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VendorTrack helps manage third-party relationships
MADISON, Wis. (8/3/09)--In the few months since its launch, more than 640 credit unions and 13 credit union leagues have signed up for VendorTrack's secure, Web-based vendor management system to centralize their third-party relationships. VendorTrack also is used by 65 vendors to facilitate requests they receive from credit unions for due-diligence information and to respond to requests for proposal. In addition to the 23 CUNA Strategic Services (CSS) alliance providers, the more than 40 other vendors working with VendorTrack include PSCU Financial Services, Symitar, Fiserv and CO-OP Financial Services. Developed by CSS and TraceSecurity, a CSS alliance provider, VendorTrack helps credit unions ensure that their third-party vendors comply with regulatory responsibilities and best practices when dealing with sensitive information. It allows credit unions to centralize vendor data, manage relationships, assess vendor risk and ensure compliance with policies and controls. Credit unions can request their current vendors to sign up, and they can manage the information based on how critical the relationship is--one of the National Credit Union Administration's (NCUA) requirements for these relationships. They also can set notification alerts for contract expirations, requests for proposal and updated vendor information. Recent enhancements have been made to:
* Service Provider Monitoring and Reporting. The credit union can create a new report or spreadsheet to share with examiners. * My Document Tab. It will be easier to upload a revised document into the "My Documents" library. New documents can be related to specific document types such as contracts and financial statements. My Documents also can receive multiple e-mail notifications for each document. Credit unions can get a vendor's due diligence information quicker and vendors can facilitate any non-disclosure requirements within VendorTrack so the credit union can receive sensitive due-diligence information. * E-mail notifications. Receiving e-mail notifications is now a default feature for all new users. Vendors will receive e-notification advising that a custom questionnaire from the credit union is waiting for their response. The credit union also can receive an e-mail notification when the vendor has answered the questionnaire.
For more information, use the link.
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