Managing your third party vendors takes up a lot of staff hours. From the credit union’s third-party lending vendors to the lawn service contract, all have to be tracked, managed, and re-negotiated. This process can take a number of staff to complete each year. Plus, the NCUA is increasing pressure on these contracts. Credit Union Vendor Management (CUVM) can automate this process to help credit unions redirect those staff hours back onto the membership.
Credit unions that are on CUVM‘s contract management platform average a higher score on the management section of their exam. CUVM is being utilized by credit unions in 30 states and by credit unions of all asset sizes. This isn’t a platform for just large credit unions. It works with a few contracts all the way up to hundreds. Plus, CUVM has never been flagged by an examiner for insufficient data or an out-of-date contract.
Why should your credit union consider CUVM today? The process is automated, and it stores all of the credit union’s contracts in one easy to find place. It also provides tools for assessing risk, an area examiners watch closely, while ensuring critical documents are one click away. The system can be customized with triggers and notifications for the life of each contract. Plus, it includes a great report package for management, examiners, auditors, and your board of directors.
Another area where CUVM can cut down on staff hours is by providing due diligence on more than 900 companies. Plus, CUVM can provide due diligence on companies that credit unions are considering signing to a contract. This is simply an automated program that packs a powerful punch. Just think of all the things a credit union’s staff can accomplish with so many hours freed up from searching, managing, and performing due diligence on third-part vendors.
Contact a LEVERAGE Business Development Consultant today to get started.