Keeping track of the risk and compliance status of the dozen or more IT vendors that keep a bank running safely needs to be more than spreadsheets and emails these days. Archer Technologies knew this when it built its vendor management tool for its big bank clients last year. Now Fortrex Technologies is getting into the market for smaller players in offering its VendorPoint management system.
EDS Credit Union has endorsed the product, which is geared to compare vendor information with an organization’s policy requirements, tracking progress to ensure that the relationship stays at an acceptable level of risk. The product also captures the results of compliance reviews and uses this data to build vendor health risk reports and inform contract renewal talks.
“Prior to VendorPoint we used an unsophisticated combination of spreadsheets, information databases, electronic calendars and email communication that required a tremendous amount of oversight,” says Kent Lugrand, president and CEO of EDS in a press release, noting that the CU considered building its own solution, but found that the Fortrex product would be cheaper.