Increased visibility
They were better positioned to keep up with contract expiration dates and vendor details.
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
Venminder is an industry recognized leader of third-party risk management solutions.
900 organizations use Venminder today to proactively manage and mitigate vendor risks.
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They were better positioned to keep up with contract expiration dates and vendor details.
ACA saved significant time in vendor management processes, such as due diligence.
Reporting to executives was greatly improved and further made them exam ready.
American Credit Acceptance (ACA), based in Spartanburg, SC, is an indirect automotive lending institution providing financing to emerging credit consumers. ACA’s third party risk management program had limited staff resources and mostly manual processes.
“We had about 600 vendors being managed inside Excel and SharePoint which were not meeting our needs. It was extremely inefficient and cumbersome. We knew we had to figure out a way to automate our processes and get more lean.”
The team at ACA felt that a lot of their time was being spent on trying to keep up with due diligence requirements, and with a small dedicated team, were struggling to have enough time to focus on strategic decisions for business success.
“We were inundated trying to keep up. Reviewing documentation took a great deal of time away from where we felt we should be focusing on – moving the business forward.”
ACA chose to partner with Venminder for software that would give the capabilities to automate their program and add due diligence services that could help reduce the workload on their team. Venminder’s background in the financial industry was a key differentiator for ACA.
“Venminder’s background in the banking space was a big reason why we ultimately made our decision. Venminder understood the regulatory requirements. The Venminder system already had the features to meet all the regulations built in, like the ability to analyze inherent and residual risk, which meant we could get implementing and get up to speed quickly.”
Laura shared that she was finding the software user-friendly and helpful in streamlining their vendor management processes.
“I love the Venminder system. It’s very easy to use. One of the features I love most is the Vendor Scorecard on the Vendor Dashboard. It really allows me to have oversight on vendors, to see what people have done, to see how that vendor has fared in the last due diligence review, and to identify if any issues exist.”
When asked about Venminder’s due diligence services that can be delivered inside the software, Laura shared that the services are saving ACA a great deal of time and improving efficiency.
“It has saved us a significant amount of time in our due diligence processes. Now, we only have to focus on the issues that are found within the reviews that Venminder completes for us. This has meant we have the time to be more strategic and can focus on those specific findings and getting them resolved.”
Since partnering with Venminder, ACA feels they now have well-developed processes in place and an exam ready program.
“While we have not had any examiners in since we installed Venminder, we are really looking forward to being able to present them with the information via the Venminder system. I won’t have to physically download ‘100 million’ documents, and instead, can use the exam prep feature to prepare everything for them.”
When asked about ROI of automation and investing in tools that improve their third-party risk management program, Laura shared her thoughts on why many find it hard to understand.
“From an ROI perspective, there is a definite ROI for investing in a company and tool like Venminder. I don’t think the return on investment is as tangible to some people, because they don’t always understand that increased speed to market, being protected from a company standpoint, and protecting our consumers are imperatives in the financial services industry. It’s not always visible. It’s often underlying, but it’s very important to us to take proactive steps to protect our organization and customers from third-party risks, like breaches for example.”
Laura actively recommends Venminder to anyone in highly regulated industries and thoroughly enjoys being a Venminder partner.
“Everybody has been very responsive and helpful. The system is wonderful. It has streamlined our once manual processes, how we report to executives as well as how we manage our business. I definitely recommend Venminder to anyone and especially the financial industry. We have loved being partners with Venminder.”
About American Credit Acceptance
American Credit Acceptance is a leading national provider of auto finance solutions with over 1,000 associates.
Industry: Non-Bank Lending
Company Size: $2 billion assets
Location: South Carolina
Venminder Product: Software and Assessments
The bank has been able to drive big improvements to their overall third-party risk management program.
The bank finds incredible value in vendor management software and outsource due diligence assessments.
Managing vendors in Excel was becoming too difficult to maintain and there was a need for automation.
The bank needed a partner who would provide access to experts and a user friendly software with dashboards and visibility.
Schedule a personalized solution demonstration to see if Venminder is a fit for you.