Case Study: FNB Bank achieves streamlined, automated vendor risk management with Venminder

A Changing Regulatory Environment Prompts FNB Bank to Adopt a Multi-Disciplined Approach to Vendor Management

FNB Bank, a $435M community bank in Mayfield, KY, faced heightened regulatory scrutiny and found its spreadsheet-based, manual vendor management processes insufficient. To centralize and automate its program, the bank engaged Venminder, deploying Venminder software and services including a Virtual Contract Management Office, Outsourced Document Collection, and Examination Preparation.

Venminder delivered a turnkey yet customizable solution that automated document collection, produced enterprise-wide composite risk assessments, and performed SOC and financial reviews. The result: streamlined vendor management, greater transparency into vendor risk, reevaluation of some vendor relationships based on assessment findings, and positive feedback from auditors and examiners.

FNB Bank

Wes Spencer

Chief Information Officer