The Mission and Core Values

Founded during the Great Depression by Navy Department employees who pooled their money to realize their financial goals, Navy Federal Credit Union has grown to be the world’s largest credit union while never losing dedication to service. Navy Federal is synonymous with exceptional financial support for our military, veterans, and their families.

Navy Federal Credit Union’s core values of “service, integrity, and community” carry over into the operations of their third-party risk management (TPRM) team, devoted to protecting customer data, and safeguarding against potential breaches and incidents.

“Our members are the mission at the heart of everything we do! As a member-owned not-for-profit, our slogan drives us at the core. Our Vendor Risk Management team is committed to protecting member data,” pronounces Michelle Drake, Assistant Vice President, Information Security Third Party Risk, Navy Federal Credit Union.

Shared Assessments is steadfast in providing the Navy Federal TPRM team with the resources, education, and events needed to support the credit union’s mission. Shared Assessments, and its TPRM Product Family, assist Navy Federal in strengthening vendor relationships, standardizing assessment methodologies, and protecting customer data.

 

Navigating Risk in a Highly Regulated Environment

Operating in a highly regulated industry poses a multifaceted challenge: Navy Federal‘s TPRM team needs to ensure comprehensive risk oversight without impeding responsiveness to customers.

Navy Federal relies on the Standardized Information Gathering (SIG) Questionnaire to remain nimble. The Navy Federal TPRM team uses the SIG to build, customize, analyze, and store vendor assessments in the evolving regulatory and risk landscape.

Drake explains that the SIG has helped in “maturing TPRM over the past years – we have a strong program now,” also mentioning that “in efforts to focus limited resources effectively, the SIG provides a point-in-time assessment, with great industry awareness and acceptance.”

Using Shared Assessments’ Resources

Just as Navy Federal’s TRPM team is dedicated to keeping the credit union’s members “strong, safe, and secure,” Shared Assessments is committed to being the Trusted Source In Third-Party Risk Management and provides “resources for various people, wherever they are on their risk management journey,” as Phil Bennett, Assistant Vice President, Security Governance, Communications & Risk at Navy Federal Credit Union, describes.

Several individuals on Navy Federal’s TPRM team hold the Certified Third Party Risk Professional (CTPRP) or Certified Third-Party Risk Assessor (CTPRA) credentials which validate their industry expertise and assist in improving their job duties.

Navy Federal attends Shared Assessments’ Annual TPRM Summit which brings together leading experts in risk management to identify trends and share best practices. Summit allows you to evaluate your program and ask “Am I doing the right things?” and “What else should I be doing?” says Drake.

 

Members Remain the Mission

Members remain the mission for both Navy Federal Credit Union and Shared Assessments. Third-Party Risk Management is a relationship business, and no one organization can go at it alone. By aligning on core values of integrity, collaboration, and community, Navy Federal and Shared Assessments are committed to building a more secure and resilient world.