Vendor Management

A Complete Vendor Management Service

AuditLink, a division of CU*Answers, has put together one of the most robust vendor management services in the industry to meet growing regulatory burden and assist credit unions and CUSOs in assessing and managing critical vendor relationships

Offering AuditLink Suite Package Assessments of Vendors

We will assess your financial institution’s vendors to determine their criticality and risk. The assessment will rate each vendor and determine if on-going monitoring will be required. We will also provide you with a report to present to your board detailing the process we underwent, the methodology used to determine criticality, and the final results of the vendor review.

We will also create requirements for your vendors for the on-going monitoring of due diligence. Never final, we will work with you to keep your assessment updated through vendor changes and annual reviews.

Monitoring

This is where AuditLink goes to work for you. We have experienced staff reviewing your vendors daily. We request, review, and upload your vendor’s due diligence, easing the time-consuming burden from you. We collect financial statements, insurance certificates, disaster recovery plans, annual SSAE18 SOC audits, and more. Maintaining relevant due diligence is vital to protecting your company’s operations, reputation, and risk of doing business.

Working with your vendors is a key component of the monitoring services, and our network approach to vendor management means that we have a majority of the biggest vendors of the credit union world already under management with established communication channels. We work with you to build communication channels with vendors unique to you, and have their due diligence added to the platform in no time!

Reporting and Communicating

AuditLink provides a portfolio on the AVM site which includes each critical vendor. We upload due diligence to the site, including a review of the document and tracked expiration dates. Additionally, if you use the system for contracts, you can subscribe to alerts for custom notifications you set.

Review of Existing and New Vendors

The AuditLink team will perform an annual review of new and existing vendor relationships with you. New vendors and services added during the year will undergo an evaluation process to determine the criticality and monitoring requirements of that vendor. Remember though, this annual evaluation in and of itself does not constitute a full due diligence process; continuous monitoring is required.

Contract Management