News - Ncontracts 2/17/2010 |
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FOR IMMEDIATE RELEASE |
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CONTACT:
Mary Pollman
615-400-9616
mpollman@pollmancommunications.comNetwork Contract Solutions, LLC
116 Wilson Pike Circle, Suite 204
Brentwood, TN 37027
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Nriskmanagement™ gives banks new tools to manage vendor
performance risk, reduce compliance costs
February 17, 2010, Nashville, TN – Network Contract Solutions® has introduced
Nriskmanagement™, a new toolset, including vendor risk scoring, to help banks monitor vendor
performance from a compliance perspective and respond quickly in case of an audit.
“Banks look at vendor management primarily from a risk and compliance perspective,” said
David Peterson, CEO of i7Strategies, a bank consulting firm. “The compliance risks are critical,
because failing to comply can force banks to stop accepting deposits or prevent them from
acquiring another bank. A bank’s board of directors can be held personally liable for noncompliance
situations, including data security and privacy breaches.”
Nriskmanagement™ reduces the burden of compliance by providing an easy-to-use online tool
to track information. It stores banks’ answers to comprehensive vendor due diligence questions
by risk category and provides vendor risk ratings and dashboard reports. It also sends
customized email reminders to update key documents.
Nriskmanagement™ helps banks comply with FFIEC vendor risk management procedures. It
enables them to manage vendor risk in a way that is tailored to the complexity of each
relationship, as required by the FFIEC.
The product was designed in consultation with regulators, attorneys and bankers to create a
comprehensive set of tools that can be used by both compliance personnel and executives.
Richard Herrington, President and CEO of Franklin Synergy Bank, a $250 million “de novo”
bank in Tennessee, said, “Nriskmanagement™ will facilitate a more efficient mechanism for
managing our critical vendors while saving us time and effort. This is true throughout the lifecycle
of our vendor relationships. The reporting capabilities, dashboard and web-based
information system will dramatically lower our administrative expense and create better
communications within our bank.”
Michael Berman, Chief Executive Officer of Network Contract Solutions®, said, “Vendor
management can yield additional value beyond regulatory compliance for banks.”
Nriskmanagement™ is part of Ncontracts FI®, a comprehensive contract management system
that helps banks reduce expenses and improve contract terms. Ncontracts FI® provides a dual
paralegal implementation process, summaries of all key contract provisions with all vendors,
email reminders of important dates, contract linking, reporting tools and dashboard summaries.
“Ncontracts FI® and Nriskmanagement™ help our bank clients with both vendor compliance
issues and operational issues,” said Michael Berman. “Together, this combination creates a
compelling solution and leads to material results for our clients.”
Network Contract Solutions, LLC, based in Brentwood, Tennessee, provides business
solutions that combine software and services. Its flagship product, Ncontracts®, combines a
web-based contract management application with paralegal teams to provide clients with
significant monetary benefits. For more information, go to www.ncontracts.com.
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