(270) 506-5140 CONTACT US
Login
case-study-hero-darker

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
first state bank

About First State Bank

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


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.

Connie Grimes
VP of Operations

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.”

Result

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.”

bng-requestademo
First State Bank Audio Case Study
Venminder representatives are almost like an
extra employee for me.

Connie Grimes
VP of Operations

At a Glance

Company name
First State Bank

HQ
Waynesboro, MS

Asset Size
$800 million

Interviewee
Connie Grimes, VP of Operations

Challenges

  • New regulations
  • Limited resources to dedicate to vendor management
  • Collecting and analyzing due diligence

Results

  • Implemented automated vendor management program that has streamlined and improved processes
  • Saved money by gaining access to Venminder experts
  • Met examiner expectations 
bng-requestademo

Similar Success Stories

Radius Bank - gray-1

Automate Third Party Risk Management to Improve Efficiency and Streamline Processes

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.

Balboa - gray

Balboa Thrift and Loan Association Enhances Third Party Risk Management Program

Balboa Thrift and Loan managed vendor data using Excel spreadsheets which was proving cumbersome. Their third party risk management program was very de-centralized and chaotic.

National Bank of Commerce - Venminder Client

New Approach to Vendor Management Lessens Risk, Improves Efficiency

With more than 700 vendors to manage, National Bank of Commerce, a $550 million asset bank knew it needed to improve vendor management.

View All Success Stories