Ncontracts Case Studies $1 Billion Credit Union: Why This $1 Billion-Asset CU Left Venminder for Nvendor

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	$1 Billion Credit Union: Why This $1 Billion-Asset CU Left Venminder for Nvendor Ncontracts

$1 Billion Credit Union: Why This $1 Billion-Asset CU Left Venminder for Nvendor

Ncontracts

Technology Category	Application Infrastructure & Middleware - API Integration & Management
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Procurement
Services	System Integration Software Design & Engineering Services
Challenge	The $1 billion-asset credit union was looking to create an enterprise risk management (ERM) function, including compliance and internal audit, and needed a solution that would address all elements of risk management. However, their current vendor management solution, Venminder, was a stand-alone product that couldn’t integrate into any other solutions and presented other issues. The credit union struggled with sluggish vendor onboarding and vendor-owners wasted hours trying to collect and review vendor documentation in an effort to limit costs. The reports generated were not always accurate, which raised red flags for the credit union. Read More
About Customer	The customer is a credit union with $1 billion in assets. The credit union was looking to create an enterprise risk management (ERM) function, including compliance and internal audit, and needed a solution that would address all elements of risk management. The credit union was using Venminder, a stand-alone product that couldn’t integrate into any other solutions and presented other issues. The credit union struggled with sluggish vendor onboarding and vendor-owners wasted hours trying to collect and review vendor documentation in an effort to limit costs. The reports generated were not always accurate, which raised red flags for the credit union. Read More
Solution	The credit union created a complete ERM program and eliminated vendor management problems by pairing Ncontracts’ Nvendor (with services) with other fully integrated Ncontracts solutions. This includes Nrisk, a secure and highly-customizable ERM application that continuously evaluates, measures, and tracks risk, Ncomply, an audit-ready compliance management software application, and Nfindings, an application for automating the complex findings process. Nvendor provides the credit union with efficient workflows that ease vendor onboarding and simplify the vendor risk assessment process, including tiering assessments and residual risk assessments. Due diligence documents are collected by experts, ensuring accurate and up-to-date information is readily available. The all-inclusive pricing structure is budget-friendly and ensures that vendor owners always have the resources and export support they need. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - API Integration & Management

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Procurement

Services

System Integration

Software Design & Engineering Services

Challenge

The $1 billion-asset credit union was looking to create an enterprise risk management (ERM) function, including compliance and internal audit, and needed a solution that would address all elements of risk management. However, their current vendor management solution, Venminder, was a stand-alone product that couldn’t integrate into any other solutions and presented other issues. The credit union struggled with sluggish vendor onboarding and vendor-owners wasted hours trying to collect and review vendor documentation in an effort to limit costs. The reports generated were not always accurate, which raised red flags for the credit union.

About Customer

The customer is a credit union with $1 billion in assets. The credit union was looking to create an enterprise risk management (ERM) function, including compliance and internal audit, and needed a solution that would address all elements of risk management. The credit union was using Venminder, a stand-alone product that couldn’t integrate into any other solutions and presented other issues. The credit union struggled with sluggish vendor onboarding and vendor-owners wasted hours trying to collect and review vendor documentation in an effort to limit costs. The reports generated were not always accurate, which raised red flags for the credit union.

Solution

The credit union created a complete ERM program and eliminated vendor management problems by pairing Ncontracts’ Nvendor (with services) with other fully integrated Ncontracts solutions. This includes Nrisk, a secure and highly-customizable ERM application that continuously evaluates, measures, and tracks risk, Ncomply, an audit-ready compliance management software application, and Nfindings, an application for automating the complex findings process. Nvendor provides the credit union with efficient workflows that ease vendor onboarding and simplify the vendor risk assessment process, including tiering assessments and residual risk assessments. Due diligence documents are collected by experts, ensuring accurate and up-to-date information is readily available. The all-inclusive pricing structure is budget-friendly and ensures that vendor owners always have the resources and export support they need.

Impact #1	More comprehensive view of ERM with Nvendor feeding into the rest of the Ncontracts product suite.
Impact #2	Quick and easy vendor onboarding with Nvendor’s workflows.
Impact #3	Easier vendor risk assessments with the help of workflows — specifically the tiering assessments and residual risk assessments.

Impact #1

More comprehensive view of ERM with Nvendor feeding into the rest of the Ncontracts product suite.

Impact #2

Quick and easy vendor onboarding with Nvendor’s workflows.

Impact #3

Easier vendor risk assessments with the help of workflows — specifically the tiering assessments and residual risk assessments.

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Overview

$1 Billion Credit Union: Why This $1 Billion-Asset CU Left Venminder for Nvendor

Operational Impact