No more handshake agreements with credit union vendors

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Directors play a key in role in ensuring the viability of third-party relationships.As credit unions become more sophisticated, their third-party vendor management programs must follow suit. The days of handshake agreements are over.Credit union boards play an essential role in this evolution.NCUA and the Consumer Financial Protection Bureau expect credit unions to have an effective process for managing third-party relationship risks.This involves some duties that apply to the credit union as a whole, and others specific to directors.The CU’s responsibilitiesConsider three key vendor management responsibilities for credit unions:1. Determine which services to outsource. Every credit union’s capabilities for handling certain operations in-house differ.Regardless of which operations and products other credit unions delegate to third parties, examine and discuss how outsourcing would create value for your members and strengthen your credit union’s position. continue reading »last_img read more

What do your policies REALLY say?

first_imgOver the years, I have talked to financial institutions about their policies and often the compliance officer will proudly pull out a big binder filled with numerous policies. They proceed to tell me how the Board reviews and approves them each year, or as new regulatory requirements occur. And, that’s a very good start.But, do you know what your policies actually say? Do you know who is identified within each policy as being responsible for various aspects of the policy? Do you know what the policies say you will do related to that policy?If those questions make you a little uncomfortable or even a little panicked, you are not alone. I know many compliance officers who feel the same way. In the day-to-day business of trying to keep your credit union in compliance with a myriad of regulations, it is not unusual to push policy review to the back burner. If you have not conducted a thorough review of your policies, make time now to do it. But, where do you start?The simplest way is to start with a spreadsheet. When you look at a policy, pull out any sentence that states a responsible party, any specific statements about what the credit union will do, any audit that will be conducted of the area and the timing, and training that will be provided to employees and the frequency, etc. continue reading » 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

The controversy around National sports awards continues to get murkier

first_img Written By First Published: 21st September, 2018 16:26 IST Speaking to Republic TV, the first Indian woman to win a silver at the Olympics stage, Deepa was dismayed. She raised several concerns. ‘As per the government’s own points system, Olympics and Paralympics are ranked the same and have the same amount of points for each category of medal. Then why is it that again this year, after 2016, the awards have been decided and announced by keeping 2018 CWG and Asian games but the Asian Para Games have not even started yet? Events of the same year should be taken into account the same year for both Olympics and Paralympics, CWG and Asian Games.’  COMMENT READ | “Don’t Need Pity Or Sympathy; Only Want To Be Empowered,” Says Paralympic Silver Medalist Deepa Malik Last Updated: 21st September, 2018 17:13 IST The Controversy Around National Sports Awards Continues To Get Murkier Deepa said that while the job of the athlete is to represent the country and win laurels, steps should be taken to reduce the arbitrariness. Deepa said that while the job of the athlete is to represent the country and win laurels, steps should be taken to reduce the arbitrariness. ‘There is a lot of ambiguity. If it’s about points, then I have the points. If it is about Olympics medals, then I have a Paralympics medal, I have the uniqueness of having many firsts, the first woman at Paralympics, Asian Games, world championships, currently holding an Asian record. The form closes at the end of the previous year, but if you are considering the current year then why not for both able-bodied and para-athletes? I don’t see how I am not in the run? The least that should be done is to have equal criteria for para-sports.’   After leading wrestler Bajrang Punia threatened to move court, 2016 Paralympics silver medalist Deepa Malik also raised questions over the process.  center_img Shivani Gupta WATCH US LIVE SUBSCRIBE TO US FOLLOW US LIVE TV READ | “Why Deny Me A Khel Ratna?”; Bajrang Punia Threatens To Move CourtThis is not the first time that athletes have questioned the process. And also not the first time that the awards seem biased and catering more to able-bodied sports against the para-athletes. In the four year period of consideration for Khel Ratna, from 2014 till 2017, Deepa has won the Paralympics and Asian Games silver which itself give her 95 points without the committee’s added points. READ | ‘I Had Never Filled A Pothole In My Life Before My Son Passed Away’ Said Dadarao Bhilorelast_img read more