Faced with heightened regulatory requirements and an uncertain economy, credit unions are under increased pressures to find ways to better manage third party vendor relationships. Adding to these challenges, outsourcing, licensing, and channel agreements are growing both in number and complexity, and numerous third party contracts must be negotiated, stored, tracked, and monitored.
Manual systems make it difficult to manage regulatory requirements, renewal dates, automatic roll overs, expired insurance proof documents, unpaid rebates, and more, in an efficient manner. Our automated system provides solutions and tools for organizing, assessing risk, tracking, and monitoring third party agreements, and goes a step further by providing automated tools to help credit unions streamline the buying process and ensuring critical document retrieval in the event of employee turnover or a disaster. System features include:
The Ventelligence program is designed to assist credit unions in developing and maintaining contract management functionality, as well as managing third party vendor relationships going forward in accordance with NCUA guidelines. Click Contact Us to request more information.
"For most people who don’t have a rigorous process in place, this is a different way to do business. In the past, credit unions have been more informal. Ventelligence formalizes the process.
But there is a high payoff because we all want to be in compliance."
John Hirabayashi, CEO, Community First CU of Florida