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Third Party Relationship Policy

In: Business and Management

Submitted By hpygilm
Words 456
Pages 2
Third Party Relationship Party

Vendor/third party relationships are an important part of ___FCU’s core purpose. It is necessary and prudent that ___FCU establish and manage these types of relationships in order to strategically provide services and products we could not provide on our own. This policy will provide reasonable assurance that management is appropriately managing contracted critical vendor relationships for a maximum benefit with the least amount of risk.

Senior management must ensure that all risks have been taken into consideration along with the benefits to the CU and its members, and that the risks and returns are acceptable. Careful consideration must be given to the potential risks of these relationships and how best to manage them in specific regard to the amount of control given to the vendor vs. related risks in a given situation. The length of time ___FCU has worked with a vendor will directly influence the components and depth with which a relationships in which our expectations have been met.

Critical Vendor
The Board has defined a “Critical Vendor” as a vendor that provides a unique service of high importance to ___FCU that cannot be easily replaced in the event the vendor is no longer able to perform.
Planning and Assessment
___FCU will use the Service Provider spreadsheet to document all risk assessments.
Critical vendors: There must be planning and an initial risk assessment prior to entering into any new critical vendor relationship. Multiple vendors (at least 2) must be considered. Senior management should review all the information in detail before making its final choice. The initial review should take into consideration at a minimum as applicable, the following risks areas: credit, interest rate, liquidity, transaction, compliance, strategic, and reputation, with the main focus being the risk to membership

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