The system to capture the results of compliance reviews
California-based Sun Community Federal Credit Union has selected Fortrex’s VendorPoint technology, an automated vendor management and privacy compliance technology system, to manage vendor relationships, maximize efficiencies and minimize risk.
Sun Community Federal Credit Union (FCU) will utilize VendorPoint to meet regulatory guidelines for vendor risk management while streamlining operations.
Fortrex said that VendorPoint ensures that vendor management policies are being implemented by comparing vendor information with an organization’s policy requirements. The technology initiates the processes defined by a company’s policy and tracks its progress to ensure that an acceptable level of risk is identified, measured and continuously monitored. VendorPoint also captures the results of compliance reviews and utilizes the data to provide vendor health risk reports as well as vendor contract renewal dates, added Fortrex.
Bernie Delgado, projects coordinator at Sun Community FCU, said: We purchased the VendorPoint technology to assure compliance with the National Credit Union Association. We had been managing our contracts, renewals and assessments manually; it was a time-consuming and inefficient process.