As part of its recent CEO Strategies Week, 100% credit union-owned CUSO, CU*Answers, reiterated how dozens of credit unions nationally were already utilizing its previously developed Risk Management Report Generator tool, provided free to any credit union requiring this type of resource.
A spokesperson for CU*Answers added how Third Party Risk Assessments are time consuming, difficult, and often one of the last things on the minds of credit unions when making a decision regarding a new product or service. He added that as a result of this required due diligence, CU*Answers credit union owners requested the CUSO to develop a standardized toolset which could be utilized by any credit union.
CU*Answers responded by developing its Risk Management Report Generator. They said that with this tool, credit unions are able to more effectively complete third-party evaluations for any business partner, while simultaneously building a database of information for automated review and retrieval. CU*Answers added this valuable resource allows credit unions to more quickly and effectively identify their vendors, complete a contract abstract for each vendor, create reports to analyze potential risks, then compare that analysis to the same set of examiner’s questions under which financial institutions are tested.
They concluded by saying that any credit union desiring any additional information or having further questions may contact a CU*Answers representative for assistance.