Sydel Corporation, a leading developer of customized information technology solutions for the financial industry, today announced the launch of VendorXpert, a risk-management solution that monitors and tracks the validity of third-party providers, vendors and business partners. The new technology will help financial institutions verify that companies and organizations they do business with are trusted entities.
VendorXpert helps financial institutions remain compliant with new legislation, such as Gramm-Leach-Bliley Act’s privacy and information security requirements, Sarbanes-Oxley’s relationship requirements and U.S. Patriot Act anti-money laundering (AML) requirements.
Compliance software can cost companies upwards of $100,000 in licensing fees. However, companies can license VendorXpert for as little as $250 per month. The Web-based technology also provides quick access to reliable information, saving companies a considerable amount of time when conducting research on specific vendors. Currently, financial institutions undergo exhaustive and time-intensive efforts to manually research proper documentation on vendors.
“With VendorXpert, financial institutions have a better, more robust tool for their audits,” stated Antonio Gonzalez, Director of Sydel Corporation. “The technology helps to better manage vendor relationships since it contains all pertinent information needed to verify the validity of an organization. Additionally, VendorXpert checks the names of all employees associated with a given vendor and cross references against Government watch lists.”
Companies today increasingly realize that they must take necessary and effective measures to protect themselves and to have a better understanding of their business partners’ viability. As such, financial institutions are looking for innovative technologies to help address their vendor-related concerns, especially as it relates to fraud. A recent study by the Association of Fraud Examiners found that fraud and abuse costs U.S. businesses more than $400 billion annually, with nearly half resulting from vendor-related fraudulent activity.
Proper vendor management equals quality risk management. The selection of a vendor and the supervision of that vendor relationship are now fully expected to be crucial components of risk analysis and regulatory examinations at all financial institutions. VendorXpert helps to eliminate the potential loss of reputation and regulatory headaches while ensuring that vendors honor all agreement terms.
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 business challenges in specific niche markets. For more information visit www.sydel.com.