How Credit Unions Can Turn Third-Party Risk Management into a Member Service Advantage
Third-party risk management (TPRM) represents a critical function for credit unions that extends beyond regulatory compliance to directly impact member service and trust. Recent high-profile incidents at several credit unions—where system failures and vendor issues rapidly escalated into member service crises—underscore this reality.While credit unions recognize that vendors are essential for growth, competitiveness, and relevance in today's environment, they must also acknowledge that leveraging third parties introduces significant risks requiring careful management. Forward-thinking credit unions are transforming this necessary risk management function into a strategic advantage that enhances their member value proposition.Small Teams, Big ResponsibilitiesKnown for their commitment to se...