How to Identify Your Credit Union’s Critical Vendors

Every credit union has critical vendors, which are vendors who require the most attention in each stage of the third-party risk management lifecycle. What exactly does critical vendor mean? It’s important to understand how to identify your credit union’s vendors and why some of them are classified as critical.

Identifying your credit union’s critical vendors is not just a best practice, it’s a regulatory requirement. Once you identify your critical vendors, you also need to understand how to manage them, from onboarding to offboarding.  

Watch this session to learn how to identify critical vendors in your credit union, how to manage the risk they pose, and important activities you’ll need to perform in your third-party risk management program.

Watch now to learn: 

• Common traits of vendor criticality
• The difference between critical and high-risk vendors 
  
• Why critical vendors don’t need to be avoided 
  
• How to manage critical vendors  
  
• Key takeaways