifically to meet changing regulatory requirements
- Appropriate research and due diligence necessary to satisfy regulatory compliance
- Powerful software for entering, storing and auditing vendors and contracts
- Useful and customizable reports to facilitate good management practices
- Ongoing service and support that frees credit union resources for other tasks, and provides consistency and continuity across the due diligence process
Two Solutions
Option 1 – Full Service
The Paragon Group has joined with Quantivate, LLC and Farleigh Wada Witt to develop a suite of services for credit union vendor management. The vendor management program was developed to provide credit union clients the key resources necessary to implement a vendor contract management process with the management tools necessary to satisfy all regulatory requirements. Farleigh Wada Witt provides its compliance guaranty that the management tools are designed to comply with NCUA requirements.
Implementation and SupportThe Paragon Group provides customized, outsourced management to make full use of the vendor management tools and Prizm Software. Working with your staff, Paragon’s experts ensure your due diligence goals are met in the following critical areas:
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Powerful SoftwarePrizm© software, developed by Quantivate is a highly robust and comprehensive online application, designed to exceed industry standards for managing third party relationships. Prizm Software includes the following key features:
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Compliance ToolsA toolbox of forms and policies, designed to satisfy all regulatory requirements, has been provided by the law firm of Farleigh Wada Witt. Compliance includes the following valuable tools:
Best of all, Farleigh Wada Witt provides its compliance guaranty that the management tools are designed to comply with NCUA requirements. |
Option 2 – Implementation Service
The Paragon Group has joined with Farleigh Wada Witt to provide implementation services only for your due diligence process. We know you may have a software solution in place but the need to provide a compliant due diligence process never goes away. Let us take the heavy lifting from you. Farleigh Wada Witt provides its compliance guaranty that the management tools are designed to comply with NCUA requirements.
ComplianceManagement Tools |
Due DiligenceImplementation |
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Live Demonstrations
More Information About Vendor Management
For more information about vendor management, click on one of the following links:
- Credit Union Times web seminar titled “Maturing Your Vendor Management Program”
- Credit Union Times podcast of interview with Sue Girsch
Request a face-to-face meeting.
If your Credit Union is considering using Paragon Vendor Management and would benefit from a live demonstration, please let us know by selecting “onsite demonstration” from the webinar date list. Please also add pertinent comments when you register.
We will contact you by phone to discuss the details.
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ERM demos are Friday @8:30
VM demos are Friday @ 10:00
BCP demos are Wednesday @10:00