OCEAN, N.J., Jan. 5, 2009 — Regulatory compliance consultancy R.I.S.C. Associates announces the release of Vendor Compliance Manager(TM) (VCM), a software-based vendor management program that helps banks and credit unions quickly comply with regulatory requirements for vendor oversight. With this first entry into the Governance, Risk & Compliance (GRC) market, VCM addresses the regulatory requirements to Measure, Monitor and Control by integrating the 8 key components of a sound vendor management program all within an intuitive, menu-driven system and centralized Management Dashboard.
“The growing regulatory burden in these resource-constrained and challenging economic times calls out for productivity tools to make compliance a more efficient and cost-effective process. Vendor Compliance Manager was developed specifically for banks and credit unions where typically staff is limited and wears multiple hats. We’ve consolidated all regulatory requirements in a very easy-to-use system that incorporates Vendor Inventory, automated Risk Rating calculation, Due Diligence, Contract Review, Ongoing Monitoring, centralized Status Tracking, Policy and extensive Reporting capabilities,” stated Mick Kless, President of R.I.S.C. Associates. “Our field experience in building one-off vendor management programs over the years told us that there had to be a better way to handle a regulatory requirement that has come under increased scrutiny and that everyone struggles with. So we built a practical solution that centralizes management of the program and that can still be used in a decentralized environment. And the price makes it a no-brainer.”
VCM’s Dashboard and Reporting features provide centralized management over often decentralized functions and enable the institution to view the status of any vendor with a click of the mouse. The program includes email notifications for overdue and upcoming vendor reviews and contract expiration dates, import/export functions to incorporate existing vendor inventory and vendor update templates to shorten the review and monitoring cycles. A single mouse click produces a consolidated vendor report suitable for examiner review.
About R.I.S.C. Associates
Regulatory Information Security Compliance (R.I.S.C.) Associates is a leading regulatory compliance consultancy specializing in providing services that help banks and credit unions meet GLBA 501(b) and NCUA Part 748 requirements. Core services include Risk Assessment, Policy Development, Vendor Management Program Development, IT Audit, Pre-Exam Readiness Planning, MoU and DoR Response Strategy, Board Training, Red Flags Policy Development and Outsourced ISO services.
Contact:
Mick Kless, Managing Director
Mick.Kless@risc-corp.com
http://www.VendorComplianceManager.com
(800) 310-5580
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