Company recognized for its strong set of industry skills and a deep understanding of the regulatory requirements and trends of financial services
Ncontracts, the leading provider of integrated risk management and lending compliance solutions for the financial services industry, announced that it has been named to the Gartner IT Vendor Risk Management Services magic quadrant for the first time. Noted as a strong challenger in this year’s evaluation, the company was singled out for its ability to meet the specialized requirements of the U.S. financial services market.
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Michael Berman, Ncontracts founder and CEO said, “We are honored to be included by Gartner in this evaluation of the top vendor management platforms in the industry. With thousands of financial institutions around the country relying on our Nvendor platform to monitor 3rd party risk and compliance, we continue to see significant growth in our vendor management business and appreciate the support and loyalty of all of our amazing customers.”
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Ncontracts’ integrated risk management solution enables banks, credit unions, mortgage lenders, and fintech companies in all 50 US states to automate their risk management and compliance activities. Clients save time in assessing and managing risks related to the financial products they market to consumers and ensuring that their compliance activities are accurate and complete. The need for this “RegTech” software has become more critical as federal and state regulations have become more complex, and as the impact of COVID-19, PPP loans, and lending diversity and equity initiatives continue to evolve.
The Ncontracts solution was singled out for the depth of its product expertise, particularly around due diligence summaries and an onboarding process that provides users insights into their vendor landscape. In addition, the data explorer capabilities in the platform allow users to enrich the financial institution’s vendor strategy with customizable reports and analytics that allow all departments to monitor and assess the associated risk of their third-party relationships. This ability to glean insight and take immediate action to mitigate risk and exposure has never been more critical to financial institutions given the increasing threats of data breaches, cyber-attacks, ransomware, and new regulations impacting their daily operations.
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