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Credit Unions

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Venminder has vast experience in helping credit unions meet NCUA and industry guidelines on third party risk management.
Why Venminder

Credit Union Expectations for Third Party Risk Management

The NCUA expects credit unions to have the appropriate procedures in place to anticipate, identify and mitigate vendor risks to their institution and members. 

Considering the NCUA Supervisory Letter is slightly dated (07-01) , you should follow not only the guidance in the Letter but also more recent best practices in the industry and from other regulators. You can be certain that the NCUA examiners will turn to more updated practices, such as those in the FFIEC manual.  

As a credit union, you are expected to:

  • Have a policy, program and procedures in place
  • Complete and maintain due diligence
  • Monitor vendors on an ongoing basis
  • Make proactive decisions based on due diligence
  • And more…
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How We Help

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Software

Centralize the data on your third parties to efficiently manage, monitor and risk assess your third parties.
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Outsourced Services

Our industry experts and certified team can become your cost-effective staff augmentation answer.
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Scalable

One size does not fit all. Whether you are a small or large organization, our solutions can be customized to your specific needs.
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Hot Button Issue
Third Party Cybersecurity Concerns

The NCUA expects credit unions to have the appropriate procedures in place to anticipate, identify and mitigate cybersecurity risks to their institution and members.

NCUA examiners are using the FFIEC’s cybersecurity assessment tool as a guide for assessing cybersecurity risks in credit unions.  

It’s important that you demonstrate you are taking proactive steps to identify and mitigate potential areas of weakness. Otherwise, when, not if, a breach happens, be prepared to pay in fines, reputation loss, lawsuits, lost members, loss of member confidence and more. 

 

Meeting Credit Union Regulations on Third Party Risk Means:

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have a third party risk management policy and program in place.

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Complete and maintain due diligence

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Monitor vendors on an ongoing basis

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Copyright © 2019 Venminder, Inc
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Copyright © 2019 Venminder, Inc