Case Study: Radius Bank achieves automated third-party risk management and time savings with Venminder

Radius Bank Automate Third Party Risk Management with Venminder

Radius Bank, a Boston-based bank with $1 billion in assets, needed to reduce workload, move off Excel, and streamline third-party risk management to meet regulatory expectations. They selected Venminder, using Venminder’s online third-party risk management software platform and the firm’s certified experts to centralize vendor data and replace manual spreadsheet processes.

Venminder implemented its software plus expert reviews of vendor financials and SOC reports, creating an automated vendor management program. The solution delivered a single dashboard for oversight, one-page, color-coded financial health summaries, and condensed SOC report takeaways, saving time and money, improving efficiency and consistency across vendor reviews, and helping Radius Bank meet regulatory requirements — leading to a planned long-term relationship with Venminder.

Radius Bank

Tracie Kosakowski

SVP, Chief Compliance Officer