We Provide Solutions For Your Credit Union
CUVM was founded to provide vendor due diligence services for credit unions. Our goal is to eliminate redundant research and process management by combining proprietary software and personalized service to handle the bulk of the due diligence process.
Our system is very different than just a software solution. We actually assign a representative to work with your staff in setting up the process and communicating with the vendor. Your job is to make a final review of the documentation and other information we gather.
Here are some of the CUVM Program Features:
- Free Sample Board Policy – We provide you with a sample Board Policy which helps you conform to the NCUA guidelines. It also helps you match up what you are doing with your due diligence with the regulatory requirements.
- Risk Assessment Assistance – We have developed an innovative way to risk rate your vendors that will be easy to follow. It provides you a consistent method of risk assessment that matches your Board Policy.
- Customized Vendor Communication – Based on the risk rating you select for a vendor, your questionnaire and document request will change. For example a low risk vendor will not be required to provide as much detail as a higher risk rated vendor.
- Vendor Feedback / Rating – As a client of a vendor you will be able to post your experiences with that vendor for others to see.
- Vendor Library – We will post vendor documents that are not client specific to a client library. Only clients of that vendor will have permission to view those documents. These documents with have stale dates and will only be requested of the vendor with that document stale date expires. This will lessen the burden on vendor responses.
- CU Document Library – All documents related to the vendor relationship may be scanned and uploaded into your document library for a vendor.
- Archived Documents – We will keep a running history of all contracts and other documents are will archive them on our system. You can replace older document versions and we will keep a history that is readily available to you.
- Permission based access to the CUVM Contract Management System – You will be able to set administrative rights for persons accessing the system.
- Disaster Recovery Tool – Having all the contracts, vendor documents and important documents regarding the vendor relationship will be another tool in your disaster recovery plan.
- Best Practices – Our hope is to encourage due diligence providers to work together to establish and maintain industry best practices for due diligence. We will network with other providers and Regulators so that consistency becomes a part of what we provide.
Benefits of Outsourcing Vendor Due Diligence….
- Frees your time to concentrate on other vital tasks.
- Saves you money. Our cost will be less than what you would spend doing the same thing.
- It is convenient to have all your documents in one location. Imagine not having to scramble to find where they are all stored or filed.
- Peace of Mind knowing you are compliant with a significant NCUA regulation.