Vendor Management Solutions Mitigate Risk for Community Banks
Washington, D.C. (July 18, 2019)—The Independent Community Bankers of America® (ICBA) today announced it has extended its Preferred Service Provider relationship with Ncontracts to continue providing high-demand, automated vendor management to community banks.
“As community banks expand their product and service arsenal to meet the changing financial needs of their customers, they need an efficient and effective process for vendor management,” ICBA Services Network Chief Operating Officer Kevin Tweddle said. “Our agreement with Ncontracts allows community bankers to manage all of these relationships quickly while ensuring regulatory compliance, so they can focus on serving their customers and communities.”
Vendor management solutions provided by Ncontracts help community banks reduce their compliance expense while lowering the risks associated with vendor relationships. Offerings include vendor monitoring, risk classification services, and straightforward contract summaries. The system also stores all contracts and provides email remainders for critical dates such as contract expirations, renewals, and pre-negotiated payments.
“Given today’s highly complex regulatory environment it’s more important than ever to institute adequate controls to accurately assess and manage third-party risks,” said Michael Berman, CEO at Ncontracts. “We are pleased to continue our relationship with ICBA and look forward to ongoing success with our alliance.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in five U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.