September 20, 2010 – With the successful release of VendorInsight® 4.2 this month, CMPG significantly extends its lead in delivering the most reliable, sophisticated toolset to financial institutions (FIs) to help them manage third party and vendor risk. VendorInsight®, introduced in 2009, is the industry's most sophisticated and easy-to-implement vendor risk management and vendor relationship management solution. Currently, the customer concentration of VendorInsight® includes FIs ranging in size from $0.5 to $20 Billion.
VendorInsight® continues to be the industry's only serviced solution. We assign a full-time program administrator to our customers to review all of their information, monitor the system, ensure that information is up-to-date, and monitor that alerts and issues are resolved promptly. This assistance has proven to deliver exceptional value to our customers and is a primary reason why VendorInsight® is chosen. Most FIs do not want to add additional staff to expand their vendor management program to attain the level of compliance required by regulators, especially smaller banks and credit unions.
New! On October 1, VendorInsight® will launch VendorHELP™, a new referral-only program for FIs that need significant help implementing or improving their vendor management programs. Examiners, regulators, and internal auditors can nominate banks for inclusion in this no-cost program designed to fast track them to a compliance posture accepted by regulators. See the attached Press Release for more information.
Vendor Risk Monitoring – Always On. Every Day.
This is a premier, standout feature that separates VendorInsight® from the rest. VendorInsight® continues to be the ONLY solution that monitors the financial and banking industry's top 150 vendors and all of our customer's high risk vendor EVERY DAY. Currently, we monitor more than 230 vendors. Our daily vendor news monitoring service delivers SEC filings, financials, press releases, and other news and announcements directly to the email of bank management and to their desktop through a proprietary dashboard that flags risk alerts. VendorInsight® screens this market information each day for emerging and current risks. When market risks are identified, this information is alerted and presented immediately to VendorInsight® customers.
Quantitative Vendor Risk Scoring
"We listened to examiners and the governing regulatory agencies to learn exactly how and why certain banks' vendor risk management programs weren't doing very well," notes Grant Karnes, the executive that oversees VendorInsight®. Banks need help building simple, but reliable, policies and procedures and taking the subjectivity out of their risk scoring methodologies. VendorInsight® now utilizes a sophisticated algorithm and proprietary methodology that can be fully customized. The base template is a reliable and robust assessment tool based on the FFIEC IT Examination Handbook series which addresses, in detail, more than ten categories of risks.
Business Impact Analysis (BIA) Sensitivity Weighting
To successfully manage risk, VendorInsight® understands that companies must differentiate between inherent risk and control risk. A proprietary scoring algorithm within the system enables customers to understand raw risk scores and weighted risk scores that are driven by the BIA module which is fully configurable for each customer.
Vendor Risk Template Management and Version Control
As new issues and risks emerge, FI's need to be able to easily and quickly adjust their risk templates. VendorInsight® allows its customers to manage their templates with complete revision control, automatically importing data from old risk assessments into new ones. These efficiencies encourage better adherence to policies and improved overall program compliance. Revision history is also maintained within the system.
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.
News and Media Contact: firstname.lastname@example.org 1-833-VRM-EASY