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Gain a 360-degree view of third-party risk by using our SaaS software to centralize, track, automate, assess and report on your vendors. 

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Let us handle the manual labor of third-party risk management by collaborating with our experts to reduce the workload and mature your program. 

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Let us handle the manual labor of third-party risk management by collaborating with our experts.

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Use Cases

Learn more on how customers are using Venminder to transform their third-party risk management programs. 

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Venminder is used by organizations of all sizes in all industries to mitigate vendor risk and streamline processes

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We focus on the needs of our customers by working closely and creating a collaborative partnership

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About

Venminder is an industry recognized leader of third-party risk management solutions. 

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Over 800 organizations use Venminder today to proactively manage and mitigate vendor risks.

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Venminder received high scores in the Gartner Critical Capabilities for IT Vendor Risk Management Tools 2020 Report

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- Customer Success Stories -

First State Bank Finds Value in Thorough Due Diligence and Improves Processes with Venminder

Due to limited on-staff employees, First State Bank struggled to meet regulatory requirements involved in collecting and evaluating due diligence documentation.

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Since partnering with Venminder and implementing all of our new vendor management procedures, we've actually had three exams/audits without any complaints about our vendor management program.

 

About

First State Bank is a small community bank headquartered in Waynesboro, Mississippi and with assets of approximately $800 million.

 

Challenge

At First State Bank, a small community bank based in Waynesboro, Mississippi, a big hurdle, due to their limited on-staff employees, was meeting the regulatory requirement that involved collecting and evaluating due diligence documentation. The bank was also using Excel spreadsheets to manage their vendors, which they found cumbersome and difficult to maintain.

“Being a community bank, we don’t have enough employees that have the time and the IT background to really evaluate in the manner we need to determine if our third party providers are doing their proper due diligence in protecting our data. We were also using Excel spreadsheets which were not in-depth and definitely not easy to use,” said Connie Grimes, Vice President of Operations.

 

Solution

After several months of searching for the right partner, First State Bank chose to partner and onboard with Venminder for software and due diligence reviews.

“During onboarding, Venminder’s team became a true partner to me. They helped me with anything I needed and gave me advice. It was a very, very smooth process. Venminder representatives are almost like an extra employee for me.”

The bank feels by outsourcing reviews they are receiving an overall cost savings as opposed to hiring a full-time employee(s) to conduct the appropriate reviews.

“We use Venminder for reviews of vendor SOC reports and business continuity plans. The analysis we receive have been very beneficial. We are able to quickly go through the reports as opposed to going through say a 120-page SOC report. It allows us to see the areas with a vendor that requires our attention and we need to dig deeper into much faster.”

 

Results

Making the move to an automated software platform and gaining access to Venminder’s team of experts for due diligence reviews has worked out well for First State Bank’s vendor management program.

“Since partnering with Venminder and implementing all of our new vendor management procedures, we've actually had three exams/audits without any complaints about our vendor management program. I would recommend Venminder to any other institution who are looking for some assistance with their vendor management program.”

First State Bank Audio Case Study

 

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