Passageways and PolicyWorks Join Forces for Comprehensive Vendor Management Solution

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Combining the leading Vendor Management Application and Consulting Services

WEST LAFAYETTE, Ind., 3/30/2010 — Passageways, a West Lafayette, Ind.-based portal solutions provider for credit unions, announces an alliance with PolicyWorks, LLC, a national leader in providing credit union compliance solutions, to offer a comprehensive Vendor Management Program.

This partnership provides the industry’s most comprehensive vendor management solution, combining a software product already being used by dozens of credit unions with consulting services which will help manage compliance in the area of vendor management. This partnership will allow credit unions of all sizes to streamline the way they manage their vendors through monitoring capabilities, robust reporting, due diligence checklists, and contract organization/renewal alerts. The consulting services will ensure a scalable and well-designed setup of the vendor management program using a tried and tested approach which has already passed several audits at various credit unions.

This web based solution will be offered both in the ‘In-house’ and ‘Hosted’ delivery setup. The consulting is done during and after the software implementation, working individually with each client. The program will be offered as a package, providing credit unions a one-stop solution for their vendor management needs whereby Passageways and PolicyWorks will coordinate with each other throughout the program delivery.

Passageways’ Vendor Management Application allows credit unions to:

– Easily mange vendor relationships

– Ensure compliance by maintaining consistent checklists

– Efficiently fulfill due diligence requirements

– Upload and view vendor contracts effortlessly

– Built in alerts to ensure you never miss a renewal date

– Personalize your own Vendor Rolodex to conveniently organize vendor contact information

– Restrict access by business roles for reports and documents

– Include different viewing options for auditors and business owners

PolicyWorks’ Vendor Management Consulting Services include:

– Recommendations on how to develop and implement a vendor management program

– Assistance with categorizing vendors and assessing risk

– Reviews of due diligence information and vendor contracts

– Development of policies and procedures for vendor management

– Answers to questions about vendor management planning, monitoring and reporting

“This partnership allows all existing and future Passageways customers to benefit from some of the best advice on vendor management in the industry. We realize several of our customers are behind on this project and this is an alternative to execute those projects as there is an indisputable hard dollar return on vendor management when executed well,” said  Passageways Co-Founder, Paroon Chadha. “We also hope to attract a new set of customers, who will get introduced to our platform through this relationship”, adds Chadha.

“Our goal is to provide credit unions with the tools they need to navigate through this complicated and demanding regulatory environment. This partnership will provide credit unions with the resources they need to implement a vendor management program that is efficient and sustainable for the long term,” said Justin Hupfer, CEO of PolicyWorks.

About PolicyWorks, LLC

PolicyWorks is an Iowa-based firm known for providing solutions to credit unions’ regulatory compliance needs. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. For more information please visitwww.policyworksllc.com  

About Passageways, LLC

Passageways is an Indiana based provider of employee portal solutions for Credit Unions. Passageways helps over 150 Credit Unions to collaborate and communicate more effectively using its software platforms. For more information please visit www.passageways.com