A Complete Vendor Management Service
AuditLink began offering its Vendor Manager solution in 2015 as a response to credit unions needing a better way to comply with the regulatory mandates surrounding vendor management. Since then, AuditLink has put together one of the most robust vendor management services in the industry to meet growing regulatory burden and assist credit unions and CUSOs in assessing and managing critical vendor relationships.
With the regulatory landscape taking up valuable time and resources for credit union’s and CUSO’s AuditLink stands in to help save you time. We aim to do this by procuring due diligence materials, having an AuditLink expert review said due diligence items, and alert the institution when due diligence has been uploaded for review.
For institutions that lack subject matter experts AuditLink has developed a digital workflow to help assist with questions that should be asked of critical third-party vendors. Helping you understand the potential risks involved and ensure data is secured properly at a price point that is affordable.
- Cost-effective service
- Complete risk assessment of current 3rd party vendors
- Reviews of due diligence documents by AuditLink expert
- Understanding of NCUA regulations
- Customer Service
Services & Solutions
AuditLink Vendor Monitor
This is where AuditLink goes to work for you. We have experienced staff reviewing your vendors daily. We request, review, and upload your vendor’s due diligence, easing the time-consuming burden from you. We collect financial statements, insurance certificates, disaster recovery plans, annual SSAE18 SOC audits, and more. Maintaining relevant due diligence is vital to protecting your company’s operations, reputation, and risk of doing business.
Working with your vendors is a key component of the monitoring services, and our network approach to vendor management means that we have a majority of the biggest vendors of the credit union world already under management with established communication channels. We work with you to build communication channels with vendors unique to you, and have their due diligence added to the platform in no time!
Client Training
Need assistance with the system or have a new employee that needs training? An AuditLink associate is just an email or phone call away to help schedule training.
Risk Assessment
We will assess your financial institution’s vendors to determine their criticality and risk. The assessment will rate each vendor and determine if on-going monitoring will be required. We will also provide you with a report to present to your board detailing the process we underwent, the methodology used to determine criticality, and the final results of the vendor review.
We will also create requirements for your vendors for the on-going monitoring of due diligence. Never final, we will work with you to keep your assessment updated through vendor changes and annual reviews.
Contract Management
AVM includes end to end contract management functionality. You can upload documents, store critical information, configure important dates and notifications, set relationship managers, subscribe to individual notifications, archive contracts, and more. Best of all, there no limitations on the number of contracts entered into the system.