Passageways LLC of West Lafayette, Ind., has joined with PolicyWorks LLC of Des Moines, Iowa, to offer what the credit union specialists call a comprehensive vendor management program.
Offered either as an in-house or hosted solution, the partnership will provide credit unions with vendor monitoring capabilities, reporting, due diligence checklists and contract organization and renewal alerts followed up with reviews and recommendations. The approach has already passed several audits at various credit unions, the companies said.
"Our goal is to provide credit unions with the tools they need to navigate through this complicated and demanding regulatory environment. This partnership will provide credit unions with the resources they need to implement a vendor management program that is efficient and sustainable for the long term," said Justin Hupfer, CEO of PolicyWorks.