Quantivate Vendor Management, a provider of compliance with theNCUA and other federal regulatory requirements for vendormanagement, has been added to NAFCU Services Corp.'s PreferredPartner program.

The Woodinville, Wash., firm provides vendor management serviceswith two partners: the Paragon Group and Farleigh Wada Witt. TheParagon Group aims to ensure a credit union's vendor duediligence program meets regulatory requirements in several areas,according to NAFCU Services.

The law firm Farleigh Wada Witt provides contract legal reviews andguarantees that the management tools in the Quantivate Vendor Management software comply with current NCUAand other federal requirements, NAFCU Services said.

Quantivate's suite of services includes management of creditunions' business continuity, risk management, information security,vendor management, and audit management.

“The future will only bring more complex regulatoryrequirements, penalties for failing to comply, and liability forcredit unions,” said David Frankil, president of NAFCU Services Corp. “Vendor and contract management isbecoming a critical business process and credit unions need toevolve from ad hoc spreadsheets and calendar reminders to beingmore systematic.”

Frankil said the NAFCU Services Advisory Committee sawadvantages for credit unions of all sizes of the Quantivatecloud-based platform, with its point-and-click approach andbuilt-in analysis tools and protections.