CSI Simplifies Managing Third-Party Relationships with WatchDOG Elite Vendor Management
February 06 2014 - 9:18AM
Business Wire
New solution simplifies vendor management,
mitigates potential risks
Based on changing regulatory standards that hold financial
institutions responsible for the violations of their vendors, banks
and credit unions are being forced to take a closer look at
third-party relationships. In an effort to help simplify the vendor
management compliance process, Computer Services, Inc. (CSI)
(OTCQX: CSVI), a provider of end-to-end technology solutions that
empower financial institutions to remain competitive, compliant and
profitable, has launched WatchDOG® Elite Vendor Management.
This advanced vendor management solution improves efficiency and
mitigates risk by providing financial institutions with an
intuitive technology platform to automate and streamline the
oversight of vendor relationships. With WatchDOG Elite Vendor
Management, users are able to more effectively establish and
maintain successful vendor relationships while ensuring full
compliance with regulatory expectations.
“The continued reliance on third-party vendors among today’s
banks and credit unions requires financial institutions to follow a
robust vendor management program in order to best protect their
business and their customers,” said Paul Koziarz, president and
general manager of CSI Regulatory Compliance. “By expanding the
offerings of our WatchDOG Elite platform to include third-party
vendor management, we not only provide our customers with the tools
necessary to identify potential risks from prospective vendors, but
also enable them to better manage all new and existing
relationships moving forward.”
In order to eliminate the challenges traditionally associated
with managing third-party providers, WatchDOG Elite Vendor
Management offers an assorted range of tools and capabilities aimed
at helping financial institutions identify potential risks
associated with new and existing vendors. Key features include:
- Prospective vendor evaluation and due
diligence reviews;
- Retention of vendor information
including profiles, contacts and contracts; and
- Pre-loaded questionnaires to evaluate
vendor risk across multiple categories.
In addition, WatchDOG Elite Vendor Management assists financial
institutions in better preparing for examinations by providing
various reporting options to supply regulators with a complete
history of their vendor relationships. As a result, institutions
can more easily provide evidence of their vendor assessment efforts
and avoid costly penalties for working with faulty vendors.
Since 1998, CSI Regulatory Compliance has provided organizations
with software solutions and consulting services focused on risk
management, OFAC watch list screening and fraud prevention. As a
leader in the regulatory compliance space, CSI provides solutions
and services that ensure customer success by leveraging the latest
technology advancements to consistently deliver superior
results.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, payments processing, print
and electronic distribution, and regulatory compliance solutions to
financial institutions and corporate customers across the nation.
Exceptional service, dynamic solutions and superior results are the
foundation of CSI’s reputation and have resulted in the company’s
inclusion in such top industry-wide rankings as the FinTech 100,
Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service
Providers List. CSI’s stock is traded on OTCQX under the symbol
CSVI. For more information about CSI, visit www.csiweb.com.
For CSIBrandon Dyce, 615-545-1675orDavid Jones,
678-781-7238orStephen Sprayberry, 678-781-7207
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