Mitigate Third-Party Compliance Risk With These 6 Approaches
Venminder
March 19, 2024
Compliance risk, also known as regulatory risk, refers to a third-party vendor that fails to comply with regulations, laws, or other industry-specific guidelines. If your credit union fails to adhere to regulatory guidelines, it can lead to increased scrutiny, fines, legal actions, and more – the same consequences can affect your institution if your vendor is found noncompliant.
So, how can you ensure your third parties are complying? There are six approaches in this infographic that you can use throughout the entire third-party relationship.
Download to learn:
- Basics of third-party compliance risk
- Approaches to mitigating third-party compliance risk
- Examples and best practices around managing compliance risk
About Venminder
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.