September 20, 2010 – On October 1, VendorInsight® will launch a new program for financial institutions (FIs) that have been struggling to put in place adequate policies, procedures and measures to manage vendor risk effectively. The program, called VendorHELP™, will be extended to one or two banks each quarter and will enable them to take advantage of a team of experienced consultants, and a fast-track implementation at no cost. VendorInsight® is also waiving setup costs for nominated banks that participate in the program. The program will help these FIs establish a policy, vendor risk assessment process, and a system for managing and monitoring vendor risks in less than three weeks.
"Because these banks need help and are likely also consumed by many other important priorities, we want get them in compliance quickly and easily," says Jay Fitzhugh, one of the top consultants at VendorInsight® who works closely with the company's customers. "Often, they just need some expert guidance and know-how and they are confused about the best way to go about having a strong, reliable program. Our focus is on keeping it simple but effective for them."
The only qualifications for the VendorHELP™ program are that the financial institution must be referred to VendorInsight® by a regulator, examiner, or by an internal audit group and that the bank must have written comments suggesting improvements are needed to its vendor risk management program. "Too many times we hear about a bank that has been told it needs help and then they are left on their own to figure out how to get it done. More often than not they still struggle to get a good program in place or plug the holes their current program has. We have expert resources and want to be a good steward to the industry", says Fitzhugh.
"This is a no-risk trial, of VendorInsight® and all of the services surrounding it for those that really need it," notes Matt Weinland, Director of Market Awareness at CMPG, LLC, the parent company of VendorInsight®. Financial institutions that want to nominate themselves need to have an audit, risk management, or compliance executive make the request to VendorInsight®. Examiners can also contact VendorInsight® directly to nominate a financial institution for consideration.
Nominations should be sent to Jay Fitzhugh, at email@example.com. Mr. Fitzhugh can also be reached at (443) 204-4553. Mr. Fitzhugh reviews all applications and coordinates the scheduling and resources for VendorInsight® for the VendorHELP™ program.
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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