WASHINGTON — Be sure not only that a prospective outside vendor is up to the task but also confirm that the task you are asking them to do fits into your strategic plan.That’s one of the key recommendations in the new report by CUNA’s due diligence task force.The report focuses on three core areas: risk assessment and planning, due diligence, and contract monitoring and managing relationships.“It’s similar to managing employees,” said Henry Wirz, the panel’s chairman and the president/CEO of SAFE CU. “You have to establish an ongoing process for outsourcing significant responsibilities.”“The more critical the relationship is to your credit union, the greater your risk assessment and planning, due diligence and relationship monitoring and control responsibilities become,” the task force said in its report.Bill Raker, the task force’s vice chairman, said the goal was to create a template for best practices but noted that it is not a substitute for credit union executives from making their own evaluations. The report is available at www.cuna.org/initiatives.–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.