FFIEC News

Vendor Management Programs Have Reached a Tipping Point

(June 18, 2007)-- According to participants in a recent telephone briefing on Vendor Management conducted by the American Bankers Association, 89 percent of the bankers that responded to a question regarding third-party systems were using an internal vendor management monitoring program.(This was a poll of bankers on that telebriefing and not a statistically valid survey.)

While internal systems work for a number of banks, Fortrex believes that procurement and contracts management software fail to address FFIEC standards for vendor especially where the vendor's IT security is a consideration.

Fortrex Technologies, a market leader for over 10 years in IT Security, Operational Risk and Compliance consulting, has rereleased its patent pending product, VendorPoint, that addresses a financial institutions major headache, vendor management. VendorPoint, successfully implemented at the nation's largest and most diverse financial intuitions regulated by FDIC, FRB, NCUA, OTS and OCC, has effectively addressed this business issue.

Share or bookmarklet this web page at: