They saved time on analyses as well as processes in general through platform features.
In 2015, Frost partnered with Venminder for documentation collection, assessments and due diligence services. Frost found Venminder’s analyses and assessments provided valuable insight and improved efficiency.
“The SOC and BCP analysis services have saved us time and provided concise information that we can take to our lines of business for final review and approval,” said Ruben Ortegon, Vendor Management Systems Supervisor at Frost. “The analysis also provides another set of eyes giving insight and perspective on the vendor being reviewed which ultimately allows for quicker decision making.”
In 2018, Frost determined that it had outgrown the software it was using for vendor management.
“The software platform we were using had many limitations and the business had outgrown it,” said Ruben. “We determined a need for a platform that could give more visibility and encourage buy-in from the lines of business and management on our overall vendor management process. Also, the ability to properly track our due diligence documentation from third-party vendors was a must.”
Frost found Venminder’s platform had the features they were looking for. It is extremely user-friendly and provides additional functionality, including the ability to tag documents for future lookup, set reminders before a document expires and access multiple reports.
“We had previously engaged Venminder for their document collection and analysis services so a great relationship was already established. The enhanced features, customer service and price point were all very attractive to us.”
“Our sales rep has been with us throughout the entire process and has provided valuable insight, guidance and support. By making herself available, as well as key staff members, to answer our questions and concerns, it has made our transition much easier and efficient.”
Overall, Frost has found incredible value in investing in the Venminder platform and due diligence services. The overall experience has been very positive.
“The savings have been good, but nothing substitutes the knowledgeable and efficient staff that Venminder has available. The platform has certainly simplified and streamlined many of our processes. We would recommend Venminder to any business, small or large, that deals with third-party vendors. The scalability of the product and the “a la carte” due diligence services makes this a perfect platform overall.”
About Frost Bank
Frost is one of the 50 largest U.S. banks by asset size and the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR).
Industry: Financial Institution
Company Size: $34.1 billion in assets
Venminder Product: Software, Control Assessments and Managed Services