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NEWS RELEASE
June 8, 2010
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com
ABA ENDORSES FORTREX VENDORPOINT FOR VENDOR RISK MANAGEMENT
WASHINGTON – The American Bankers Association has endorsed Fortrex Technologies' patented VendorPoint Solution for vendor risk management. VendorPoint is a cost-effective, online service that enables banks of any size to identify, measure, monitor and manage third-party vendor relationships.
"Third party risk management has become one of the most important and complex compliance issues banks face today. We wanted to find a solution that would help our members manage the risks posed by their vendors while being flexible and easy to use," said Edward L. Yingling, ABA president and CEO. "We're confident that we found what we were looking for in VendorPoint and are excited about the value it will bring our members."
"We're honored to receive this exclusive endorsement from the ABA, through its affiliate Corporation for American Banking. It is an outstanding accomplishment and validation of our market leadership," said Douglas Ochs, Fortrex president & COO. "The ABA required an extensive due diligence review of VendorPoint's leading-edge technology, ease-of-use, customer service and ability to help banks achieve regulatory compliance."
VendorPoint is the market's first fully automated, turn-key vendor risk management solution that quickly enables any institution to meet FFIEC requirements for vendor management. Institutions can now easily identify, measure, monitor and manage all third party risk, no matter the risk category.
VendorPoint includes many important features such as:
- Automated, customizable workflows;
- Contract renewal and expiration date tracking and notifications;
- Automated policy enforcement;
- Scalable implementations to fit any institution;
- Comprehensive due diligence assessment templates; and
- Vendor Risk Management policy template.
Designed by and for financial institutions, VendorPoint is highly customizable and able to guide banks through the complex maze of vendor risk management.
About The American Bankers Association (www.aba.com)
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its 2 million employees. Learn more at aba.com.
About Fortrex Technologies, Inc. (www.fortrex.com)
Since 1997, Fortrex Technologies has served as a trusted risk management advisor to its clients. Fortrex focuses on operational risk and regulatory compliance and helps organizations throughout the world identify, assess, remediate and manage their operational risks through consulting, audit, vendor management and human capital services. Powered by an experienced team of risk management and security experts and the industry's leading technology, Fortrex's solutions ensure that its client's remain safe and secure.
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