Case Study: Flushing Bank achieves a well-organized vendor risk management program with Venminder

Flushing Bank Achieves a Well-Organized and Successful Vendor Risk Management Program

Flushing Bank, a $6.5 billion-asset financial institution in New York, needed greater transparency and ease of use in its vendor risk management program. Its existing module inside an enterprise risk management system required too much customization and was difficult to navigate, making it hard to run the program at the desired level. To solve this, the bank turned to Venminder for software and assessments, along with access to third-party risk management expertise.

With Venminder, Flushing Bank implemented a user-friendly platform with dashboards, risk ratings, reporting, task management, and a vendor portal, plus managed services for financial health, SOC report, and business continuity plan reviews. The result was a well-organized third-party risk management program that saved time, reduced manual work, streamlined internal reviews, and helped Flushing Bank successfully pass an FDIC audit.

Flushing Bank

Alana Domill-Maltese

Vice President of Vendor Management