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Posted: Sep 26, 2018
Categories: Consulting
Comments: 0
Author: Randy Daigle

[Editor’s Note: This article was previously published on CUInsight, and has been modified.]

As the web of vendors to credit unions becomes more complex – core vendors, digital banking vendors, credit/debit card processors, Loan Origination System (LOS) providers, IT vendors, consultants, loyalty programs, legal services, and the list goes on – vendor management has become a necessary core competency. However, most credit unions don’t have the time, resources and/or expertise to manage their vendors properly. At many credit unions, the problem goes much deeper. With no contract life-cycle management in place, auto-renew contracts continue, sometimes in perpetuity. There is a lack of awareness of the risks of not managing vendor contracts. 

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Posted: Sep 4, 2018
Comments: 0
Author: Lou Grilli

Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C. at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response. Part 1 focused on what is at risk; what causes breaches, and the fact that breaches are inevitable. Part 2 focused on planning and documentation for the inevitable. This Part 3, will explore three areas that require special attention: the legal considerations regarding breach notification; the contracts an organization has with vendors who have access to data; and having the right insurance coverage.

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Posted: Aug 28, 2018
Comments: 0

[Editor’s Note: Content from this article was previously published on CUToday, and has been modified]

For as long as payments have been around, there has been constant opportunities to invest in card programs to remain relevant by increasing member engagement and attracting new members. Given the continuous rise in the costs of running a successful card program, it is essential to make the time to complete an in-depth review periodically to ensure a smooth running and profitable program.

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Posted: Aug 14, 2018
Comments: 0
Author: Lou Grilli

Planning for the Breach - the WISP and IRP

Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C., at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response. Part 1 focused on what is at risk; what causes breaches, and the fact that breaches are inevitable. This Part 2 will focus on planning and documentation for the inevitable.

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Posted: Jul 10, 2018
Comments: 0

A Survival Guide

[Editor's Note: This article was previously published in CUInsight, and has been modified.]

Credit unions face an aging membership base. At the recently held immersion18, Trellance’s annual conference, a survival guide was presented for credit unions to prepare for and counter this trend.

The average age of a credit union member is 47. This means that most members are past their prime borrowing years. Income from interest is the biggest line item on almost every credit union’s income statement, therefore if members are moving from borrowing age to saving age, the average Return on Member (ROM) will start to decline. That’s not to say that savers aren’t valuable members, a credit union needs both.

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