Part I – 3 Ways to Strengthen Your Credit Union Vendor Management

This is the first of two articles that addresses vendor management and how to strengthen the relationships you have with them. Credit unions rely on third-party providers to offer specialized services and technology assistance to help keep operations running without a hitch. Improving quality and overall efficiency should be a …
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What is Vendor Management?

You probably already know that vendors can provide just about any kind of good or service to your company. A vendor can come from any business vertical; credit unions, banks, contractor, creative, manufacturer, or anyone else who fills a need that you and your employees don’t create or provide in …
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Meeting with vendor

How to Create a Winning Vendor Relationship

Vendor management allows you to build a relationship with your suppliers and service providers that will strengthen both businesses. Vendor management is not negotiating the lowest price possible but constantly working with your vendors to come to agreements that will mutually benefit both companies. Appropriate vendor management practices provide only …
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Vendor Management: What the NCUA Requires

The NCUA requires credit unions to be cognizant of a few requirements to manage vendor relationships. The NCUA outlines its expectations in Supervisory Letter No.: 07-01, Evaluating Third Party Relationships. Its guidance is based on three key concepts: Risk assessment and planning, Due diligence, and Risk measurement, monitoring and control. KEY …
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Vendor management

Vendor Management and the Digital Opportunity

Vendor management software offers new levels of integration and standardization across the value chain. Organisation that strive for supply chain innovation transform their trading capabilities. Capturing the digital opportunity means adopting new technology and innovation to maintain the advantage. For buying groups, digital supply chains dramatically improve vendor management. Vendor …
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FedComp and Venminder Forge Partnership

The Virginia-based FedComp, and Venminder — a software and personnel provider for financial institutions and credit unions around the nation — have partnered up to increase vendor relations with its clients. The partnership is designed to offer more competitive pricing to its growing clientele. FedComp is most known for its …
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Credit Union of Ohio Switch to New Platform

The Credit Union of Ohio has decided to up its core processing system to a platform owned by Corelation Inc. This switch will help the Hillard, Ohio-based company automate manual vendor processes. Corelation Inc. provides service technology to credit unions. The Credit Union of Ohio has decided to take on …
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