S&T Bancorp, Inc. selects VendorInsight® for vendor risk management
May 9, 2011 – S&T Bancorp, a bank holding company with approximately $4 Billion in assets, has entered into an agreement with CMPG for the purchase and use of its third party and vendor risk management solution, VendorInsight®.
According to S&T Senior Vice President of Banking Operations and IT, Rob Werner, “VendorInsight® was selected because of the strength of their solution and their forward-looking perspective. We selected VendorInsight® after a thorough review of all the competing solutions in the marketplace."
"VendorInsight® is helping enhance S&T's vendor and third party risk management program, giving them access to a sophisticated and flexible suite of fully-automated features," says Grant Karnes, the executive that oversees the program. "S&T is an organization built on trust and delivering value to its customers and VendorInsight®'s governing principles align well with those core values."
Werner adds, "The unique business model of VendorInsight® delivered a standout value proposition to us that we did not witness with other solutions. We are already realizing benefits from having a dedicated program administrator at VendorInsight® oversee and manage our system content. Also, the news service and risk monitoring that VendorInsight® delivers to us for our critical vendors enables a better balance of centralized control and decentralized accountability across our vendor monitoring and management activities."
VendorInsight® is the only vendor risk management solution in the marketplace that offers a vendor monitoring and alerting service as a part of its core system, says Karnes.
VendorInsight® has taken a leadership position among Governance, Risk and Compliance (GRC) solutions providers, offering a best-in-class solution for third party and vendor risk management and relationship management. The recently-announced introduction of BCP-INSIGHT™ later this year, will extend CMPG's GRC suite into another critical area of need, business continuity planning and management. BCP-INSIGHT™ will apply a revolutionary, universal framework that replicates the elegant simplicity and user-friendliness of VendorInsight®. This will enable companies to completely organize, test and manage their business continuity and disaster recovery programs with ease, on one platform, in less time, and using fewer resources.
S&T Bancorp, Inc., headquartered in Indiana, PA, operates 51 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.1 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA. For more information, visit http://www.stbancorp.com.
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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