Ncontracts Case Studies $600 Million Credit Union Nvendor Is This Internal Audit Director’s Scalable Secret Weapon for Vendor Management

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	$600 Million Credit Union Nvendor Is This Internal Audit Director’s Scalable Secret Weapon for Vendor Management Ncontracts

$600 Million Credit Union Nvendor Is This Internal Audit Director’s Scalable Secret Weapon for Vendor Management

Ncontracts

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration Cybersecurity & Privacy - Cloud Security Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries	Finance & Insurance
Applicable Functions	Procurement
Services	System Integration Training
Challenge	The internal audit director at a $600 million-asset credit union was tasked with getting vendor management on track at five different financial institutions, ranging from a $90 million-asset institution to one with over $1 billion in assets. The common vendor management issues encountered included expensive autorenewals wasting money, lost contracts, no centralized vendor list or documentation, and overlooked vendor risk assessments. Managers were frequently overwhelmed with contracts, spending hours trying to decipher everything in the contracts. Read More
About Customer	The customer in this case study is a $600 million-asset credit union. The credit union was facing challenges with its vendor management processes. There was no centralized system for managing vendors, leading to lost contracts and overlooked vendor risk assessments. The managers were overwhelmed with contracts and had to spend a lot of time deciphering them. The credit union was also wasting money on expensive autorenewals. The internal audit director was tasked with getting the vendor management on track at this institution, as well as at four other financial institutions of varying sizes. Read More
Solution	The internal audit director implemented Nvendor, a flexible and feature-rich vendor management system from Ncontracts. Nvendor continuously identifies and assesses critical vendors, maintains and stores vital due diligence compliance data, and provides proactive email notifications to avoid expensive autorenewals. It also features a centralized repository for all documents and activities, and assigns and completes vendor management tasks. Ncontracts' team of expert attorneys review vendor contracts, identifying key provisions and summarizing them into a few easy-to-read pages. The solution is customizable and provides unlimited expert support, making it easy to adapt to existing vendor management procedures at institutions of all sizes. The credit union also employed Ncontracts' other products, including Ncyber, a secure online FFIEC Cybersecurity Assessment application, Nfindings, an application to automate the findings process, and Ncomply, a comprehensive compliance management software application. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Cybersecurity & Privacy - Cloud Security

Functional Applications - Enterprise Resource Planning Systems (ERP)

Applicable Industries

Finance & Insurance

Applicable Functions

Procurement

Services

System Integration

Training

Challenge

The internal audit director at a $600 million-asset credit union was tasked with getting vendor management on track at five different financial institutions, ranging from a $90 million-asset institution to one with over $1 billion in assets. The common vendor management issues encountered included expensive autorenewals wasting money, lost contracts, no centralized vendor list or documentation, and overlooked vendor risk assessments. Managers were frequently overwhelmed with contracts, spending hours trying to decipher everything in the contracts.

About Customer

The customer in this case study is a $600 million-asset credit union. The credit union was facing challenges with its vendor management processes. There was no centralized system for managing vendors, leading to lost contracts and overlooked vendor risk assessments. The managers were overwhelmed with contracts and had to spend a lot of time deciphering them. The credit union was also wasting money on expensive autorenewals. The internal audit director was tasked with getting the vendor management on track at this institution, as well as at four other financial institutions of varying sizes.

Solution

The internal audit director implemented Nvendor, a flexible and feature-rich vendor management system from Ncontracts. Nvendor continuously identifies and assesses critical vendors, maintains and stores vital due diligence compliance data, and provides proactive email notifications to avoid expensive autorenewals. It also features a centralized repository for all documents and activities, and assigns and completes vendor management tasks. Ncontracts' team of expert attorneys review vendor contracts, identifying key provisions and summarizing them into a few easy-to-read pages. The solution is customizable and provides unlimited expert support, making it easy to adapt to existing vendor management procedures at institutions of all sizes. The credit union also employed Ncontracts' other products, including Ncyber, a secure online FFIEC Cybersecurity Assessment application, Nfindings, an application to automate the findings process, and Ncomply, a comprehensive compliance management software application.

Impact #1	Increased vendor visibility, with all contracts, risk assessments, due diligence documents, and task management updates in one place.
Impact #2	Improved reporting, with tracking mechanisms that prevent missing any contract details or renewals.
Impact #3	Saved thousands of dollars by eliminating unwanted autorenewals.

Impact #1

Increased vendor visibility, with all contracts, risk assessments, due diligence documents, and task management updates in one place.

Impact #2

Improved reporting, with tracking mechanisms that prevent missing any contract details or renewals.

Impact #3

Saved thousands of dollars by eliminating unwanted autorenewals.

Benefit #1	Saved thousands of dollars by eliminating unwanted autorenewals.
Benefit #2	Prevented a repeat regulatory writeup.

Benefit #1

Saved thousands of dollars by eliminating unwanted autorenewals.

Benefit #2

Prevented a repeat regulatory writeup.

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Overview

$600 Million Credit Union Nvendor Is This Internal Audit Director’s Scalable Secret Weapon for Vendor Management

Operational Impact

Quantitative Benefit