Vendor Management

Gain control of and easily manage all third-party relationships

As dependencies on external partners grow, regulatory oversight increases and more complex technologies come to market, your credit union’s ability to effectively manage their vendors has become increasingly important. With critical information being shared, even the smallest lapse in control can have a devastating effect. Combine the complexities of the vendor management process with the time and resources required to effectively manage your program, and it’s easy to understand the need for expert outsourced assistance.

At Rochdale, we understand your need to have complete confidence in every aspect of your third-party relationships. Our 25+ years of experience serving the credit union industry has given us a unique perspective on how vendors operate and the potential risk they pose to your organization and to your members. Combining our comprehensive questions set with our experienced staff and intelligently designed apogee iQ™ software, Rochdale delivers the most reliable and comprehensive vendor management solution in the market today.

Key Functions of our Vendor Management Services Program

Document Collection
Collection, analysis and access through apogee iQ’s Document Manager.

Due Diligence and Document Evaluation
Evaluation and expansion on due diligence documents and ongoing management of certificates of insurance and security audits.

Risk Assessment Documentation & Executive Summary
Completion of risk assessment, risk summary and an outline of risks, operational deficiencies and potential mitigation efforts.

Rochdale Paragon’s vendor management service has been instrumental to SELCO’s success in managing its outsourced relationships for products and services. Partnering with their staff has provided true assurance in ensuring effective due diligence and risk management practices are performed on our vendors and affording us the peace of mind to focus on our core function – enabling our members to live a good life!
– Daniel Budzko, CISA, CISSP-ISSMP, CRISC, PMP, Network+, Security+, Director of Risk Oversight
SELCO Community Credit Union

Our most requested solutions:

VM Policies & Procedures
Review of vendor-related policies and procedures to ensure a robust, yet efficient, third-party management program.

Contract Management
Assistance with any contract questions, changes and tracking of contract dates.

Vendor Reconciliation
Review of accounts payable records and reconciliation with active vendor lists.

Vendor Profile Update/Work with Vendor Owners
Coordination, completion and/or updates of Vendor Profile worksheets for all high- and medium-risk vendors.

Examiner/Auditor Support
Address and respond to regulatory or audit questions and concerns.

Reporting
Compile and summarize VM reports for high- and medium-risk vendors required to meet management and board reporting requirements.

Annual VM Training
Assistance in facilitating VM training with staff, conducted via web meeting.

User Entity Control Guidance
Summary information provided related to user entity control (UEC) requirements based on SOC review.

We have been using Rochdale Paragon Group since 2013 to keep our VM program on track and in compliance with the regulatory requirements. Our examiners like the thoroughness of the reviews and have had positive comments regarding the process. Outsourcing the review of our critical vendors to Rochdale has also allowed us to manage our costs associated with this process and perform the reviews in a more timely manner.
– Shelley L. Engleman, Senior Vice President, Risk Management
Seven Seventeen Credit Union, Inc.

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