Fortrex Technologies Responds to the Credit Union National Association's Due Diligence Task Force's Third-Party Management Guide

FREDERICK, Md., Jan. 13 (allCUnews.com) -- Fortrex Technologies Inc., a leading provider of IT security, operational risk and compliance solutions, today announced a response to the Credit Union National Association's (CUNA) due diligence task force's third-party management guide.

"CUNA did a fantastic job creating the extensive vendor management due diligence guide. It will be very helpful for credit unions to identify the key features and functionally necessary when they are ready to purchase a vendor management technology solution," said Mike Edison, Chief Executive Officer, Fortrex. "CUNA's guide documents the functionality that has been in our market leading VendorPoint product for years. The identify, measure, monitor, and manage philosophy of vendor due diligence has been the cornerstone of VendorPoint since it was brought to market in 2005."

Fortrex assists financial institutions with management of business risk associated with vendor relationships, reducing the time spent identifying, measuring, monitoring and managing vendors through its VendorPoint (R) technology, the industry's first automated vendor management and privacy compliance technology solution that manages vendor relationships and policies. Since VendorPoint came to the market, the technology has been successfully examined by all agencies of the Federal Financial Institutions Examination Council (FFIEC) for Fortrex's national clients with $18 million to $100 billion assets under management.

VendorPoint ensures that vendor management policies are being implemented by comparing vendor information with an organization's policy requirements. The technology initiates the processes defined by a company's policy and tracks its progress to ensure that an acceptable level of risk is identified, measured and continuously monitored. VendorPoint also captures the results of compliance reviews and utilizes the data to provide vendor health risk reports as well as vendor contract renewal dates.

VendorPoint was designed in conjunction with the financial industry to satisfy vendor management requirements by the Gramm-Leach-Bliley Act and reduces the burden associated with managing vendor relationships. As financial institutions increase their dependencies on outsourcing certain aspects of their business to drive increased profits, VendorPoint allows organizations to maximize efficiencies and minimize their risks.

This past fall, CO-OP Financial Services, the nation's largest credit union service organization, signed a three year agreement with Fortrex, which also included a provision for CO-OP to offer VendorPoint at a special rate reserved for its credit union members. Nearly one of every five US credit unions is a member of CO-OP Financial Services.

Natalia Weems, Purchasing Manager, Alaska USA Federal Credit Union, added "We are currently in the process of implementing the VendorPoint technology. We found VendorPoint to be the best software solution for vendor management on the market today due to its extensive features, functionality and price point. We were also very impressed with Fortrex's strong relationships with key financial institutions and credit unions. In addition, we were very pleased with the flexibility of their staff - they were eager to work with us to customize the technology to our specifications. This was very important to us."

For additional information about Fortrex and VendorPoint, visit www.fortrex.com or www.vendorpoint.net.

About Fortrex Technologies, Inc. (www.fortrex.com)

Since 1997, Fortrex Technologies has serves as a trusted security and risk management advisor to its clients throughout the world. Fortrex focuses exclusively on IT security, operational risk and regulatory compliance and helps organizations throughout the world identify, assess, remediate and manage their operational risks through consulting, audit, vendor management and human capital assistance. By providing expert technical assessments, Fortrex ensures the confidentiality, integrity, and availability of data and systems through world-class, enterprise-wide information security services and solutions. Powered by a team of security and risk management experts and the industry's leading technology, Fortrex's in-depth risk assessments and solutions ensure that its client's information assets remain safe and secure.

Website: http://www.fortrex.com/