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CU System
CUNA introduces Web-based vendor management solution
MADISON, Wis. (7/1/08)--Credit unions will soon have the ability to ensure that their third-party vendors comply with regulatory responsibilities and best practices when dealing with sensitive information. The Web-based vendor risk management solution will be available through CUNA Strategic Services (CSS) and TraceSecurity. This first-ever planned solution for credit unions will centralize vendor data, manage relationships, assess vendor risk, and ensure compliance with policies and controls. Credit unions rely on an increasing number of third-party vendors to deliver services to their members, and credit unions have to spend a large amount of time ensuring that they are complying with related regulations. By combining forces and leveraging the CSS thorough due diligence process with TraceSecurity’s software expertise in security and compliance, the joint venture will provide nearly 8,000 credit unions with a vendor risk-management solution. “Credit unions spend tremendous time and budget focusing on identifying and mitigating the risks associated with providing external access to sensitive data,” said Wes Millar, senior vice president, CSS. “The market of more than 8,000 credit unions has been asking for a product that can help centrally manage the risk and compliance issues they deal with, and we will announce a solution that we’ve been working on with TraceSecurity in the near future.” “TraceSecurity, as a strategic alliance provider, has been working successfully with CSS for the past several years,” said Jim Stickley, chief technology officer at TraceSecurity. “We believe this new solution will help finally bring 100% centralized control over the compliance complexities and risk management that credit unions grapple with on a daily basis.”
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