Safe Systems Announces General Availability of Vendor Management Software for Community Financial Institutions
Provides community banks, credit unions with greater accountability and control of vendor relationships to meet regulatory guidelines
Alpharetta, Ga., Nov. 10, 2015 — Safe Systems, a national provider of fully-compliant IT and security services for community banks and credit unions, today announced general availability of its vendor management software solution for community financial institutions. The web-based software automates the process of vendor contract management, product risk assessment, and control review to help financial institutions effectively manage third-party service providers and maintain regulatory compliance.
Many recent cybersecurity incidents affecting financial institutions have taken advantage of third-party service provider vulnerabilities, resulting in increased oversight from regulators. To maintain compliance with today’s regulatory environment, community banks and credit unions must ensure their vendor management processes monitor and document every aspect of their vendor relationships, including monitoring each vendor’s financial viability and reviewing information security practices. To address this concern, Safe Systems is now offering its new vendor management solution to the marketplace following its successful implementation by a select group of more than 20 client institutions over the past year.
“By the time I had used Safe Systems’ Vendor Management application for several weeks, I was convinced that this product met State Bank of Cochran’s needs for an automated vendor management solution. Their Vendor Management application met all of the regulatory specifications of a sound vendor management program: risk assessment, due diligence in selecting a third party, contract structure and review, documentation and reporting, as well as independent reviews, and ongoing oversight,” said Leesa Anderson, CTO of State Bank of Cochran.
As a Software as a Service (SaaS) solution, Safe Systems’ vendor management system centralizes vendor profiles and data into a client dashboard to provide real-time alerts, reporting and recommended controls. This customizable solution enables banks to automate vendor management activities, assess risk and centrally upload and track contracts from multiple vendors. The vendor management solution stores information in a SOC1 and SOC2 certified datacenter and integrates into Safe Systems’ client management portal, theSafe. In addition, Safe Systems provides ongoing training and consulting services with each license.
“Vendor management is often the most under-manned function within a bank’s IT department,” said Darren Bridges, president of Safe Systems. “Many community financial institutions keep track of their vendor management activities manually using Excel, but with our web-based software, banks and credit unions can easily monitor and manage multiple third-party service providers, understand the level of risk each vendor poses to the institution and ensure compliance with regulatory guidelines.”
About Safe Systems
Safe Systems was founded in 1993 to provide compliance-centric IT and security solutions exclusively to financial institutions. The company has become one of the leaders in the industry, managing hundreds of financial institutions representing more than $61 billion in combined assets, 1,100 locations and more than 25,000 network devices. Safe Systems’ IT network management services are the bridge between the core and other third-party applications. These cost effective solutions include IT support and managed services, internal network/cloud design and installation, hosted email, business continuity and disaster recovery, compliance consulting, security services, and IT and compliance training. Safe Systems helps financial institutions to significantly decrease costs, increase performance, and improve their compliance posture. For additional information about Safe Systems, Inc., please visit www.safesystems.com or call 877.752.0550.
CONTACT: Lauren de Gourville, 678-781-7211, Ldegourville@williammills.com