[November 12, 2014]

Hiperos Announces New Contracts with Three Top 50 U.S. Banks

Hiperos, an Opus Global company and the leading provider of third-party management software, today announced that it has secured multi-year, seven-figure deals with three of the top 50 U.S. banks. The banks plan to use Hiperos 3PM™, Hiperos' flagship SaaS (News - Alert)-based product, to implement comprehensive, effective third-party risk management processes that better address the increasing regulatory focus on risk and compliance related to third-party relationships. The three contracts were all executed in the past 30 days.

Since 2012, regulators including the Consumer Financial Protection Bureau (CFPB), the Federal Financial Institutions Examination Council (FFIEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) have all issued new or updated guidance regarding their expectations of how banks should manage their relationships with third parties. While guidance about banks and their relationships with their third parties is not new, the changes in the scope and specificity of the regulatory guidance signal a different level of expectations, compelling banks to review the efficacy of their controls and expand their programs to address all third parties, versus a limited number of primarily IT vendors.

The impetus for companies to validate all of their third parties - not just a core group of suppliers - and understand th nature of their business relationships continues to generate news across many industries. Two major retailers, for instance, have disclosed that data breaches exposing information from more than 100 million credit cards were caused by thieves gaining control of third-party vendors' credentials. These incidents highlight the risks that companies continue to take by managing only a sub-set of their third parties for specific risks, versus taking a holistic approach.

"Like other industries, banks continue to increase the number of third parties they work with - both domestic and foreign - as well as the complexity of the relationships they have with them. While third-party risk has been a regulatory concern for years, the recent guidance raises the bar on third-party risk management for banks," said Greg Dickinson, CEO, Hiperos. "This is requiring banks to risk-adjust their third-party management programs. We applaud our customers for taking the important step to leverage the power of technology to systematically enforce risk management practices that are commensurate with that risk."

The three top 50 U.S. banks join Hiperos' strong portfolio of more than 20 banking customers, which includes PNC (News - Alert), TD Bank, State Street Bank, BB&T and BMO Harris. These banks, like other companies in a wide variety of industries, are leveraging Hiperos 3PM™ to more effectively and efficiently assess and manage all third parties across the entire lifecycle of that relationship, implementing risk-adjusted due diligence and controls.

About Hiperos

Hiperos, an Opus Global company, is the leader in Third-Party Management software connecting over 300,000 third parties to many of the world's largest companies across a range of industry verticals including energy, financial services, manufacturing, real estate, pharmaceuticals, and technology. The company's flagship product, Hiperos 3PM™, is the only solution in the market that is purpose-built to simultaneously minimize the risks of using third parties while maximizing the value they provide. Implemented by the global 2000 and business consortiums to address their expanding third party management requirements, Hiperos 3PM™ has become the industry's most widely used SaaS-based solution. The winner of industry awards and accolades for the proven value and low cost of ownership it delivers, Hiperos 3PM™ enables companies to protect their brand and revenues by implementing an automated, consistent approach to third party onboarding, measurement, monitoring and controls, throughout their lifecycle. Hiperos' clients include many of the world's leading companies such as Aetna, Alcoa, AON, Arrow Electronics, Astra Zeneca, AXA, Bank of Montreal, CA (News - Alert) Technologies, Charles Schwab, Halliburton, Huntington Bank, JLL, Kraft Foods, Mondelez, Microsoft, News Corporation, Peabody, PNC Bank, Rockwell Automation, Sun Life Financial, State Street, TD Bank, and United Technologies. For more information, visit http://www.hiperos.com.

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