Argos Risk, a leading provider of third-party risk intelligence services for managing and monitoring health and credit risk for B2B organizations, is partnering with Member Driven Technologies (MDT) to provide a vendor risk and business heath assessment solution to MDT’s credit union clients.
MDT provides credit unions with a private cloud alternative for core banking and IT needs. The CUSO hosts dozens of seamlessly integrated solutions to run the entire institution, including digital banking, payments, lending, security, continuity and regulatory services, and will now also be offering Argos Risk’s AR Surveillance solution to credit union clients. The automated solution proactively monitors the well-being and potential risk of any related third-party vendors. AR Surveillance helps strengthen compliance and mitigate risk as auditors continue to ask more detailed questions about how credit unions manage their third-party relationships. In addition to offering AR Surveillance to clients, MDT will also leverage the tool to evaluate its technology partners.
Larry Nichols, president and chief executive officer of MDT, commented, “Credit unions need to leverage a variety of vendor relationships to best compete in today’s digitally progressive environment. Our CUSO integrates with hundreds of vendors, providing clients with virtually unlimited choices for their technology plans. Argos Risk’s AR Surveillance solution will empower MDT and our credit unions with real-time insights into critical vendor financials and associated data, saving them the time and resources required to manage these relationships. This partnership with Argos Risk reflects our ongoing dedication to provide our clients with the tools they need to efficiently and successfully run their operations.”
Argos Risk’s AR Surveillance solution leverages more than 10,000 data points to assign risk scores to an organization’s business partners. It automatically generates and sends proactive alerts about significant updates from those partners’ operations, such as key executive changes, lawsuits, liens, mergers, acquisitions and any other large news. The service educes the time and manual processes typically required for proper vendor due diligence and management.
“An organization can only be as strong as its partners, and this is especially true in the complex financial services industry,” said Lori Frank, president and chief executive officer of Argos Risk. “By leveraging our automated solution, MDT and its clients will be able to more efficiently and time-effectively monitor the health of their key vendor relationships. We’re excited to partner with this forward-thinking CUSO as it provides superior solutions, like AR Surveillance, to its credit union clients.”