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Solutions

Fortrex's Solution to Track & Trend 3rd Party Due Diligence

Through VendorPoint, Fortrex assists banks and credit unions with management of business risk associated with third party relationships. VendorPoint’s patented methodology addresses the prescriptive FFIEC requirements that banks and credit unions have a formal, coordinated third party risk management program that can identify, measure, monitor and manage third party relationships.

Fortrex delivers VendorPoint using the Software as a Service model (SaaS) in partnership with Rackspace, a leader in cloud computing, enabling your institution to focus on managing third party relationships.

Our clients have been examined by each agency (OCC, FDIC, FRB and NCUA) of the Federal Financial Institutions Examination Council (FFIEC). Every client utilizing VendorPoint has successfully passed the third party management portion of their exam. The industry’s first fully automated third party risk management solution aids in ensuring that policies are being implemented and compliance is attained.

Our sustained growth over the years has enabled VendorPoint to be implemented in banks and credit unions across the United States. VendorPoint is the perfect solution for either large or small financial institutions. VendorPoint has received multiple state bankers’ association endorsements. Our clientele has consistently indicated that the reasons they chose VendorPoint were its ease of use, a dashboard that provides insight to all third parties and important data points, our knowledgeable, professional and responsive help desk, and our accurate, brief and concise executive reporting that can be exported and emailed with a few clicks.

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Competitive Matrix


Key Attributes


Solution Versatility

  • VendorPoint scales to any organizational size, resource level, and complexity with a full range of products from a low cost, pre-configured version for small implementations to a full featured version for large institutions.
  • The automated Due Diligence Assessment process is easy to use for everyone – from Compliance Officers to Vendor Risk Managers to Office Administrators.
  • VendorPoint embodies proven methodologies for identifying, measuring, monitoring, and managing third party relationships.
  • Fortrex helps enhance your vendor risk management program, helping ensure compliance regardless of your starting point with customizable vendor management policy templates.

Efficiency

  • Configurable to your risk tolerances - not a one-size-fits-all like some solutions. VendorPoint is pre-configured and ready to use. You can use as is, reconfigure VendorPoint, or we can configure VendorPoint
  • One Question Sign-off for quick review.
  • Back office support - let us keep VendorPoint configured for you
  • Vendor Login - save time by having your vendor answer your due diligence questions
  • VendorPoint is preloaded and ready to go
  • VendorPoint is configurable so that you can make it look like you need it to, we can make VendorPoint look like you need it to

Customer Service & Thought Leadership

  • Fortrex works closely with organizations to build, maintain, and update VendorPoint.
  • Our customer-focused product management, development, and help desk teams are all located at Fortrex headquarters near Washington, D.C.
  • Fortrex continues to value your opinion and knowledge, facilitating regularly scheduled Quarterly Users Group meetings.
  • Whether it is your first day using VendorPoint or you are a seasoned administrator, Fortrex keeps you up-to-date on VendorPoint’s latest, industry-leading feature updates by holding quarterly Training Webinars.
  • Fortrex works closely with State Bankers Associations, agencies of the FFIEC, and our clients to keep abreast of the latest industry trends, regulations, and customer concerns.

Product Maturity

  • Fortrex was first to the market with VendorPoint (2005).
  • VendorPoint’s Dashboard view facilitates a quick risk profile review and easy drill-down to quickly get to issues.
  • Detailed and summary reporting that deliver the level of information you need when you need it can be exported and emailed with a few clicks.
  • Predefined and customizable workflows, due diligence questionnaires, and notifications of contract and due diligence assessment events let you easily configure VendorPoint to match your organization’s policies.
  • VendorPoint comes loaded with a default configuration that allows users to quickly get started managing their vendor relationships and risk.

Endorsements


VendorPoint has been endorsed by the following organizations:

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