Emery Federal Credit Union: Reducing the vendor management workload while increasing visibility
Company Size
11-200
Region
- America
Country
- United States
Product
- Nvendor
Tech Stack
- Vendor Management Software
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Services
- System Integration
About The Customer
Emery Federal Credit Union is a financial institution based in Cincinnati, Ohio. The credit union, which has been a customer since 2015, has a size of $146 million. The primary examiner of Emery FCU is the National Credit Union Administration (NCUA). In 2014, the credit union promoted Troy Cyrus to the position of compliance officer and security officer. Cyrus, a former mortgage compliance officer, was tasked with the responsibility of managing the credit union's third-party vendors.
The Challenge
Emery Federal Credit Union faced a significant challenge in managing their third-party vendors. The compliance and security officer, Troy Cyrus, was overwhelmed with the task of regularly monitoring vendor documents to risk rate vendors. This process was time-consuming and labor-intensive, requiring him to review every report and agreement, sometimes more than once, to identify critical or high-risk vendors. The task was so daunting that Cyrus was given eight weeks solely dedicated to getting a handle on vendor management.
The Solution
Emery FCU implemented Ncontracts' Nvendor, a complete vendor management software and services solution for managing third-party risk impacts. Nvendor took over the most onerous vendor management chores for Cyrus, requesting and reviewing all the vendor management documents, including master level agreements, service level agreements, addendums, SOC and control reports, financials, and insurance. Nvendor also reviewed third-party vendor control reports and audit findings to locate exceptions that indicated risk and followed up on them. This allowed Cyrus to easily risk rate vendors, keep ratings up-to-date with changing risks, determine if a vendor relationship needed attention, and focus on other big-picture tasks.
Operational Impact
Quantitative Benefit
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