Two Credit Unions Select VendorXpert to Better Assess and Monitor Vendors

28 August 2008

Prince George's Community Federal Credit Union (PGCFCU) and Healthcare Systems Federal Credit Union (HSFCU) have selected VendorXpert to manage their relationships with third party organizations and thereby comply with NCUA’s Letters 01-CU-20 and 07-CU-13 to Credit Unions urging them to perform due diligence on vendors.

Innovative Strategic Solutions (ISS) delivered the robust Web-based risk management solution which was developed by Sydel Corporation. VendorXpert was created for institutions of all sizes to mitigate risk and prevent losses by verifying that the companies they do business with are secure and trustworthy. VendorXpert allows credit unions to manage their entire relationship with vendors including risk assessment, monitoring and management of important contract dates and clauses. The software features all the tools necessary for compliance with National Credit Union Administration.

Cindy Prestandrea, CEO of PGCFCU stated, “We believe that with VendorXpert we should be able to identify, monitor and control our risks related to third-party vendors without increasing our staff”. Bill Hawkins, CEO of HSFCU stated, “In today’s market, you must be able to keep close tabs on all organizations that provide services to the credit union. You also need to have a system that reminds you of important contractual terms including renewal dates and penalties. This software might help us save more money in the first couple of years than its modest licensing fee.”

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