Participants at an upcoming webinar can learn about establishing an effective third-party risk management program at their credit union.

As a credit union, you likely utilize third-party vendors to improve your operation; there is value that comes from these relationships, but also risk. Therefore, third-party risk management has increasingly become important for regulatory compliance and protecting credit unions.

The session, set for 2 p.m. Thursday, May 12, will cover third-party risk management program basics and how to effectively manage the risks, including

• the what, why, how and where of third-party risk management;
• the third-party risk management lifecycle;
• types of vendor risk;
• reporting to senior management and the board; and
• best practices and key mistakes to avoid.

The webinar, “Establishing an Effective Third-Party Risk Management Program at Your Credit Union,” will be presented by CUNA Strategic Services and Venminder.