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Vendor Management Program

  • 1.  Vendor Management Program

    Posted Jul 26, 2019 11:53 AM
    Good Afternoon Everyone!

    I was wondering if anyone has any tips on establishing and maintaining a successful vendor management program.  Do you recommend any 3rd party vendors or software programs to assist with the process?  Who at your credit union is responsible for the program?  Any information you can provide is greatly appreciated.  Thanks!

    Samantha Cuff
    Chief Financial Officer
    Pottsville PA

  • 2.  RE: Vendor Management Program

    Posted Jul 29, 2019 09:20 AM
    Hello Samantha,

    I hope you are well.  I have heard of credit unions using  Cornerstone Advisors, NContracts and Maple Street as 3rd party solutions.  CUNA Mutual has some resources on the topic as well HERE.

    [Russell] [Evans]
    [VP Member Relations & Sales - Northeast]
    [Madison] [WI]

  • 3.  RE: Vendor Management Program

    Posted Jul 29, 2019 11:00 AM

    I have used Ncontracts for the past 4 years.  It has been a huge time saver and the examiners have been happy with our program ever since.  We just don't have the time to gather all that information each year so now we can focus on reviewing  gathered documents and Ncontracts executive summaries by vendor and performing our risk assessment on each Critical and high risk vendor. I think you can just pay for the software and not use Ncontracts to gather annual due diligence documents and perform contract reviews and summaries if you wish.    The full service package is little pricey but well worth it in my opinion.


    Jason Garner


    Dover-Phila FCU




    Jason Garner


  • 4.  RE: Vendor Management Program

    Posted Jul 29, 2019 11:15 AM

    We have moved our contract management into Conetrix (A Tandem) product. It is a web-based vendor management system.  It is reasonably inexpensive and provides the features we've needed  -- track vendors and contracts; assign an internal staff to the contract; track review dates etc.

    If you use Conetrix for your business continuity plan, it ties nicely together.


    Kurt T. Schmidt


    Kurt Schmidt
    Vice President Of Information Technology
    Capital Credit Union
    P.O. Box 2096
    204 West Thayer Avenue
    Bismarck, ND 58501
    Direct: 701-355-7742