Neighborhood Mortgage Solutions chooses Trust Exchange and Audit Link to manage their vendor compliance.
New Vendor Compliance Monitoring Customer: Neighborhood Mortgage Solutions
New Customer New Industry: Cutanea Life Sciences for Pharmaceutical Compliance
Fintech vs. Regtech
What is the difference between regtech and fintech? Regtech is a much broader term that applies to many more industries beyond banking.
Your Vendors Love Trust Exchange for Compliance Monitoring
New Customer: Frankenmuth Credit Union
Trust Exchange welcomes Frankenmuth Credit Union as a customer for our vendor compliance monitoring application.
Vendor Management or Vendor Monitoring?
What is the difference between vendor management and vendor monitoring? Is vendor management a subset of vendor monitoring? Or is vendor monitoring a subset of vendor management?
Reduce Risk by Monitoring
The viability of any given company, varies over time and can be impacted by many things including their performance, business cycles and the political environment. Understanding the ebb and flow of a company’s business is key to understanding their viability.
Webinar: Reducing the Cost of Vendor Management for Credit Unions
SOLD OUT!
This afternoon we are co-hosting a webinar with our partner, Auditlink entitled "Leveraging Latest Technologies to Lower Cost of Vendor Management." Unfortunately, due to limited space, we were unable to accommodate everyone interested in attended so we had to shut down registrations. We will post the slides and a recording of the webinar within the next few days.
In the meantime, here is a summary of the topics discussed:
- new regulations are increasing the costs of managing vendors for credit unions
- cost of compliance increase isn't incremental but exponential
- existing solutions are largely manual workflow management and don't scale
- Trust Exchange provides a solution based on crowdsourcing and collaboration
- Trust Exchange DEMO
- Q & A
Stay in the loop....don't miss the next webinar by clicking below.
Talking Vendor Management at NACUSO
We're in Orlando Florida this week attending the National Association of Credit Union Service Organizations annual meeting: NACUSO Network 17. We're here supporting our partner, Audit Link who uses the Trust Exchange platform to manage risk for Credit Unions.
Due to recent regulations Vendor Compliance and Vendor Management are pressing issues for Credit Unions of all sizes. With Audit Link, we've created a series of risk assessment and monitoring products that dramatically reduce the cost of managing a vendor compliance program and increase compliance readiness.
In creating the joint vendor management products, we made certain that the audit and monitoring products scaled up and down to support credit unions of all sizes. We have implemented this cost effectively for Credit Unions with a handful of vendors as well as those with hundreds of vendors.
If you're attending NACUSO and want to learn more, I'll be hanging in the exhibit hall with our partners at Audit Link and CUAnswers.
Disrupting B2B Information: Social Scale
As we pointed out in our prior post, The Secret of the B2B Credit Middlemen, the process for establishing, maintaining and granting credit is fundamentally busted. It’s expensive, inaccurate and non-transparent. We believe this industry can be restored in three key ways: 1. Freeing the Data, 2. Socializing the Data and 3. Fixing the Process. In this post we’ll discuss how socializing the data can eliminate one of the key problems in business credit reports: accuracy.
The credit bureaus DON’T ISSUE CREDIT! Businesses grant credit to each other and use bureaus such as Dun and Bradstreet to assess the viability of a given company. A quick glance at the D&B FAQ and you can see to create the credit scores, they use data from multiple sources. Most of these sources include public data or utilities reporting on the timeliness of your payment.
Similarly, businesses make their own decisions about partners, vendors and key relationships. It's the same decision process. Entering into one of these types of business relationship is similar to issuing credit in that you're allocating resources to invest in these relationships.
The bureaus claim to manage over 100 million profiles. The biggest of the bureaus makes 20 million data verification calls per year. Something doesn’t add up! There is NO WAY they can possibly verify the accuracy of 100 Million companies by cold calling. Imagine if they were competing with Waze, verifying traffic and police locations by cold calling drivers on their cell phones. They're a linear tool in an exponential world!
The ratings business information should be SOCIAL. DnB, Experian etc. are data storage middlemen. If companies are able to view and manage profiles, rate other companies and contribute ratings free of charge, then the data will be more accurate, timely and more closely correlated to business reality. Reaching SOCIAL SCALE is the only means to truly achieve this cost effectively.
At Trust Exchange, we aim to create an open, easy to use, peer to peer, risk management platform that enables companies to more effectively manage their risk. The value of the network is proportional to the number of members...we need you!!
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