Credit unions are traditionally conservative when it comes to adopting new systems and practices – and with good reason. Not only are credit unions complex, but in the event an implementation goes awry, credit unions also face regulatory and legal scrutiny, as well as reputational risk. In fact, financial services regulators have made special note of the importance of vendor management and third-party risk, recently updating 2013 guidance to clarify risk management expectations related to the growing volume, diversity and complexity of third-party relationships, including those with financial technology companies.
The pace of change and the expanding scope of regulatory requirements show no signs of slowing, and credit unions find themselves forced to push ahead in implementing new solutions. Two areas worth examining in the process of vendor selection are the potential partners' approach to implementation as well as their approach to ongoing support.
Approach to Implementation
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