OVERLAND PARK, Kan.–Rochdale Paragon Group has announced what it said is a “unique, all-inclusive: vendor risk management services agreement with Open Technology Solutions (OTS) and Shared Service Solutions (S3). Open Technology Solutions is a CUSO that includes Bellco Credit Union, Bethpage FCU and State Employees Credit Union of Maryland (SECU).
Rochdale Paragon COO Jeff Owen said the agreement will be supported through a dedicated, multi-tiered service team utilizing Rochdale Paragon’s newly enhanced apogee iQ vendor management software.
“This deal is a great example of partnerships at work. Not only is the consortium of credit unions and related CUSOs an example of successful collaboration, Rochdale Paragon’s ability as a CUSO to serve them makes perfect sense,” Owen said.
More Than a Decade of Experience
Rochdale Paragon Group said through its Vendor Management Framework and apogee iQ software it has offered vendor management solutions since 2008. For the past 12 years Rochdale Paragon said it has supported the credit union industry in assessing thousands of vendors annually to increase efficiencies and maximize value to clients when it comes to third and fourth-party oversight.
Rochdale Paragon added its apogee iQ vendor software is built off the foundation of the leading third-party standards group, Shared Assessments, for which maintains a best practices approach through its use of the Standard Information Gathering (SIG) questionnaire. Rochdale Paragon’s program builds on these standards to develop a proprietary methodology incorporating criticality and risk evaluations to customize results specifically designed for credit unions, the company said.
‘Significant Efficiencies’
“The team has put together a very effective program that raises the bar industry wide on how vendor risk management is performed,” said OTS CEO Mike Atkins. “Not only do we expect to see significant efficiencies with Rochdale Paragon managing the program centrally, we believe the collaborative work between the entities, combined with Rochdale Paragon’s extensive experience in vendor risk management will elevate the program as a whole.”