3 things smart CIO’s check before signing that credit union managed services contract!
For many CIO’s – moving to a credit union managed services provider (MSP) for their critical technology infrastructure has become THE “go to” strategy for managing their increasingly complex infrastructures, regulations and threats. There is no question that when it comes to efficiency and administrative overhead, a good MSP relationship can save your credit union BIG! But because of the innate nature of a service provider/credit union relationship, much of the work may not be as transparent as what your credit (or NCUA!) would like. So the question becomes: How do I know that I am getting what I paid for? Here are a few things we think you should consider when answering this question…
- Do you know where your MSP’s responsibility stops and where yours begins? This is extremely important when it comes to analyzing different providers. Make sure you have a very clear understanding of what your organizations role will be once the managed service is implemented. You need a clear understanding of what exactly the MSP is going to handle, where the handoff to your staff exists, and how the two will work together to provide the synergy necessary to running a smooth operation. You wouldn’t want to get caught in a situation after the fact where your expectations are not met because you didn’t have all the facts prior to choosing the right vendor for your needs. As important as it is to know what to expect from your vendor, it is also key to know what your vendor is going to expect from you. In most cases, this will become a partnership between your organization and your MSP, so make sure you are both well informed before you join forces.