Vendor Management
“Force Multiplier” for Emery FCU

The Solution

With the help of Nvendor, Troy saves those two months every year reviewing Emery FCU’s third parties. Today, Ncontracts’ vendor experts perform the burdensome vendor management chores for Emery, requesting, reviewing, and summarizing all vendor management documents, including master level agreements, service level agreements, addendums, SOC and control reports, financial statements, and insurance.

Then the Nvendor software helps Troy keep everything organized and on track.

“Ncontracts is a force multiplier. The folks there are helping me with the heavy lifting, and it looks like one person is doing it when, in fact, there’s a whole team behind me.”

The Results

Exam-ready reporting: Since using Nvendor, Emery FCU has rolled through its third-party risk assessments during exams. “The exam readiness—yeah, that really paid huge dividends for us.”

Quickly identify vendor weaknesses: With Nvendor, Cyrus and his fellow compliance officers no longer spend hours reviewing vendor control reports and audit findings to locate exceptions and risk areas. “Ncontracts finds those hot buttons, and the sirens and lashing lights go off. I receive a link pointing me to where I need to go in the auditor’s report.”

Proactive identification of vendor negative news: “Another thing I couldn’t do that Nvendor does is on-point monitoring. If I wanted to know if one of our vendors was experiencing problems, I’d have to hope it was reported in the trade rags.”

Quickly answer questions from management: “When we setup the Nrisk system, we were able to assign the control assessments to the person who has the most knowledge of the asset, risk, and control being assessed. And that’s the great part about Ncontracts’ integrated solutions - it’s not a risk assessment based solely on one 
person’s opinion. Everyone plays their part.”

A vendor management solution that scales for future growth: Over the past 10 years, the magnitude of vendor documentation, data points, and compliance requirements has exploded. Much of this is due to Emery’s growth in asset size. “The volume of the data 
has grown so much over the past decade. Nvendor continues to be such a time-saver. It’s been a tremendous solution for us.”

Combines with Ncontinuity to improve business continuity planning: When Cyrus and Emery FCU needed a business impact analysis (BIA) before exams, Nvendor enabled them to quickly pull vendor risk profiles for an exam-ready report on their  organizational resiliency. “Our risk of financial loss has become more dangerous and challenging every year, especially around  cyber. Including vendor risk in our business continuity planning offers a significant benefit.