Independent Banker - December 2020 - 19

record-keeping purposes. But for most
banks, the extreme level of upkeep,
organization and attention to detail
to make sure all the i's are dotted and
t's are crossed-and to keep regulators
at bay-is simply not feasible or cost
Vendors that ICBA members trust
ICBA's Preferred Services Providers are dedicated to
the community banking industry. Plus, being a member
means you have access to discounts, dividends and
more. Go to icba.org/solutions to learn more.
eff ective when using these methods.
" That starts getting complicated
very quickly, " says Chris Sherman, who
manages third-party risk for $779 million-asset
Sutton Bank in Attica, Ohio.
The cost of using a provider can vary,
depending on factors such as the provider
itself, the complexity of a bank's
needs, the number of its employees
and the services selected. Costs can
range from $500 a year for a small
bank to $50,000 or so for a larger institution.
For some, the peace of mind is
worth the cost. " It helps us manage the
whole process better, " says Sherman,
whose bank contracts with Venminder
for vendor management services.
Sara Teague, executive vice president
of $330 million-asset TrustTexas
Bank in Cuero, Texas, works with
around 350 vendors, from landscapers
to more critical providers, and
keeping up with them all proved too
much for the bank's staff to handle.
Now, instead of storing documents in
manila folders, it has automated the
vendor management process through
Tandem, a subsidiary of CoNetrix
based in Lubbock, Texas.
" If we were to do it completely manually,
it would be a full-time job for
someone to keep track of vendors. I
think we're getting quite a bit of benefi
t for the cost, " Teague says, adding
that the bank pays around $1,000 a
year for these services.
You don't have to be a large bank to
use a provider for vendor management
services. Venminder, for example,
provides software and vendor management
services to a host of banks,
generally ranging from $10 million
in assets to more than $200 billion in
assets. This includes banks that work
Mission-critical tools for:
Liquidity. Peer Analysis.
Loan Review.
With QwickRate®
, your bank benefits from critical tools and services
that are actually easy to launch, use and manage - essential in today's
environment. Community banks around the nation already count on us
for non-brokered CD funding and investing, performance analysis and
regulatory tools. Now you can also stem credit losses with our loan
review and credit risk management tools. Give us a call today. Let's talk
about how we can save you time and money.
Premier online source for
non-brokered CD funding and
investing
High-tech risk management tools
and cost-effective loan reviews
that drive down credit losses
Powerful online analytics and
regulatory tools that every bank
can afford
Contact us for your next loan review.
Schedule a private tour of our
solutions at www.qwickrate.com.
800.285.8626 www.qwickrate.com
http://www.icba.org/solutions http://www.qwickrate.com http://www.qwickrate.com
Independent Banker - December 2020

Table of Contents for the Digital Edition of Independent Banker - December 2020
