Clients love Venminder because the tools are user-friendly and you have an entire company behind you to manage the everyday risks associated with third parties.
Prior to Venminder, the bank had contracted with multiple technology software providers to meet their program’s needs. As those systems did not integrate or “talk” to one another, it made their program difficult to scale and mature.
Frost Bank was looking for a platform that could give more visibility into their overall vendor management process and encourage buy-in from the various lines of business.
With the help of Venminder software, Doane University was able to create a process for vendor contract management that was less manual and more efficient.
Due to limited on-staff employees, First State Bank struggled to meet regulatory requirements involved in collecting and evaluating due diligence documentation.
CommonWealth Central Credit Union Saves Time and Builds a Strong Vendor Management Evaluation System
The credit union's online portal lacked automation benefits and they also were using Excel to risk rank vendors.
Radius Bank uses various vendors to provide them with services that are complementary to their strategy and goals and were finding it difficult to manage all of the data needed on those vendors.
Flushing Bank had a strong need for transparency throughout their vendor risk management program but were finding it difficult to achieve this using a module inside an Enterprise Risk Management (ERM).
Competing priorities, lack of time and personnel, and a file cabinet full of contracts across all branches made vendor risk management overwhelming.
With over $8.6 billion in assets, First Tech Federal Credit Union is one of the ten largest credit unions in the United States, serving more than 425,000 members nationwide.
Bank & Trust Company were faced with the common challenge of keeping up with the regulatory compliance around vendor management without pulling a huge amount of time from their staff.
Balboa Thrift and Loan managed vendor data using Excel spreadsheets which was proving cumbersome. Their third-party risk management program was very de-centralized and chaotic.