RANCHO CUCAMONGA, Calif. (2/24/09)--The California and Nevada Credit Union Leagues have partnered with Montana-based Digital Compliance LLC to assist credit unions in mitigating risk and reducing cost when dealing with their third-party relationships or vendors. “We chose Digital Compliance as a business partner partly because its services help meet one of the greatest needs of our member credit unions--information security,” said Sylvia Fath, leagues’ senior vice president of business services. “Its Vendor Compliance Management Solution is more than a software program or repository,” Fath added. “It takes the burden from the credit union of requesting, receiving, documenting, digitizing, updating, and reporting complete due diligence and compliance documentation for all of its outsourced relationships.” As part of the solution, Digital Compliance will provide these services for the leagues’ member credit unions:
* Assist in the risk classification of outsourced relationships; * Identify specific information the credit union should get from its outsourced relationships; * Request, receive, review, report, maintain and update information from each relationship; * Provide practical reports and a document guide to assist in review; and * Maintain a secure, centralized access with update notifications.
The leagues and Digital Compliance will kick off the partnership with a webinar in March followed by compliance education workshops in April, June and September. Digital Compliance provides financial institutions and their vendors with an exchange of current due diligence and compliance documentation.