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Silicon Valley Bank Selects VendorInsight® for Vendor Management

February 1, 2012 – Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group, with approximately $19 Billion in assets has entered into an agreement to manage its third party and vendor risk using the leading vendor management solution in the industry, VendorInsight®.

As a best‐in‐class solution, VendorInsight® was selected because it is well‐aligned with the direction the vendor management program is taking at Silicon Valley Bank (SVB). The vendor management office at SVB Financial Group evaluated several different options and selected VendorInsight® because other solutions could not keep up with the rapidly evolving business needs to manage vendors in a holistic and efficient manner. VendorInsight® supports every aspect of the process, from sourcing and RFPs through vendor due diligence, information security, financial and SSAE16 reviews, vendor selection and contracting. It is helping SVB automate not just risk reviews but also the performance and SLA reviews that are essential to managing vendor performance throughout the vendor life cycle.

SVB Financial Group, headquartered in Santa Clara, CA, has more than 1,400 employees and manages both domestic and international suppliers. "They needed a robust system to track vendor activity with thorough and sophisticated vendor assessment modules," according to Jay Fitzhugh, the implementation consultant for CMPG. He added, "VendorInsight® offers the ability to categorize and assign risk assessment questions to the bank's various subject matter experts across multiple departments, and include vendors in the workflow. It provides a strong collaboration framework that is essential to managing the complexities of a vendor management process well."

VendorInsight® is the foremost vendor management system and is the leader in vendor management among Governance, Risk and Compliance (GRC) solutions providers. For third party and vendor relationship, risk and performance management, its features are unmatched.

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: 1-833-VRM-EASY