Risk management is always a difficult thing to approach because there will never be a definitive clear line of what is an ok amount of risk and what might be too much. Generally, these things can’t be known until it is too late and your bank or credit union has to start dealing with the consequences of those risk profiles. While this might not be the most encouraging thing that you have ever heard, that is by no means to say that there are not a number of different tools out there to help you and your bank or credit union put risk mitigation back on your side. While there are a number of different tools out there that will help with this process, I think there is one that helps far more than others that I want to share with you.
Moving your company to a vendor management software for credit unions I think is one of the best possible ways to do a lot for your credit union with just one simple step. Any time a great new data driven tool gets put out there, I am always incredibly surprised when not everyone immediately drops everything and upgrades to it. There are so many things that you can do when you have great software on your side that I really don’t understand why there is ever a lag. Take for example the vendor management software for credit unions, N Contracts. This software not only saves your company massive amounts of time and energy by cutting down on all of the manual work that someone in your company would have to do in order to keep risk mitigation and spreadsheets up to date but it also helps every person in the company stay on the same page so everyone can make the right decisions together. This seems like such a simple and obvious thing but still there are a number of credit unions out there that are still using basic spreadsheets and doing a lot of this grueling work manually. Considering a decent amount of the money that any credit union makes is in some way using risk evaluation, it seems that having a very strong and well performing risk management software would be a very high priority for these credit unions.
Not only can you constantly monitor your credit union’s risk portfolio in real time with the risk management software from N Contracts, but you can also easily go through contract management so that you can see if there are any inherent risks hidden somewhere in any of your contracts, vendor management so you can measure your third party risks and business continuity planning so even if everything goes to its worst, your company can pull through and still help your customers so you don’t make the problem any worse than it already is. There are so many great tools available in such a quick and easy way. If you don’t have a risk management service in place, you should find out why.