Brentwood, Tennessee – February 3, 2014 -The Community Bankers of Michigan has expanded its relationship with Ncontracts, the leading provider of vendor management and contract management in the United States, as the Association’s choice for vendor and contract management services.
With the emphasis on third party risk management increasing, more banks are seeking a service to help deal with the growing regulatory burden. On December 5, 2013, the Federal Reserve released Guidance on Managing Outsourcing Risk. On October 30, 2013, the Office of the Comptroller of the Currency released Third Party Relationships Risk Management Guidance. In December of 2012, the FDIC updated their exam guide for Third Party Risk.
Ncontracts provides a web-based solution that allows banks to assess vendor risk ratings and enables them to respond quickly to regulator inquiries and audit demands of examiners. Services include vendor management and monitoring, due diligence gathering and analysis, contract management, and much more. By utilizing Ncontracts, financial institutions reduce expenses, enhance profitability, and decrease risk.
“The due diligence process including gathering of data, analysis and risk management can be burdensome for community banks,” said Judi Sullivan, President and CEO, Community Bankers of Michigan (CBM). ” Take a look at our partner Ncontracts for this valuable tool that can assist you with managing your due diligence while remaining compliant, competitive and in growth mode! Chosen by our two state products and services committee, this solution is specifically designed for community banks as a cost-effective and user friendly solution. ”
Vendor management is a hot topic for financial institutions, which face growing compliance scrutiny and costs. Michael Berman, CEO at Ncontracts, explains, “Our combined web-based solution and compliance services allow our clients to streamline what has become a very labor intensive process. In addition to saving money, every financial institution utilizing Ncontracts has successfully passed the third party risk management portion of their exam.”
CBM is a full service trade association dedicated exclusively to the needs of community banks in Michigan. Established by community bankers in 1974, CBM has approximately 250 members including locally owned community banks and their service providers.