Guidelines for Offboarding a Vendor
September 18, 2023
Offboarding a vendor is a critical aspect of your credit union’s third-party risk management program. An end to a vendor relationship can be caused by many different reasons, but whatever the reason may be, it’s a best practice to have the details of the offboarding process established before the contract is even signed, and make sure the lines of communication are open between the vendor and stakeholders so the transition is efficient for both parties.
The offboarding process can vary based on the vendor and your credit union. To help you have a smooth and seamless offboarding process, this checklist will provide important questions and considerations to keep in mind.
Download this infographic to learn:
- Questions to ask your vendor before signing a contract
- Guidelines to follow when ending a contract
- Issue management and stakeholder involvement
Venminder is an innovative, customer-motivated company that is mission-driven to help solve the many challenges organizations face when managing risks from outsourcing to third parties.
Venminder provides a dedicated platform to empower effective end-to-end lifecycle management and mitigation of third-party risks. Venminder creates long-term collaborative partnerships with their customers, providing implementation assistance, product and best practices training, ongoing support, access to expertise and more.