KING OF PRUSSIA, PA, October 23rd, 2012 – FI Compliance Solutions, announced today a key update to ERM 365 – an integrated vendor management solution designed to help banks and credit unions manage vendor relationships and comply with vendor due diligence requirements.
“Our vision has remained the same from day one,” says Eric Strohl, President & CEO of FI Compliance Solutions. “We offer our clients solutions to solve business problems while limiting the impact to the customer.” The idea behind the solution came as a result of customer feedback and doing business with banks and credit unions over the last few years.
“We saw such a disjointed approach on the due diligence process and knew we could make it better and increase efficiency along the way. Additionally, we had received insight from our annual customer satisfaction survey indicating 40% of our customers’ did not have a vendor management solution and 60% were using in‐house solutions like excel and word.” The decision to add a vendor management component made a lot of sense.
The vendor management solution is fully integrated into ERM 365’s risk platform so now our customers can assess and monitor risk, get help from compliance experts, and manage their vendor relationships all in one place. Customers will be able to track all their vendor requirements including contracts, expiration dates, incident reports, RFP’s, and vendor due diligence information. They will also have the ability to create custom due diligence questionnaires to automatically gather key information for existing and new vendors based on criticality.
The response from our customers has been very positive. “When we limit the impact to our customers by loading all their existing vendor data and due diligence requirements for them, it’s a win‐win. Happy customers remain our number one priority, and the results from our recent customer satisfaction survey back that up. 100% of our customers are either satisfied or very satisfied with our products, implementation services, responsiveness, support, and staffing.” We look forward to helping all our clients minimize vendor risk and reduce their regulatory burden through this new offering.
About FI Compliance Solutions, Inc.
FI Compliance Solutions, Inc. provides highly‐focused risk management and compliance solutions specifically for financial institutions. Our solutions are designed to help clients implement simple and sustainable risk management programs that satisfy FFIEC and NCUA regulatory guidelines. Our team of seasoned professionals average more than 35 years of experience in internal audit, compliance, risk management and IT infrastructure security. Headquartered in the Philadelphia area with offices in New York and Atlanta, FI Compliance Solutions has been serving banks and credit unions throughout the United States and Canada since 2008. For more information, visit www.ficsas.com or www.erm365.com.