Quantivate Vendor Management, a provider of compliance with the NCUA and other federal regulatory requirements for vendor management, has been added to NAFCU Services Corp.’s Preferred Partner program.
The Woodinville, Wash., firm provides vendor management services with two partners: the Paragon Group and Farleigh Wada Witt. The Paragon Group aims to ensure a credit union’s vendor due diligence program meets regulatory requirements in several areas, according to NAFCU Services.
The law firm Farleigh Wada Witt provides contract legal reviews and guarantees that the management tools in the Quantivate Vendor Management software comply with current NCUA and other federal requirements, NAFCU Services said.
Quantivate’s suite of services includes management of credit unions’ business continuity, risk management, information security, vendor management, and audit management.
“The future will only bring more complex regulatory requirements, penalties for failing to comply, and liability for credit unions,” said David Frankil, president of NAFCU Services Corp. “Vendor and contract management is becoming a critical business process and credit unions need to evolve from ad hoc spreadsheets and calendar reminders to being more systematic.”
Frankil said the NAFCU Services Advisory Committee saw advantages for credit unions of all sizes of the Quantivate cloud-based platform, with its point-and-click approach and built-in analysis tools and protections.