The unique Digital Compliance service will simplify your Technology Vendor Management. Examiners watch your vendor relationships closely and they expect to see a vendor management plan in place. Acquiring and maintaining due diligence from your vendors takes time, money and constant attention.

Why not outsource the work, reduce your costs and ensure compliance all in one easy-to-use service?

Highlights:

• We acquire documentation directly from vendors on your behalf. We do the work – phone calls, letters, follow-ups, etc.
• Covers all vendor documentation recommended by Regulatory Agencies – we know what the appropriate documents are for each vendor application.
• We maintain & update documentation for you.
• Convenient web storage for easy 24/7 access for review, printing and downloading.
• Reduces your time & money spent on vendor management – allows you more time for more profitable endeavors!
• Reduces audit exception potential.
• Sets the standard for determining level of documentation according to examiner expectations.
• Handy summary report for rating vendor response/compliance.
• Good monitoring of vendors with rating system to minimize bank liability.
• CD delivery also.

To see how you would access your documents, click here:
https://www.compliancedownload.com/login.asp?clientid=9. Please enter this case sensitive id for log-in: Username: DCDEMO Pin: FNFDEMO999 then click the 'Login' button.

Selected Samples

Sample Document Request

• Requests for due diligence are based on FFIEC, FDIC, NCUA, OTS, and OCC recommendations.
• Requests also contain specific documentation as requested by our clients.
• Federal Regulators are constantly monitored for changes in their recommendations.
• Digital Compliance is also involved with the BITS organization in relation to vendor management.

Sample Vendor Report

• Financial Institutions are able to view a report on each vendor outlining what the documentation received addresses.
• Digital Compliance tracks whether the documentation received addresses adequate controls.
• Financial institutions make the final determination of whether the documentation received from a vendor represents an acceptable risk level.

The following is sample screen shot taken from the internet browser:

Due Diligence:  News stories about lost or stolen consumer information seem to be everywhere these days. In fact, millions of consumers have had their information lost by or stolen from a financial institution or corporation in the last year alone. More often than not, these security breaches have been attributed to a third party vendor.  Your examiners are watching your vendor relationships closely and expect to see a vendor management plan in place. They rely heavily upon the documentation you keep - financial statements, disaster recovery, SAS 70’s, etc. Acquiring due diligence from your vendors takes time, money, and constant attention. What if there was a better way? What if you could complete your vendor due diligence in minutes as opposed to months?

There is and you can. Digital Compliance can remove the time, frustration, and cost from acquiring necessary due diligence documentation from your vendors. Contact us today to see how we can place complete due diligence for all your vendors in a single secure online location making vendor management a snap.

How it Works

• Contract and letter of authorization is received from a client.
  • Letter of authorization is on financial institution letterhead and signed by an  authorized financial institution employee.
  • Authorization and document requests are sent to all vendors being added to the system followed by phone calls to solidify a time frame to begin receiving documents.
    • Often times non-disclosure negotiations also take place to assure a vendor that their information will be kept confidential.
  • Documents received are compared to the expectations matrix set for that particular vendor.
    • If a vendor does not send documentation addressing all portions of the request contact is made to determine why.
• Documentation received from a vendor is then:
  • Cataloged and tracked by vendor for date received, expiration date, and category addressed.
  • Documents are then scanned or converted into adobe .pdf format.
  • Documents are uploaded into the system with appropriate properties (i.e. expiration date and responsible contact info) by vendor for specific client access
  • Individual clients are then made aware of new or changed document additions by an email generated by the system.
    • Emails notate specific document and vendor information.
• Average financial institution adds 8-10 vendors to the service.
• Complete vendor management due diligence packages can be delivered to financial institutions on encrypted CD's for use in federal examinations and board approval packages.      

For over 20 years, Fidelity Regulatory Solutions has served as a technology leader in providing powerful, affordable and easy to use regulatory reporting and compliance solutions with unparalleled service and support to the financial services industry.  Call Fidelity Regulatory Solutions today at 800.825.3772 or regsales@fnf.com for more information about the convenience and affordability of our Digital Compliance product.