An intranet portal specialist has partnered with a consulting group to offer what the credit union specialists call a comprehensive vendor management program.
The solution combines the vendor management module already used by dozens of Passageways LLC customers with vendor compliance management consulting from PolicyWorks LLC, the companies said.
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/renewal alerts followed up with reviews and recommendations.
The approach has already passed several audits at various credit unions, the companies said.
"We realize several of our customers are behind on this project and this is an alternative to execute those projects as there is an indisputable hard dollar return on vendor management when executed well," said Passageways co-founder Paroon Chadha whose West Lafayette, Ind., company serves more than 150 credit unions.
"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 in Des Moines, Iowa.