Liberty Bank leverages Ncontracts to Manage Vendor Risk

(PRWEB) August 31, 2011

Liberty Bank, a community Bank in Illinois, is ecstatic about having Ncontracts®, which provides them with a robust process for managing their vendor agreements, risk assessment tools, and information gathering services.

The supervision of a bank’s vendor relationships has been a regulatory issue, which dates back to the Bank Services Company Act of 1961. The media publicity regarding security breaches has brought vendor management to the forefront of risks that must be handled by financial institutions.

“We diligently implement measures to protect our clients’ information. When we utilize a third party that has access to protected client information, we perform risk assessments to insure that the information is secure. With Ncontracts®, we have an automated process to provide us with timely information about our vendors’ financial data, security information, and compliance documents. Combining these risk assessment tools and services with a robust contract management service provides the best solution,” said Paige Beilsmith, Vice President of Operations at Liberty Bank.

“Banks receive a tremendous value from Ncontracts®, because it greatly reduces the costs of being compliant and provides our clients with mechanisms to track the terms of their agreements. By tracking contractual provisions, banks can prevent automatic renewals, enforce pricing terms, and drastically reduce their administrative expenses,” said Michael Berman, CEO of Network Contract Solutions.

The risk management tools built into Ncontracts® provides a complete suite of tools for compliance with FFIEC guidance and FDIC regulations, which includes sample letters, policies, and questionnaires. Ncontracts® provides clients with the ability to assign, calculate, and monitor vendor risk ratings. These comprehensive risk management tools strengthen the compliance program and provide invaluable information to banks across the country.

About Liberty Bank.
Liberty Bank, based in Illinois, offers a wide range of banking services to businesses and individuals. Liberty Bank has been recognized as a 5-Star Superior Financial Institution by Bauer Financial, Inc. The prestigious ranking is awarded to banks that demonstrate the epitome of safety and soundness. Additional information about Liberty Bank and its full line of products and services can be found at http://www.bankliberty.com.

About Network Contract Solutions.
Ncontracts® combines full service implementation services with a professional contract management application that provides clients with the ability to have insightful summaries of their contracts, alert notifications, and robust compliance tools. Together, these features allow clients to reduce expenses, enhance profitability, and improve internal efficiencies by effectively managing their contracts. Ncontracts® is the ONLY solution to feature a two-tiered paralegal document review and implementation for maximum integrity and data accuracy. For more information, visit http://www.ncontracts.com.

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