In our ongoing effort to assure that CU Student Choice vendors are consistently meeting our needs and requirements, along with those of our credit union partners, the following efforts are undertaken:
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On at least an annual basis, vendors provide updated due diligence documentation as needed, including SSAE 16 audits, financial information, proper insurance documentation, and changes to business continuity plans or security information.
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Weekly calls with all vendors to discuss current issues, system enhancements, and any other pertinent topics.
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Continual monitoring of all loan processes and vendors to assure compliance to our standards.
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On-site visits with each vendor on at least an annual basis to discuss and verify procedures and processes.
Please email compliance@studentchoice.org to request the information you need to complete your due diligence risk assessment. We can provide technical information and business considerations related to all Student Choice vendors that can help you in your process. For those that would prefer a single document which summarizes our due diligence efforts for all Student Choice vendors, we do also have a Third-Party Management Program document.