CMPG Introduces Integrated Contract and Vendor Risk Management Outsourcing Solution for Banks
March 1, 2008 ‐ CMPG announced today the introduction of an outsourced contract and vendor risk management solution, ContractVision, filling a widespread need in the marketplace. This solution is a cost‐effective program that delivers the value and performance banks need to consistently
manage their suppliers and contracts to address regulatory compliance, improved risk management, and better cost performance.
In 2008 vendor management is getting increased attention from federal regulators and banking institutions. The FFIEC intends to update the IT Examiners Handbook with new requirements and the FDIC has also issued amendments to the IT Risk Management Program. "Vendor management has
become an administrative challenge for many banks, " comments Kevin Grimmer, CMPG VP of National Sales. "ContractVision is a timely solution for Compliance departments because it is consistent with upto‐ date FFIEC examiner expectations and it enhances internal risk analysis processes." The program is
designed to reduce risks and improve compliance, while providing intelligence about market conditions and pricing.
"The concept for ContractVision was a direct result of working with our clients to find an efficient process to organize and monitor all of their contracts," states Grant Karnes, CMPG Executive Partner. ContractVision takes that burden away from them and delivers a program that leverages outside
expertise and resources, is not dependent on any other systems or platforms, and also automates strategic planning and budgeting tasks.
ContractVision solves many problems with one solution by creating a central repository of contracts, ensuring that vendor risk assessments are completed, monitoring vendors and contracts and delivering desktop alerts with pertinent decision‐making analytics.
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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