Innovative Strategic Solution, LLC (ISS) announced today that it has signed an exclusive licensing and sales partnership agreement with Sydel Corporation to distribute VendorXpert, a software solution that was specifically created to assist credit unions in addressing regulatory concerns regarding vendor due diligence.
The solution is web-based and will immediately allow credit unions of any size to develop a vendor assessment methodology and manage the relationships moving forward using a risk based approach that encompasses enhanced due diligence.
Ken deMello, President of ISS, points to the National Credit Union Administration’s Letters to Credit Unions (08-CU-09, 07-CU-13, 01-CU-20) as explicit direction that credit unions must assess the risks of every vendor utilized by the organization and monitor those vendors to ensure that the assessment remains valid. “This is a significant regulatory burden and credit unions need to find a way to comply”, states deMello.
ISS is offering free demonstrations of the software. Credit unions can contact Jonathan Rhodes of ISS by calling 301-801-3083 or emailing firstname.lastname@example.org..
ISS offers services and products to credit unions including collection outsourcing, credit card processing, training conferences and software solutions.
Sydel Corporation is a Coral Gables, Florida based company offering expert information technology consulting and business process analysis. The company develops customized software solutions for financial institutions that help overcome existing or emerging business challenges such as vendor management and compliance. For more information, visit www.sydelcorp.com.