This is part 3 of a 5-part blog series where we discuss what the agencies look for regarding vendor management.
This post was originally published on May 2, 2017 at the Ncontracts blog.
Today we are looking at the NCUA’s approach to vendor management, to better understand what the agency really wants from FIs.
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
Risk measurement, monitoring and control...
Risk assessment should begin by looking within. A credit union should...
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