Reduced workload
With Venminder doing documentation reviews, it takes the work off of the team's plate.
Gain a 360-degree view of third-party risk by using our SaaS software to centralize, track, automate, assess and report on your vendors.
Venminder's team of experts can review vendor controls and provide the following risk assessments.
Let us handle the manual labor of third-party risk management by collaborating with our experts to reduce the workload and mature your program.
Overview
Document Collection
Policy/Program Template/Consulting
Virtual Vendor Management Office
Vendor Site Audit
Let us handle the manual labor of third-party risk management by collaborating with our experts.
Learn more on how customers are using Venminder to transform their third-party risk management programs.
Venminder is used by organizations of all sizes in all industries to mitigate vendor risk and streamline processes
We focus on the needs of our customers by working closely and creating a collaborative partnership
Trends, best practices and insights to keep you current in your knowledge of third-party risk.
Earn CPE credit and stay current on the latest best practices and trends in third-party risk management.
Join a free community dedicated to third-party risk professionals where you can network with your peers.
Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.
Download samples of Venminder's vendor risk assessments and see how we can help reduce the workload.
With Venminder doing documentation reviews, it takes the work off of the team's plate.
Radius Bank was able to see vendor data in a much better way to know what to focus on next.
They improved processes which added consistency, made it easier to understand and be followed by those involved.
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 to adhere to industry regulations. They quickly recognized that their method at the time of using Excel spreadsheets to manage their third parties were no longer sufficient and wanted to find an online third-party risk management solution that could improve efficiency and streamline their processes.
“We saw the wave of the future with all the information on third-party risk management coming out and knew that we needed to get ahead of it before it became an issue,” said Tracie Kosakowski, SVP, Chief Compliance Officer.
As an innovative bank, Radius Bank are well versed in today’s technology and knew it was important to find the right partnership that would fit them perfectly.
Radius Bank got started by quickly getting setup with Venminder’s software platform and using the firm’s certified experts to review their vendor’s financials and SOC reports.
“Venminder’s software is very easy to use and well-designed, really I think state of the art. My favorite feature so far is the main dashboard as it gives you a quick snapshot view of what’s currently going on with your vendors and who has done what.”
Tracie also said Radius Bank found that using Venminder for reviews helped to reduce the workload, save time and therefore increase their efficiency by condensing a lot of data into exactly what they needed to focus on.
Since partnering with Venminder, Radius Bank has been able to drive big improvements to their overall third-party risk management program.
“Our processes are much easier to understand and be followed by all those involved. It has certainly saved time and allowed us to better manage our vendors. We’re able to get information efficiently and timely. We’ve also been able to drive consistency in the way we’re viewing one vendor against the other.”
Tracie noted that today, sound third-party risk management practices is a must - poor exams or an issue with a vendor can be very costly in many ways.
“A lot of third-party risk management is ensuring you understand the risk level in who you may go into a relationship with and the continuing review of what risk they present at an ongoing and monitoring level. By not having proper practices in place, you certainly run the risk of having negative economics in a variety of ways.”
According to Tracie, Radius Bank plans for a long-term continued relationship with Venminder and utilizing more of what the firm has to offer.
“I would recommend Venminder to anybody looking for a logical and easy to implement resource for vendor management to make sure that you are adhering to regulatory requirements and that you can assess your vendors at your fingertips.”
About Radius Bank
Radius Bank is an innovative, full-service bank with clients nationwide.
Industry: Financial Institution
Company Size: $1 billion assets
Location: Massachusetts
Venminder Product: Software and Assessments
The bank's third-party risk management program now satisfies examiners and auditors and they're saving time and resources.
This lending institution sees a ROI from their third-party risk management efforts.
Managing vendors in Excel spreadsheets was becoming too difficult to maintain and very inefficient.
The lender has found a partnership that realizes each side's potential for mutual growth through collaboration.
Schedule a personalized solution demonstration to see if Venminder is a fit for you.