Ncontracts Case Studies Employing expert vendor management advice that delivers value

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	Employing expert vendor management advice that delivers value Ncontracts

Employing expert vendor management advice that delivers value

Ncontracts

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Procurement
Services	System Integration Software Design & Engineering Services
Challenge	Lafayette Federal Credit Union, a smaller credit union based in Rockville, Maryland, relies heavily on third-party vendors. Over the years, regulators have shown increasing interest in how Lafayette manages these relationships, especially with critical vendors. The credit union was in need of a more efficient solution to manage the growing volume and complexity of vendor management, while trying to limit expenses. The challenge was to find a cost-effective solution that could handle the increasing volume and complexity of vendor management. Read More
About Customer	Lafayette Federal Credit Union is a smaller credit union based in Rockville, Maryland. With assets worth $500 million, the credit union has been a customer of Ncontracts since 2012. The credit union relies heavily on many third-party vendors for its operations. Over the past few years, regulators have been taking a greater interest in how Lafayette manages these relationships, especially with critical vendors. To meet this need, the credit union sought out a more efficient solution while trying to limit expense. Read More
Solution	Lafayette FCU chose Ncontracts Manager as their solution. Ncontracts Manager is a complete contracts solution that allows the credit union to delegate much of the heavy lifting, including tedious contract reviews. When a new contract comes in, it is uploaded into the system, and Ncontracts’ expert legal team reviews the contracts looking for details, deadlines, and exceptions. It provides executive summaries that distill contracts into their most essential elements. Ncontracts Manager also stores all of Lafayette’s contracts in a secure online repository, eliminating confusion about the latest version of a contract or supporting documents. The system also provides reminders and alerts to ensure that no contract expiration or vendor review is forgotten. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Procurement

Services

System Integration

Software Design & Engineering Services

Challenge

Lafayette Federal Credit Union, a smaller credit union based in Rockville, Maryland, relies heavily on third-party vendors. Over the years, regulators have shown increasing interest in how Lafayette manages these relationships, especially with critical vendors. The credit union was in need of a more efficient solution to manage the growing volume and complexity of vendor management, while trying to limit expenses. The challenge was to find a cost-effective solution that could handle the increasing volume and complexity of vendor management.

About Customer

Lafayette Federal Credit Union is a smaller credit union based in Rockville, Maryland. With assets worth $500 million, the credit union has been a customer of Ncontracts since 2012. The credit union relies heavily on many third-party vendors for its operations. Over the past few years, regulators have been taking a greater interest in how Lafayette manages these relationships, especially with critical vendors. To meet this need, the credit union sought out a more efficient solution while trying to limit expense.

Solution

Lafayette FCU chose Ncontracts Manager as their solution. Ncontracts Manager is a complete contracts solution that allows the credit union to delegate much of the heavy lifting, including tedious contract reviews. When a new contract comes in, it is uploaded into the system, and Ncontracts’ expert legal team reviews the contracts looking for details, deadlines, and exceptions. It provides executive summaries that distill contracts into their most essential elements. Ncontracts Manager also stores all of Lafayette’s contracts in a secure online repository, eliminating confusion about the latest version of a contract or supporting documents. The system also provides reminders and alerts to ensure that no contract expiration or vendor review is forgotten.

Impact #1	Saves on the cost of additional staff and legal help
Impact #2	More time to focus on other areas of risk management
Impact #3	Confidence in detailed, expert contract review

Impact #1

Saves on the cost of additional staff and legal help

Impact #2

More time to focus on other areas of risk management

Impact #3

Confidence in detailed, expert contract review

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Overview

Employing expert vendor management advice that delivers value

Operational Impact