AuditLink, the audit and compliance division of CU*Answers, has released new end-to-end contract management to its existing vendor management platform. The new functionality is designed to archive contracts, enter critical information revolving around the vendor relationship, configure critical contract and notification dates, and subscribe to notifications—with no limit to the number of contracts that can be added.
“Most vendor management providers were born out of rudimentary contract management websites,” said Jim Vilker, VP of Professional Services. “AuditLink came to market years ago first with a strong vendor management platform and associated service, which we felt met the biggest need. With that robust platform firmly established, we set our sights on adding contract management second.”
The new functionality was created after extensive research and interviews of existing clients on the needs associated with managing vendor contracts. As with the already existing platform, it was designed collaboratively with credit union and CUSO involvement to hit the nail on the head right out of the gate. “The most important aspect from our clients’ perspective was keeping critical dates and notifications completely configurable by the credit union,” added Vilker. “This allows for all departments who have specialties in other areas such as IT to utilize the system to manage their specific review responsibilities. In essence it creates a portal for all areas of operations to collaborate on contract management responsibilities.”
AuditLink’s mission is to deliver specialized services that enable credit unions to meet regulatory guidelines pertaining to policies, procedures, member disclosures, and mitigating the risks associated with running a financial institution. The division’s goal is to reduce the added work imposed by regulators, release the pressures common to execution of daily work, and provide unprecedented service support from those who understand even the most difficult operational issues. AuditLink also builds collaborative shared execution services for completing the daily work our credit unions and CUSO clients cannot afford to do on their own, such as concentration risk evaluations, high risk daily transactional review, audit work, compliance reviews, and security access reviews to the flagship core system CU*BASE.