Challenge
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). That software required too much customization and proved difficult to use, ultimately preventing the bank from running their program at the level they desired.
When Flushing Bank began their search for a new software for their growing vendor management program, they had very specific requirements.
“We were seeking a partner that would provide us with access to third-party risk management experts and a software platform that was user-friendly with a vendor portal, cloud and managed services, dashboards with great program visibility, a comprehensive risk rating analysis, ability to task manage like scheduling annual due diligence and robust reporting capabilities,” said Alana Domill-Maltese, VP of Vendor Management at Flushing Bank.
Solution
Following thorough discussions with Venminder about their challenges and the Venminder solution, Flushing Bank made the move to become a client. They found that the software met all of their specifications and proved to be extremely easy to navigate.
“We found the onboarding experience that Venminder provided extremely easy and very successful. Venminder’s software is a great product. My overall favorite feature is the oversight management and scheduling of renewal documents as this was a very manual process for us prior to using Venminder.”
Flushing Bank also chose to augment their team with Venminder’s managed services.
“The review and analysis for financial health, SOC reports and BCP that Venminder provides have saved us time and allowed us to streamline processes. We can now take the analysis to the appropriate expert internally at the bank for review and faster sign-offs.”
Result
Since partnering with Venminder, Flushing Bank has been able to achieve the transparency and efficiency they desired within their program.
“Today, we have a well-organized third-party risk management program and successfully passed an audit by the FDIC earlier this year.”
Customer service was also important to the Flushing Bank team and they have been pleased with finding that Venminder’s customer service matched the standards of the software and services offered.
“I have been in the financial industry for over 30 years and have found Venminder to be a great vendor from a product, sales and customer service standpoint. They have excellent employees and are willing to work with their customers and provide them with the needs of the business. I would recommend Venminder to any institution that has a vendor management program.”
