Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today its new Vendor Management Program, a service built into its Governance, Risk and Compliance (GRC) Suite. The Vendor Management service provides consulting expertise to assist financial institutions in reducing or mitigating risks when working with external service providers, IT vendors, and related third parties.
Third parties have become an integral part of financial institutions’ technology strategies, increasing the demand for proper risk management as both a regulatory requirement and a shareholder responsibility. Jack Henry’s Vendor Management Program aligns each financial institutions’ program with the correct regulatory guidelines and best practices, relieving responsibilities off the institution and its employees when it comes to performing vendor risk assessments and due diligence reviews, analyzing vendor usage and spending, coordinating with legal and compliance, monitoring key vendor metrics and performing contract reviews and renewals.
David Green, president and CEO at 1st Northern California Credit Union, said, “Jack Henry’s GRC Suite helped us unify previously siloed internal operations, boosting efficiencies and taking a burden off our resources. The platform gives us the compliance and regulatory resources of a large financial institution without needing to develop and maintain a deep bench of talent. This is especially helpful when competing for talent with big tech companies in the Bay Area.”
“Adding the Vendor Management tool also takes a weight off of our compliance and R&D initiatives,” adds Green. “It allows us to build our ecosystem with a variety of fintechs of choice without worrying about the paperwork and headache that these relationships would otherwise add. It aligns with our mission to help our members with the best financial support available.”
Jack Henry’s open-banking platform provides financial institutions easy access to proven and scalable Jack Henry solutions, as well as open integration with more than 850 third-party fintechs.
Amber Dolan, Governance, Risk and Compliance senior manager at Jack Henry, said, “Community financial institutions realize that in order to scale and remain competitive in the market, they need to access and manage an ecosystem of fintechs and technology providers. Jack Henry is already a connector for many of these technologies and services of choice; now we provide even further management by lifting the compliance demand. Our Vendor Management Program strengthens both our GRC capabilities and our corporate mission; it delivers guidance and expertise to help our clients provide the best financial support while navigating changing regulatory environments.”