Staffing guidelines for your credit union's third-party risk management program
October 11, 2022
A well-run third-party risk management program is very valuable to your credit union. It not only helps you meet regulatory expectations, but also creates better risk management, greater security, and greater value. It's important to invest in the resources to do the job well.
There's a lot of work and time that goes into the job, so many people question how much staff should be dedicated to it. Is there a right number? Regulatory guidance even offers little assistance in this area, except for reiterating the importance of adequate staffing. So, Venminder put together some helpful guidelines to help you figure that out.
Download the infographic to learn:
- 8 questions to ask yourself about your program
- Staffing data from the industry
- Issues that arise due to understaffing
- A staffing formula
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.