Date: March 18, 2014
Time: 3:00pm - 4:30pm
Credit unions use a wide array of vendors to perform daily services. Managing vendor relationships is becoming more difficult and regulators are placing more emphasis on the security of member information and the potential risk of vendor nonperformance. Every credit union is now required to maintain a written vendor-management program. This webinar will thoroughly explain the elements of an effective vendor-management program, including risk assessment, due diligence when selecting vendors, contract review and structuring, vendor monitoring, and termination. It will also address your credit union’s potential liability for the vendor’s performance and the relevant accounting rules.
Continuing Education: Attendance verification for CE credits upon request
- Regulator expectations of the credit union’s vendor compliance management program
- Assessing risks imposed by the vendor relationship
- Due diligence process in selecting the vendor
- Contract negotiation: what terms should be included and the things to avoid
- Effective, ongoing monitoring and evaluation of the vendor
- TAKE-AWAY TOOLKIT
- Sample questionnaire to use for ongoing vendor monitoring
- Sample form for terminating a vendor relationship
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will benefit any staff responsible for vendor or other third-party contracts, such as compliance officers, operations personnel, attorneys, and management.
Webinar content is subject to copyright and intended for your individual credit union’s use only.