Maple Street’s compliance review — Simplified

Nobody likes work that’s painful. Nobody likes work that seems to be work for work’s sake. But if you pull back the curtain, contract compliance is much more than checking boxes or pleasing examiners.

Too busy to save your members or customers money

One of the problems from being too busy is the inability to pay attention to important details that can easily be put off to another time. The best example we’ve seen of this is putting off evaluating existing vendors and considering renegotiating your contract with those vendors.

The dangers of maverick contracting

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.

The value of vendor planning

Credit unions and community banks routinely do strategic planning – the key word being “routine,” because institutions frequently fail to consider all aspects and possibilities, including the tools you’ll need to get the results you want three to five years from now.

Pandemics, power outages and pen tests

Your critical vendors can potentially have a huge impact on your institution when something goes wrong. Obviously, this isn’t news. They’re critical to your operations, usually have direct access and use of enormous amounts of non-public personal information. These vendors are crucial to your institution being able to serve your members or customers, and if something goes wrong your members and customers won’t blame your vendor – They’ll blame you.

Starting the cost cutting initiative

The phrase cost cutting initiative is used a lot in financial institutions lately. If you’re serious about cutting the kind of cost that will have a real impact on your income statement and balance sheet with real improvement of KPIs like efficiency ratio and ROA, reducing office supplies isn’t going to cut it.