Preparing for Your Exam: How to Stay Ahead with Vendor Management

As your credit union prepares for its upcoming exam, it’s essential to ensure your vendor relationships are both stable and compliant. CUVM offers solutions that help streamline vendor evaluations, maintain compliance, and reduce risks. Here’s how to get prepared:

Thoroughly Vet Your Vendors

When considering new vendors, it’s important to look beyond the obvious choices. Take time to assess vendors based on your credit union’s specific needs. Doing your due diligence helps you choose a vendor that provides the most value — not just the most convenient option. While it may involve a higher initial cost, the right vendor can deliver superior service and protect your credit union in the long run.

Stay On Top of Contracts and Monitoring

Ensure all vendor contracts are fully executed and in place. But don’t treat vendor management as a one-time task. Regularly evaluate your vendors and monitor their performance throughout the year. With CUVM’s support, you can streamline this ongoing process, ensuring your vendor relationships continue to meet your needs and compliance standards.

Evaluate All Risks

It’s important to assess all potential risks your vendors may present—whether strategic, operational, legal, IT, or cybersecurity-related. By addressing these risks proactively, you can avoid costly surprises and maintain a secure, robust vendor management program.

With CUVM’s services, your credit union can stay ahead of any potential vendor-related issues, ensuring a smooth and successful audit. Let CUVM help you with ongoing assessments and monitoring, so you can focus on what matters most: providing top-notch service to your members.

For more information on how CUVM can assist your credit union, please visit CUVM.org or contact our dedicated team at info@cuvm.org.