October 9, 2014 ‐ VendorInsight® this week released Version 6.7.0 of its award-winning software for vendor management and third party risk. “We really streamlined the workflow and presentation of information in the system, further improving its already-fantastic ease-of-use,” said Grant Karnes, Executive Director. “It also gave us the opportunity to add a number of features our customers requested recently, including new reporting and more workflow options for vendor profiles and risk assessments. Vendor management departments who oversee programs from a centralized standpoint can now issue approvals and workflow controls while assessments are being completed or even being reviewed by a risk committee,” he added. With many large banks having developed good risk management practices that are directed by vendor management offices and complex information that is reviewed by risk committees, VendorInsight® also introduced some new features in version 6.7.0 that enable post-assessment, adjusted risk ratings that can be designated and maintained in the system.
One of the most exciting features, says Karnes, is the addition of a new Dodd-Frank Vendor Diversity Program Compliance Module. This is a gap that was previously unserved in the industry. Many large banks from just under $10 B in assets to well over $50 B in assets are trying to figure out how they can comply with the Dodd-Frank requirements and agency oversight requirements to have and maintain a vendor diversity program. VendorInsight® now gives them that capability by leveraging its database in conjunction with new enterprise vendor metadata profiles that can be customized by users of the system. “Our customers can now have a vendor diversity program up and running in a matter of a few days,” Karnes points out. “We believe this will really open the door for Dodd-Frank compliance on this topic.”
In addition to these new features, more services are on the horizon, hints Karnes. “2013 and 2104 have been busy years for us as we have continued to develop the system to stay ahead of regulatory requirements but 2015 looks even more intense.” Customer growth at VendorInsight® has swelled amidst the successful introduction of new features, modules and services. Karnes says to look for more outsourcing services that leverage the technologies and quality services associated with the VendorInsight® brand and team. “But most importantly,” he adds, “it is the mission of VendorInsight® to never lose our focus on protecting our customers and ensuring they have the tools, services and counsel to keep them out of trouble and ahead of the auditors and examiners.”
VendorInsight® is a subsidiary of Cost Management Performance Group, LLC (CMPG), based in Blue Ash, OH. VendorInsight® delivers the industry's most sophisticated and easy‐to‐use vendor management solution, backed
by CMPG's leadership, expertise and exceptional customer service, to help companies manage third party and vendor risk and improve operational performance and compliance. CMPG is a leading professional services and
software company that provides strategic profit enhancement and process development programs for financial institutions and other Fortune 500 companies in the U.S.
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