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.”
A member-owned financial institution based in Maryland, PGCFU has been serving the needs of Prince George’s County residents since 1967.
Chartered in 1969, HSFCU is a member-owned financial institution based in Virginia serving healthcare workers in the Washington, DC Metropolitan Area.
Headquartered in Rockville, Maryland, ISS offers services and products to credit unions, including collection outsourcing, credit card processing, training conferences and software solutions. ISS is offering free demonstration of its risk management solution. Credit unions can contact Jonathan Rhodes by calling 301-801-3083 or emailing firstname.lastname@example.org.
Sydel Corporation is a Coral Gables, Florida-based company offering expert information technology, accounting consulting and business process analysis. The company develops customized software solutions for businesses that help overcome existing or emerging challenges in specific niche markets. For more information visit www.sydel.com.