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manage, assess and mitigate vendor risks.
The NCUA has high expectations for third-party risk.
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.
Build Processes that Drive Consistency
A secure, purpose-built customizable software platform that centralizes "all things vendor" and allows your teams to effectively collaborate with business associates for program efficiency.Learn More
Identify Risks and Reduce the Workload
Streamline due diligence and free up internal resources with Venminder's Control Assessments. Order new or search the Venminder Exchange for pre- completed assessments.Learn More
Access Skilled Expertise to Guide Program Success
Qualified and certified third-party risk experts are available for questions or to assist in guiding your program to success. Includes CISSPs, CPAs, financial risk analysts, paralegals and more.Learn More