$5.9 million
is the average cost of a financial industry data breach
Credit unions are required by the NCUA to identify, assess, and mitigate third-party vendor risks. Cyberattacks on credit unions and their third-party vendors are also increasing, so it’s crucial to protect members’ sensitive information, especially when it’s in the hands of a third party.
is the average cost of a financial industry data breach
Members were victims of a third-party data breach at a credit union
of credit union vendors may have critical system vulnerabilities
Managing vendor relationships is easy with Venminder! We provide access to qualified subject matter experts in many risk domains, allowing for accurate vendor risk reviews. Save hours of costly administrative work with Venminder’s automated reminders and emails, generated reports, document collection services, and risk assessments.
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Our credit union vendor management software automations help send emails and questionnaires, assign the right risk assessment tasks to the right task owner, and generative reports.
As regulators scrutinize third-party risk management practices, it's important to have consistent practices with every vendor. With our vendor management solution for credit unions, you can build processes that can easily apply to each vendor relationship.
With Venminder, you have access to many experts across various vendor risk domains, like information security, finance, and business continuity. These experts can review documentation and provide qualified opinions.
The credit union needed to meet third-party risk management regulatory requirements with automation and risk ratings. They now use Venminder's assistance on financial analyses, risk grades, and reviewing vendor credentials. Read how Venminder has helped.
Completed assessments can be searched, previewed and ordered directly from the Venminder Exchange
Schedule a personalized solution demonstration to see how Venminder can improve your processes.