ROCKVILLE, Md. -- Innovative Strategic Solution LLC recently announced that it has signed an exclusive licensing and sales partnership agreement with Sydel Corp. 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, pointed to the NCUA's Letters to Credit Unions (08-CU-09, 07-CU-13, and 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," said deMello.
ISS offers services and products to credit unions including collection outsourcing, credit card processing, training conferences and software solutions and is offering free demonstrations of the software.
Sydel Corp. is a Coral Gables, Fla.-based company offering 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.