Secure Banking Solutions, LLC (SBS) announces the release of a Third Party Management (3PM) module to compliment its industry leading information security tool suite, TRAC™. TRAC™ 3PM will revolutionize the Third Party Management process to incorporate efficiency, effectiveness, and ease of use into an automated program. TRAC™ 3PM utilizes a dashboard that allows the institution to track third parties from one page. This empowers an institution executive to manage and establish accountability to the third party program.

TRAC™ 3PM joins the existing modules of IT Risk Assessment, and Information Security Program and is immediately available for licensing. Third Party Management (formerly known as Vendor Management) has become a hot topic for financial institutions. Regulators have stated that an institution is responsible for handling third party risk and transactions with the same level of care and diligence as they would handle their own internal transactions.

0n June 6, 2008, the FDIC released FIL-44-2008 entitled “Guidance for Managing Third-Party Risk”. In this FIL, there are four items identified as being necessary to manage third party risk: risk assessment, due diligence, contract structuring and review, and oversight. You can read this entire FIL at http://www.fdic.gov/news/news/financial/2008/fil08044a.html.

TRAC™ 3PM was created to assist financial institutions with complying to this guidance and managing their third party risk. TRAC™ 3PM is made up of three interactive components: program setup, selection, and management. To learn more about each of these modules, navigate to the modules page on this website or follow the link at the end of this article.

If you are interested in seeing a demonstration of 3PM or any other TRAC™ module, contact SBS at 605-270-3321 or email at sales@protectmybank.com.

Click here to learn more about the Third Party Management module...