Case Study: CommonWealth Central Credit Union achieves time savings and stronger vendor risk management with Venminder

CommonWealth Central Credit Union Saves Time and Builds a Strong Vendor Management Evaluation System with Venminder's Help

CommonWealth Central Credit Union, a community-based credit union, faced increasing third-party governance demands while its online portal lacked automation and the team relied on Excel to risk-rank vendors. With regulators tightening requirements for high- and critical‑risk vendors and limited in‑house expertise, CommonWealth turned to Venminder for vendor management support, including SOC 1/2/3 reviews, financial analyses and risk grading.

Venminder delivered quick onboarding, a dedicated relationship manager, managed outsourced services for SOC and financial reviews, and color‑coded reports that shortened executive review time—saving staff significant time and making vendor risk assessments easier to act on. The partnership with Venminder also satisfied external auditors, enabled the credit union to demonstrate complete due diligence when vetting providers, and provided ongoing training resources that improved overall vendor management and compliance oversight.

CommonWealth Central Credit Union

Eilish Perry

Director of Regulatory Compliance