CEDAR FALLS, Iowa--(EON: Enhanced Online News)--Banno (@BannoHQ), a provider of data-enriched Web and transaction marketing services for financial institutions, has partnered with Digital Compliance (@DigitalComply) to offer Venminder® and enable clients to meet FDIC third-party due diligence standards with ease.
“Having Venminder host our vendor compliance documentation simplifies transmission to our customers, assuring them that any information is available 24/7 and will be current whenever it is needed.”
Venminder is Digital Compliance’s online vendor management system, a community where third-party vendors share compliance documents with their financial institutions. Financial institutions can then store and manage all of their partner documents necessary to meet the FDIC’s guidance for managing third-party risk. Banno is providing the Web-based hub for its bank and credit union clients to track and document tasks such as contract expirations and annual reviews – all the processes critical to financial institutions’ vendor relationship compliance.
“So often, companies get buried with ideas of how to make bigger and better technologies for the end user; Digital Compliance shares in our goal to keep our customers’ needs in view, by continually improving internal processes,” said Banno president Charles Potts (@charlesepotts). “Having Venminder host our vendor compliance documentation simplifies transmission to our customers, assuring them that any information is available 24/7 and will be current whenever it is needed.”
Additional Venminder tools include the ability to track discussions, collaborate with co-workers, and rate and review vendors among peers. The platform also has a step-by-step process to produce examiner reports.
Kelli Schultz (@kellischultz3), president and CEO of Digital Compliance, added, “Financial institutions outsource tools and tasks to vendors because they trust and respect us as the experts in our field. Responsible companies like Banno are looking out for their clients’ best interests, by providing a full service and the tools necessary to manage this important relationship efficiently.”
About Digital Compliance
Digital Compliance (DC) revolutionizes the vendor management experience with Venminder, a plain English, easy-to-implement 360° solution for third-party vendors and their financial institution (FI) clients. DC’s cloud-hosted vendor management community provides vendors and FI clients with a highly collaborative, workflow-driven experience that improves efficiency and compliance across the enterprise. For more information, please visit www.digitalcomply.com.
Banno's enabling technologies unlock unrealized financial opportunities. Through Banno's proprietary data-enrichment and interpretation platform, financial service providers and their customers can identify, engage and retain their most valuable relationships. To learn more, connect with us at www.Banno.com.