Robust platform for community banks to execute third-party risk management
Washington, D.C. (March 25, 2020) — The Independent Community Bankers of America® (ICBA) announced today that Venminder has been selected as the newest Preferred Service Provider for its third-party risk management software.
“ICBA is pleased to partner with Venminder for their vendor management controls and monitoring tools, which provide a powerful system of checks and balances that helps simplify what can be a lengthy and inefficient risk management process,” said Kevin Tweddle, senior executive vice president of community bank solutions. “From due diligence for new vendors through ongoing monitoring of financials, regulatory compliance, information security and contract management, this solution frees up valuable resources that can be redeployed to help community banks meet their strategic business objectives.”
All third-party relationships present a varying level of risk to community banks, with many requiring ongoing management and monitoring. Venminder offers a centralized approach to third-party risk management, complete with a searchable library of control assessments, and access to subject-matter experts and educational resources. Bankers may also schedule comprehensive reports on every aspect of their third-party relationships for regulatory examiners.
“ICBA provides valuable access to resources for community banks and we are thrilled to have been chosen as their preferred service provider for third-party risk management,” said James Hyde, CEO of Venminder. “Community banks count on their partners to be just as prepared as they are and need a reliable means to assess their risk so they can prepare accordingly. It’s our goal to provide community banks with that assurance and peace of mind so they can focus on serving their customers in their time of need.”
For more information about ICBA’s Preferred Service Provider program, visit www.icba.org/psp.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 52,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 760,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $4.9 trillion in assets, $3.9 trillion in deposits, and $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
Venminder is an industry recognized leader of third-party risk management solutions. Dedicated to third-party risk, the company is the go-to partner for software, high-quality assessments on vendor controls, certified subject-matter expertise and education. Venminder’s platform provides a centralized location to execute a third-party risk management program. It enables users to store documentation, onboard a vendor, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risk assessments, create workflows, run reporting and more. Assessments performed by Venminder’s qualified experts, including CISSPs, CPAs, financial risk analysts, paralegals and more, are readily available in an online library. The assessments enable clients to identify possible risks and understand areas of strengths on their vendors information security and privacy standards, SOC reports, financial viability, business continuity/disaster recovery preparedness, contractual standards, regulatory compliance and more. For more information, visit www.venminder.com.
# # #