Third party relationships can present great opportunities to credit unions to meet their strategic goals and to expand member services in an increasingly competitive marketplace. However, these opportunities must be properly evaluated, with risks assessed and adequately mitigated. This webinar reviews the NCUA’s supervisory guidance as to how credit unions should evaluate their third party relationships and also discusses other best practices credit unions should consider. If you are a CUSO, this is also a helpful resource for what credit union clients will be looking for when evaluating a potential business arrangement. If you have any questions about the webinar or your own third party risk management program, feel free to reach out to us.
Initial Risk Assessment (0:00-05:37)
Due Diligence (05:37-27:25)
Ongoing Risk Monitoring (27:25-39:47)