White Paper

Third-Party Management: An Evolving Framework for Technology Vendor Relationships

By Karen Bankston

posted 11.28.2018 (tech)

As credit unions increasingly rely on technology to power critical functions across their organizations, effective vendor management has become strategically imperative. Additionally, while regulatory compliance remains a fundamental objective of third-party management, technology professionals are accelerating their expectations for vendors to deliver superior performance and value. To that end, credit unions are elevating their interactions with technology providers to work alongside them as partners in developing solutions that deliver seamless, secure, state-of-the-art member experiences.

This white paper focuses on the shift occurring in technology vendor management, including:

• an examination of how third-party selection and oversight is evolving,
• an analysis of the RFP process,
• discussion about how credit unions risk-rank business partners to prioritize the level of ongoing scrutiny required of these relationships, and
• recommendations from credit union and industry executives about how IT professionals and their colleagues in other business units can work together to ensure the organization realizes a strong return from the financial and human investments in digital solutions.