Software

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

Managed Services

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

Ongoing Monitoring

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

VX LP Sequence USE FOR CORPORATE SITE-thumb
Venminder Exchange

As Venminder completes assessments for clients on new vendors, they are then made available inside the Venminder Exchange for you to preview scores and purchase as you need.

CREATE FREE ACCOUNT

Use Cases

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

Industries

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

Why Venminder

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

1.7.2020-what-is-a-third-party-risk-assessment-FEATURED
Sample Vendor Risk Assessments

Venminder experts complete 30,000 vendor risk assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.

DOWNLOAD SAMPLES

Resources

Trends, best practices and insights to keep you current in your knowledge of third-party risk.

Webinars

Earn CPE credit and stay current on the latest best practices and trends in third-party risk management.  

See Upcoming Webinars

On-Demand Webinars

 

Community

Join a free community dedicated to third-party risk professionals where you can network with your peers. 

Weekly Newsletter

Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.

Subscribe

 

Venminder Samples

Download samples of Venminder's vendor risk assessments and see how we can help reduce the workload. 

resources-whitepaper-state-of-third-party-risk-management-2023
State of Third-Party Risk Management 2023!

Venminder's seventh annual whitepaper provides insight from a variety of surveyed individuals into how organizations manage third-party risk today.

DOWNLOAD NOW

podcast

5 Third-Party Risk Management Best Practices for a Fintech Provider

CPE Credit Eligible

Third-party risk management best practices for fintechs.

As a fintech provider, your third-party risk management process will become well-developed and more organized by following these 5 best practices. In turn, your clients will feel much more at ease when selecting you as their preferred vendor of choice to continue doing business with. It’s a win for both parties. Listen now.

 

Podcast Transcript

alicia-thomas-new-headshot-circle-100Hello everyone and thank you for joining me today for our Third Party Thursday podcast. I’m Alicia Thomas, Senior Relationship Manager here at Venminder.

In today’s discussion, we will touch on the third-party risk management best practices for a fintech provider to know. First, let’s start with a better understanding of what a fintech provider is.

A fintech provider is a technology company used to support or enable banking and financial services functions. The fintech provider is a financial institution’s third party vendor. Whether you are a financial institution or if you’re a fintech provider, our recommended best practices for a fintech company include:

  1. Understand the regulatory expectations. The better you understand your client’s process and who their regulator is, the more you can research the guidance and improve your third-party risk management internally to meet their expectations. You should then be one step ahead when you receive a due diligence request from an institution.

  2. Keep in mind that as an institution’s regulatory expectations increase so do your requirements and obligations. It’s a constantly evolving space with more and more rules and regulations being implemented.

  3. Create your own third party risk management practices. With the introduction of the SSAE 18 on May 1, 2017, there is a good chance you’ll need to report the significant vendors you use to conduct business. These are the institution’s fourth parties. It’s a good call to go ahead and have procedures in place around due diligence on your third parties. This includes, contract management, risk rating vendors, evaluating vendor performance and more.

  4. Understand the third party risk management language. Study and learn the lingo as much as possible. This will help you to further understand your clients and also the framework around your own third-party risk management policies and procedures. Some guidance that I’ve found to be extremely helpful includes:
    1. FFIEC Guidance on Managing Outsourced Technology
    2. OCC Bulletin 2013-29
    3. OCC Bulletin 2017-7 

  5. Evaluate your complaint management procedures. Are they in line with the institution’s expectations? The CFPB has placed great emphasis on the importance of complaint management.

As a fintech provider, your third-party risk management process will become well-developed and more organized by following these best practices. In turn, your clients will feel much more at ease when selecting you as their preferred vendor of choice to continue doing business with. It’s a "win" for both parties.

I hope you found this podcast helpful. Again, I’m Alicia Thomas at Venminder. If you haven’t already done so, please subscribe to our Third Party Thursday series.

38116-newsletter

Subscribe to our Third Party Thursday Newsletter

Receive weekly third-party risk management news, resources, and more to your inbox.

 

New Call-to-action

Ready to Get Started?

Schedule a personalized solution demonstration to see how Venminder can transform your vendor risk management processes.

Request a Demo