skip to the main content area of this page
Credit Union Vendor Management Program

NEW! CU Vendor®: Taking the Pain Out of Third Party Due Dilligence

image of vendor contracts

To comply with the NCUA’s Guidance for Evaluating Third Party Relationships Risk (NCUA Letter 07-CU-13) credit unions must take a much more pro-active role in managing alliances with key vendors. To meet this need, The Paragon Consulting Group has joined with the business continuity experts at Quantivate® and the legal team at Farleigh Wada Witt Attorneys to develop CU Vendor©— a comprehensive suite of services for managing third-party due dilligence.

This comprehensive package of services ensures the following:

  • Management tools specifically designed by Farleigh Wada Witt to meet NCUA's regulatory requirements
  • Qualified risk assessments and due diligence facilitated by the experts at Paragon for all your significant vendors
  • Powerful web-based Prizm©software designed by Quantivate® for documenting vendor relationships, creating key date-triggered notifications, and storing contract documentation in a highly secure, centralized location
  • Useful and customizable reports to facilitate good management processes and speedy, successful audits
  • Ongoing service and support that frees valuable credit union resources for other tasks, and provides consistency and continuity across the due diligence process

CU Vendor®: Three Components, One Perfect Solution

CU Vendor
COMPLIANCE
Management Tools Designed to Meet or Exceed Regulatory Standards 		CU Vendor Tools have been developed by Farleigh Wada Witt to provides credit union clients with highly effective vendor management processes that satisfy all regulatory requirements.
 
CU Vendor Compliance includes the following valuable tools:
  • Due Diligence Checklist
  • Operations/Compliance Manual
  • Board Policy Template
  • Risk Assessment Template
  • Vendor Performance Score Card
  • Vendor Termination Guidelines
  • Reporting Guidelines

Best of all, Farleigh Wada Witt provides its guaranty that the management tools will always comply with current NCUA requirements.
CU Vendor
SOFTWARE

Secure Web-based Software Tools for Centralizing Vendor and Contract Assessments 		Prizm© software, developed by Quantivate® is a highly robust and comprehensive online application, designed to exceed industry standards for managing third party relationships.
 
Prizm© Software includes the following key features:
  • Elegant Management Reporting
  • Completely Customizable Data Tracking Elements
  • Licensed 24/7 Technical Support
  • Seamless integration into Business Continuity Planning
CU Vendor
SERVICE

Complete and Ongoing Service from Vendor Management Experts 		The Paragon Consulting Group provides customized, outsourced support to make full use of the CU Vendor Management Tools and Prizm© Software.

Working with your staff on an ongoing basis, Paragon’s experts ensure your due diligence goals are met in the following critical areas:
  • Developing a Due Diligence Plan
  • Establishing Key Vendors/Contracts
  • Reviewing Vendor Contracts
  • Reviewing SAS-70 Documents
  • Conducting Risk Assessments
  • Performing Background Checks
  • Providing for Periodic Reporting, Monitoring and Control
  • Facilitating Annual Management Updates and Auditing Reviews
For more information about the CU Vendor® Program, please contact Sue Girsch
at 888.755.2725 between 9am-5pm Pacific Time