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Evaluating Third Party Relationships NCUA Letter 07-CU-13
Manage episode 395701044 series 3543943
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Evaluating Third-party Relationships for Credit Unions: A Podcast with Samantha Shares
In this episode, Samantha Shares discusses the NCUA's letter to credit unions on evaluating and managing third-party relationships. These relationships have been increasing in recent years, offering potential benefits but also amplifying risks. The key areas of risk assessment, due diligence, and risk measurement, monitoring and control are explored. Samantha also highlights the key aspects of third-party relationships such as planning, initial risk assessment, due diligence, financial projections, operational controls, contract issues, legal review, and accounting considerations. The podcast is aimed at assisting credit unions navigating third-party relationships, ensuring they meet their strategic goals while safeguarding member assets and ensuring sound operations.
00:05 Introduction and Sponsorship
01:00 Understanding Third-party Relationships
04:18 Risk Assessment and Planning
05:13 Risk Assessment and Planning Considerations
09:32 Due Diligence for Third-party Relationships
19:59 Risk Measurement, Monitoring and Control of Third-party Relationships
24:31 Summary and Conclusion
25:18 Appendix A: Areas for Consideration
28:05 Appendix B: List of Resources
28:15 Final Remarks and Contact Information
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