Argos Risk, a provider of third-party risk intelligence services for managing and monitoring health and credit risk for B2B organizations, announced that it has formed a partnership with Member Driven Technologies to provide a vendor risk and business heath assessment product to MDT’s credit union clients.
MDT provides credit unions with a private cloud alternative for core banking and IT needs. The CUSO hosts many integrated solutions to run the entire institution, including digital banking, payments, lending, security, continuity and regulatory services, and will now also be offering Argos Risk’s AR Surveillance service to credit union clients. The automated product proactively monitors the well-being and potential risk of any related third-party vendors.
AR Surveillance also helps “strengthen compliance and mitigate risk” as auditors continue to ask “more detailed” questions about how credit unions manage their third-party relationships.
“Credit unions need to leverage a variety of vendor relationships to best compete in today’s digitally progressive environment,” Larry Nichols, president and chief executive officer of MDT, said in a statement.
“Our CUSO integrates with hundreds of vendors, providing clients with virtually unlimited choices for their technology plans. Argos Risk’s AR Surveillance solution will empower MDT and our credit unions with real-time insights into critical vendor financials and associated data, saving them the time and resources required to manage these relationships.”