COLUMBUS, Ohio — Corporate One Federal Credit Union's June 24-25 Enterprise Wide Risk Management Conference will feature a workshop on vendor risk management and remarks by NCUA Vice Chairman Rodney Hood.
Earlier this month, the NCUA published a letter to credit unions (08-CU-09) regarding the agency's evaluations of credit unions' vendor relationships and references three elements of a risk management program: risk assessment and planning, effective due diligence, and risk measurement, monitoring and control.
"Managing vendor risk has become increasingly important in today's business environment and is especially relevant for credit unions," said Joseph Ghammashi, Corporate One's chief risk officer. "It's important to have a formalized risk management model that covers every process a credit union performs, including vendor management," he added.
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