Georgetown Savings Bank selects Ncontracts for Vendor and Contract Management

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Growing State and Federal Regulatory matters with third party vendors led Georgetown Savings Bank to seek a solution provider that could provide a turnkey solution.

“At Georgetown Savings Bank, we have taken steps to protect our clients’ information by implementing Ncontracts."

-Robert Balletto, President and CEO of Georgetown Savings Bank.

Georgetown Savings Bank of Massachusetts, with branches in Georgetown, North Andover, and Rowley, MA, selected Ncontracts®, which will enable them to manage and monitor vendors to enhance compliance efforts, decrease their expenses, and improve internal efficiencies.

A new Massachusetts privacy regulation (201 Mass Code Regs. § 17.00 et seq.) requires financial institutions by March 1, 2012 to have modified their contracts with third party vendors and require their vendors to implement and maintain appropriate security measures for personal information obtained from the financial institution and attest that all data containing protected information transmitted across the internet is encrypted. Moreover, federal regulators continue to view outsourcing as a risk that all financial institutions must address with adequate resources to protect customer’s information.

“At Georgetown Savings Bank, we have taken steps to protect our clients’ information by implementing Ncontracts. Ncontracts has an automated process which provides valuable information about a vendors’ financial data, security information, and compliance documents. This information along with the ability to track addendums, access risk assessment forms, monitor contract language, and receive reminders regarding important milestone dates within the contract provide a robust solution that will allow us to operate more efficiently,” said Robert Balletto, President and CEO of Georgetown Savings Bank.

“We are pleased to be selected by Georgetown Savings Bank. Ncontracts provides them with a true turnkey solution because our paralegals perform all the data entry functions to implement the contracts within our system. This implementation service combined with the tools for vendor management provides Georgetown Bank with the ability to efficiently comply with State and Federal requirements and an opportunity to reduce their costs,” said Michael Berman, CEO of Network Contract Solutions.

About Georgetown Savings Bank.
Georgetown Bancorp, Inc. is the holding company for Georgetown Savings Bank. Georgetown Savings Bank, with branch offices in Georgetown, North Andover and Rowley, Massachusetts, is committed to making a positive difference in the communities we serve. We strive to deliver exceptional personal service at all times and to help each of our customers achieve their unique financial goals through a competitive array of commercial and consumer banking services. To learn more about Georgetown Savings Bank, visit http://www.georgetownsb.com.

About Network Contract Solutions.
Ncontracts® combines full service implementation services with a professional contract management application that provides clients with the ability to have insightful summaries of their contracts, alert notifications, and robust compliance tools. Together, these features allow clients to reduce expenses, enhance profitability, and improve internal efficiencies by effectively managing their contracts. Ncontracts® is the ONLY solution to feature a two-tiered paralegal document review and implementation for maximum integrity and data accuracy. For more information, visit http://www.ncontracts.com.

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