The Virginia-based FedComp, and Venminder — a software and personnel provider for financial
institutions and credit unions around the nation — have partnered up to increase vendor relations with
its clients. The partnership is designed to offer more competitive pricing to its growing clientele.
- FedComp is most known for its work with smaller credit unions, with a reported 900 clients.
- Venminder, a Kentucky based company, helps credit unions handle third-party vendor risks.
- FedComp’s partnership with Venminder isn’t new in and of itself – the company also uses
Venminder to manage their vendor relations.
“Even small credit unions can use upwards of 50 outside vendors, so this obligation presents significant
manpower and resource challenges. Although financial institutions can’t outsource ownership of third-
party vendor risk, they can outsource the tactical work of assessing that risk—which is why we’re
partnering with Venminder for the benefit of our credit unions,” FedComp Chief Operating Officer, Anna
https://www.cuinsight.com/press-release/fedcomp- venminder-team- help-credit- unions-manage- tactical-challenges- assessing-mitigating- third-party- vendor-risk