Press
Quantivate Joins NAFCU Services Preferred Partner Program For Vendor and Contract Management
WASHINGTON – NAFCU Services Corporation announced today that Quantivate has been selected as the Preferred Partner for vendor and contract management, following a competitive RFP process and evaluation by the member-run NAFCU Services Advisory Committee. Quantivate Vendor Management is a web-based vendor management solution that provides compliance with NCUA and other federal regulatory requirements for vendor management.
“The future will only bring more complex regulatory requirements, penalties for failing to comply, and liability for credit unions,” said David Frankil, NAFCU Services Corporation president. “Vendor and contract management is becoming a critical business process and credit unions need to evolve from ad hoc spreadsheets and calendar reminders to being more systematic. The NAFCU Services Advisory Committee saw advantages for credit unions of all sizes of the Quantivate cloud-based platform, with its intuitive point-and-click approach and built-in analysis tools and protections.”
“Credit unions everywhere are feeling increased pressure from government regulators about their third party relationships. Add to this the burden on staff resources of managing vendors across all departments, and you’ve got a serious compliance issue,” said Andy Vanderhoff, Quantivate president. “Savvy credit unions will look at this challenge as an opportunity to ensure they are employing good business practices. Quantivate Vendor Management helps credit unions perform required risk assessments, due diligence, contract reviews, and vendor monitoring; then generate complete reports for compliance examinations.”
More information is available at www.nafcu.org/quantivate, including a podcast, Vendor Management: Getting Started on a Systemic, Regulator-Friendly Program. In the podcast, Vanderhoff explains four good business practices that will help protect credit unions, ten questions to ask during a due diligence review, what credit unions typically miss during a due diligence review, and more.
Quantivate provides vendor management services with two partners: the Paragon Group and Farleigh Wada Witt. The Paragon Group ensures a credit union’s vendor due diligence program meets regulatory requirements in several critical areas. The law firm Farleigh Wada Witt provides contract legal reviews and guarantees that the management tools in the Quantivate Vendor Management software comply with current NCUA and other federal requirements.
About NAFCU Services
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers more than 30 Preferred Partner programs to the credit union community, maintains the credit union locator website www.CULookup.com, and provides free financial calculators to NAFCU members. For more information about NAFCU Services Corporation, visit www.nafcu.org/nafcuservices.
About Quantivate
Quantivate is a leading provider of web-based continuity, risk, and compliance software solutions. Quantivate’s product portfolio comprises a comprehensive suite of applications used by credit unions across the nation to manage their business continuity, risk management, information security, vendor management, and audit management needs. With Quantivate’s full suite of integrated continuity, risk, and compliance solutions, credit unions can seamlessly leverage critical data from across their institution for greater time savings, security, and decision making. For more information about Quantivate and its partners, visit www.quantivate.com.