SOURCE: Wolf & Company, P.C.
BOSTON, MA--(Marketwire - Feb 14, 2013) - WolfPAC Solutions group a division of Wolf & Company P.C. and a leading provider of enterprise risk management solutions, today announced the release of its new Vendor Management Module, an integrated online solution that allows financial institutions, companies, hospitals, universities, and other organizations to manage vendors through the entire lifecycle including due diligence, selection, contract management, risk assessment, and monitoring. The combination of these capabilities in one centrally integrated solution suite makes the WolfPAC Vendor Management Module a unique, market leading product designed to ensure vendor management programs are accurate, cost-effective, and efficient.
The WolfPAC Vendor Management Module is now available separately or as part of the WolfPAC Integrated Risk Management online suite of risk management and risk assessment tools. The Vendor Management Module brings complete transparency to an organization's vendor management programs by enabling the organization to align internal programs, processes, and resources to fit its needs and distribute responsibility for vendor management tasks where it is best managed. The Vendor Management Module includes key capabilities, including:
- Due diligence - It provides the ability to track vendor evaluations and the selection process, including managing the complete RFP (Request for Proposal) process to meet industry standards and organizational needs. It includes several standard RFP evaluation matrices as well as the capability to configure the process to organization-specific needs.
- Selection assessment - Using regulatory guidelines it assists with the selection and categorization of high risk vendors for subsequent detailed risk assessment.
- Risk assessment - It creates a standard system to establish risk ratings for critical vendors based on security, financial stability, and strategic alignment with an organization as well as compares risk assessment results to peers.
- Monitoring - It allows the organization to automate the monitoring and tracking of vendor capabilities aligned with regulatory guidelines and organization specific expectations.
- Managing contracts - It improves and simplifies management of multiple contracts per vendor as well as monitors contract renewal to ensure maximum cost savings.
"Vendor management has always been a critical function inside a financial institution. With regulatory guidelines and oversight continuing to increase in this area, I am excited about the new Vendor Management Module capability in WolfPAC. We use WolfPAC for managing vendor risk assessment, and now we can leverage the easy to use, intuitive platform for a holistic view of our enterprise wide vendor management program," said Ms. Shirley Bhutto, Vice President, Director of ERM & Compliance, St. Mary's Bank.
The WolfPAC Vendor Management Module comes with WolfPAC Integrated Risk Management 3.0, the latest, most sophisticated version of the online suite of tools that has been a trusted risk assessment and management tool for close to a decade. WolfPAC provides financial institutions with an integrated set of online tools and best practices guidance to create a centralized view of their risk profile across people, processes, and technologies; it reduces exposure to risk, and counters the rising costs of compliance. WolfPAC is developed and managed by experienced financial service and risk management professionals at Wolf & Company, P.C. who have a mix of strategic, operational, and technical skills. WolfPAC is a used by hundreds of financial institutions across the country.
About WolfPAC Integrated Risk Management
WolfPAC Integrated Risk Management is a secure, hosted integrated enterprise risk management solution used to automate the identification of risks, threats, and control gaps. WolfPAC provides tools to review and monitor information technology, privacy, vendor, regulatory compliance, business continuity, and other enterprise-wide risk assessments and programs. Quarterly methodology updates are designed to align with changing business environments and emerging compliance and examination standards. A robust suite of reports allows management to analyze their control gaps and benchmark risk profiles against peers. WolfPAC keeps institutions safe and sound, and maximizes the outcome of strategic objectives.