ST. PETERSBURG, Fla. -- PSCU Financial Services is urging industry participation in the VMAlliance, a vendor risk management resource expected to launch in the second quarter of 2008.
The VMAlliance, an offshoot of the Credit Union Information Security Professionals Association, will aim to bring credit unions, vendors and the NCUA together to establish best practices and standards for addressing risk management.
"This consortium delivers advantages for both credit unions and the organizations that service them," said David Serlo, president/CEO of PSCU Financial Services, the nation's largest CUSO with more than 500 credit union owners.
"VMAlliance leverages the industry's cooperative characteristics to deliver a forum that helps vendors consolidate requests and meet industry-defined requirements, while simplifying credit unions evaluation and selection of vendors," Serlo said.
PSCU said credit unions will benefit from centralized vendor management, a compliance advisory network, industry-standardized evaluation criteria, peer communication and ways to measure, monitor and control risk.
For solutions providers, there's recognition for maintaining high standards and benefit from a centralized customer inquiry management system, consensus-based industry defined requirements, and overall reduction of unnecessary and costly assessments.
More information on VMAlliance is available at www.vmalliance.org.