$1 Billion Credit Union: Why This $1 Billion-Asset CU Left Venminder for Nvendor
Company Size
1,000+
Region
- America
Country
- United States
Product
- Ncontracts’ Nvendor
- Nrisk
- Ncomply
- Nfindings
Tech Stack
- Enterprise Risk Management Software
- Compliance Management Software
- Vendor Management Software
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Process Analytics
- Application Infrastructure & Middleware - API Integration & Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Procurement
Services
- Software Design & Engineering Services
- System Integration
About The Customer
The customer is a credit union with $1 billion in assets. The credit union was looking to create an enterprise risk management (ERM) function, including compliance and internal audit, and needed a solution that would address all elements of risk management. The credit union was using Venminder, a stand-alone product that couldn’t integrate into any other solutions and presented other issues. The credit union struggled with sluggish vendor onboarding and vendor-owners wasted hours trying to collect and review vendor documentation in an effort to limit costs. The reports generated were not always accurate, which raised red flags for the credit union.
The Challenge
The $1 billion-asset credit union was looking to create an enterprise risk management (ERM) function, including compliance and internal audit, and needed a solution that would address all elements of risk management. However, their current vendor management solution, Venminder, was a stand-alone product that couldn’t integrate into any other solutions and presented other issues. The credit union struggled with sluggish vendor onboarding and vendor-owners wasted hours trying to collect and review vendor documentation in an effort to limit costs. The reports generated were not always accurate, which raised red flags for the credit union.
The Solution
The credit union created a complete ERM program and eliminated vendor management problems by pairing Ncontracts’ Nvendor (with services) with other fully integrated Ncontracts solutions. This includes Nrisk, a secure and highly-customizable ERM application that continuously evaluates, measures, and tracks risk, Ncomply, an audit-ready compliance management software application, and Nfindings, an application for automating the complex findings process. Nvendor provides the credit union with efficient workflows that ease vendor onboarding and simplify the vendor risk assessment process, including tiering assessments and residual risk assessments. Due diligence documents are collected by experts, ensuring accurate and up-to-date information is readily available. The all-inclusive pricing structure is budget-friendly and ensures that vendor owners always have the resources and export support they need.
Operational Impact
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