AuditLink, the auditing and compliance division of CU*Answers, and TrustExchange, a firm which helps financial institutions automate their vendor compliance monitoring, recently presented their first in a series of four web conferences designed to review the latest regulatory requirements, guidelines and best practices for vendor compliance management.
“Due to recent regulatory changes, vendor management has become an urgent focus for credit unions and CUSOs,” said Jim Vilker, VP of Professional Services for AuditLink. “This first web conference concentrated on the fundamentals of a sound vendor management program that meets those changing requirements in a way that scales very well.”
Ed Sullivan, CEO of TrustExchange added: “The expectation is that these relationships are monitored through their entire lifecycle from initial vendor selection, implementation, operations and contract renewal. It’s a complex problem that’s compounded by the inherent risk of the services offered and the number of vendors engaged. TrustExchange solves the problem by providing a platform for both vendors and credit unions to share this key information as it changes over time.”
The first session was designed for credit union and CUSO leaders to establish a top down understanding of the process and present solutions to overcome the burden. “Our goal is to present insight from the top down in an organization,” concluded Vilker. Future sessions will be designed for those directly responsible for the vendor management and dive deeper into the components of the criticality assessment phase. For more information, visit https://auditlinksuite.cuanswers.com/.