FedComp and Venminder team up to help credit unions manage the tactical challenges of assessing and mitigating third-party vendor risk
ELIZABETHTOWN, KY (December 12, 2017) — FedComp, the Virginia-based core data processor, today announced a partnership to introduce Venminder third-party vendor risk management services to its more than 600 credit union clients. Venminder, headquartered in Elizabethtown, Kentucky, provides personnel and software to help credit unions and other financial services businesses with the tactical work of assessing and mitigating third-party vendor risk. In addition to partnering with Venminder to extend services to its clients, FedComp also uses Venminder to manage its own vendor relationships.
“Third-party vendor relationships are a fact of life for every financial institution, and financial institutions—including the credit unions FedComp so proudly serves—have a regulatory obligation to carefully manage those relationships,” explains FedComp Chief Operating Officer Anna Duff. “Even small credit unions can use upwards of 50 outside vendors, so this obligation presents significant manpower and resource challenges. Although financial institutions can’t outsource ownership of third-party vendor risk, they can outsource the tactical work of assessing that risk—which is why we’re partnering with Venminder for the benefit of our credit unions.”
“It’s easy for our clients to launch with Venminder, so they’ll quickly benefit from top-quality vendor management—just like we do here at FedComp,” adds Karen Rys, FedComp program director. “But Venminder’s defining difference is the quality of its people. They’re experts in every facet of vendor management. And from our own experience, I know Venminder personnel care deeply about their work and the people they advise.”
The partnership with Venminder enables FedComp to pass on attractive pricing to its credit union clients.
“With FedComp as their critical core processor and many of our credit union clients using overlapping providers, our partnership makes it affordable for even our smallest clients to work with Venminder,” Rys comments. “But, it’s not just about the attractive pricing. In addition to acquiring control over their third-party vendor relationships from a compliance standpoint, working with Venminder also can help them facilitate closer partnerships with their vendors, resulting in better vendor performance and, for some, even lower costs.”
“FedComp clients look to us for education, direction and advice to keep them at the top of their game in serving their members and staying compliant, and we take their trust seriously,” says Duff. “Third-party vendor management is a pain point that, if not handled diligently and well, has substantial consequences, and regulators have made clear that vendor management will be an increased focus in examinations. Having found a partner in which we have confidence to aid us in our own vendor management, we’re confident in connecting our clients to this trusted resource.”
Venminder’s advanced software product allows for easy collaboration to manage all things vendor-related and guides users through critical processes such as oversight management, contract management, risk assessments, due diligence requirements, questionnaires, SLA management, vendor onboarding and more. Robust and configurable reporting can be generated from the tool to give clear visibility into the management and ongoing monitoring of third parties.
Venminder’s suite of outsourced due diligence services have redefined the third party risk management space by providing a cost-effective staff augmentation answer and ability to reduce the workload. Services include collecting documents, vendor vetting, risk assessing key cybersecurity and information security risks, analyzing documents such as SOC reports, financial statements, contracts, business continuity and disaster recovery preparedness and more.
For more than 30 years FedComp has serviced its credit union clients’ core data processing needs, both technically and with live 24/7 customer support. FedComp is a leading Microsoft-based core processing system since its beginning, evolving from DOS in 1982 to Windows 10 today. Since 1984, more than 2,500 credit unions have employed its core data system. Today $3.8 billion in assets are managed by FedComp with credit unions in the continental U.S., Caribbean and the United Kingdom. www.fedcomp.com