Credit Union Exam Solutions Presents With Flying Colors #106 Third Party Due Diligence & Contract Management With Mike Heller
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In this episode, Mark Treichel discusses Third Party Due Diligence and Contract Management with Mike Heller.
Mike is an Associate with the law firm Messick Lauer & Smith P.C. His primary focus is providing guidance and expertise on contract terms for vendor contracts and agreements. In this capacity, Mike begins with understanding the client’s business objectives and works with the client to ensure appropriate risk mitigation to accomplish those business goals. Credit unions increasingly outsource functions and programs through collaboration with third parties to expand services and product offerings. Developing sound third-party relationships and alliances can assist credit unions in meeting their strategic objectives.
Properly leveraging the skills and experience of qualified third parties may enable credit unions to:
• Provide access to products and services through expanded delivery channels;
• Offer more cost-effective products and services; and
• Manage programs that would not be feasible without external expertise.
In many cases, third-party relationships are essential in enabling credit unions to become their members’ primary financial institution, while inadequately managed and controlled third-party relationships can result in unanticipated costs, legal disputes, and financial loss, NCUA’s role as a regulator and insurer is not to stifle the innovative use of third-party relationships to meet member needs and strategic objectives. NCUA’s goal is to ensure credit unions clearly understand the risks they are undertaking and balance and control those risks considering the credit union’s safety and members’ best interests.
https://ncua.gov/files/letters-credit-unions/LCU2007-13ENC.pdf