OCEAN, N.J., Aug. 26, 2009 — Regulatory compliance consultancy R.I.S.C. Associates announces the release of Vendor Compliance Manager(TM) (VCM) 2.0, a software-based vendor management program that helps financial institutions quickly comply with GLBA requirements for vendor oversight. With this latest release, VCM not only meets regulatory requirements but addresses contract management issues as well as vendor relationship management.
“This latest release of Vendor Compliance Manager really rocks and takes vendor management programs to a new level,” stated Mick Kless, President and Managing Partner. “We’ve incorporated features and functionality that our clients were asking for over the past few months as well as trends we saw emerging from exams. We’re definitely ahead of the regulatory curve, which is a huge advantage for our clients given that vendor management is a front-burner issue and will continue to be for the foreseeable future. And given the growing number of State consumer data privacy and information security regulations, this is a great application for any business that is required to comply. We’ve definitely raised the bar and set a new standard for vendor management programs.”
VCM’s Dashboard and Reporting features provide centralized management over often-decentralized functions and enable the institution to track the status of any vendor with a click of the mouse. The program includes customizable due diligence, periodic review and contract questionnaires, action items, email notifications, payment tracking, contract expiration and auto-renew cancellation deadlines as well as a wide variety of reports suitable for examiner and auditor review. The vendor management policy and procedures that are included are a huge value-add as well.
“Our clients include banks, credit unions, mortgage brokers and consumer credit counseling agencies ranging in size from $55 million to more than $5 billion. They all face the same challenge with regard to vendor management and VCM has helped them not just meet but exceed this extremely important regulatory requirement,” stated David Schneier, Managing Director and Vice President, Product Development. “The intuitive interface, features and functionality were designed by field practitioners and regulatory experts who understand the user’s requirements and not just the regulatory guidelines. We take pride in the fact that our clients tell us that the features and ease of use show that we understand their pain and what they need to do on a daily basis. And we also hear that the examiners are pretty impressed with VCM as well.”
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
http://www.VendorComplianceManager.com
(917) 837-6970
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