State Department Federal Credit Union Selects Fortrex Technologies’ VendorPoint to Manage Vendor Relationships

FREDERICK, Md., May 21 /PRNewswire/ -- Fortrex Technologies, Inc., a leading provider of IT security, operational risk and compliance solutions, today announced that Alexandria, VA-based State Department Federal Credit Union, a member-owned, not-for-profit financial cooperative, has selected its VendorPoint(R) technology, the industry's first automated vendor management and privacy compliance technology solution, to manage vendor relationships and policies. The State Department Federal Credit Union will utilize VendorPoint to meet regulatory guidelines for vendor risk management while streamlining operations.

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-Biley Act and reduces the burden associated with managing vendor relationships," said Chris Konrad, Senior Vice President, Client Services, Fortrex. "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."

"We had the opportunity to use a home grown management solution to keep track of our vendors, but it was difficult to install, use and maintain. Therefore, we opted to purchase Fortrex's feature rich technology. Since VendorPoint is offered as a service, it is very secure and easy to use, which will allow us to empower our managers to determine which vendors pose the greatest risk," added Floyd Matsuda, Director of IT, State Department Federal Credit Union.

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

About State Department Federal Credit Union (http://www.sdfcu.org)

In 1935, State Department Federal Credit Union was chartered through the efforts of eight employees of the Department of State. Originally named the U.S. Department of State Employees Federal Credit Union, our current name was established in 1945, when we had a total of 975 members. Now, over 70 years later, our membership has increased to more than 65,000 members worldwide. Not only has our membership grown, but our services have expanded as well, to include a wide range of financial products.

About Fortrex Technologies, Inc. (http://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.

SOURCE Fortrex Technologies, Inc.

CONTACT: Joshua Lyons of Fortrex Technologies, Inc., +1-301-977-6966, [email protected]