Press

An Affordable Solution for Vendor Risk Management

February 7, 2013 Credit Union Vendor Risk Solutions, LLC provides an affordable solution to credit unions to meet their regulatory needs. The firm, known as “cuvrs,” is solely dedicated to providing credit unions with a complete turnkey vendor risk management solution.

Louis Hernandez, Jr. chairman and CEO of Open Solutions Inc., member of the board of directors of HSBC North America Holdings Inc., and a strong advocate for community-based financial institutions, stated: “Never before has the regulatory scrutiny of credit unions been greater. There is a critical need for credit unions to affordably, efficiently, and effectively monitor their vendor relationships.” Hernandez, the noted entrepreneur and author of “Too Small to Fail: How the Financial Industry Crisis Changed the World’s Perceptions,” and “Saving the American Dream: Main Street’s Last Stand,” further added: “I have known and worked with the founder of cuvrs for many years. cuvrs knows credit unions, with working knowledge of credit union vendor risk management, vendor contracts, NCUA regulatory requirements, and credit union regulator relationships.”

Matt Baldini, Founding Member of cuvrs, stated, “New and stricter regulations have made the regulatory landscape more difficult than ever for our credit union clients. Fortunately, we can provide our expertise for a fraction of what it would cost a credit union to hire staff.”

Among the services provided by cuvrs are risk assessment of vendors, maintenance of vendor contracts, vendor due diligence, drafting of reports for regulators and the Board of Directors, and reviewing contracts for cost savings.

Unlike other “vendor management” companies, cuvrs does not require credit unions to hire additional staff, download expensive and complicated contract management software, or train credit union personnel to learn new online tools.

“We take care of the regulatory requirements, so credit unions can focus on servicing their members,” Baldini added. “Simply put, our commitment to our credit union clients is: ‘We’ve got you cuvered.’”
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