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Venminder Reviews & Product Details - Page 10

Venminder Overview

What is Venminder?

Venminder is a market leader in third-party risk management solutions. Venminder caters to the complex requirements of third-party risk management with robust solutions and expert guidance. The market-leading provider hones its solutions to address the evolving needs of risk management across various industries, servicing customers from startups to Fortune 100 organizations. Venminder's cutting-edge platform offers a centralized space for comprehensive third-party risk management. The third-party risk management software includes but is not limited to vendor onboarding and offboarding, document storage, contract and SLA tracking, questionnaire management, risk assessments, workflow creation, and comprehensive reporting. This versatility allows organizations to customize and streamline the risk management of suppliers, vendors, and third parties. Venmonitor™ is one of Venminder's standout risk intelligence solutions, designed to revolutionize third-party screening. It empowers customers to quickly screen potential or current third parties across multiple risk domains with less manual activities and without the need for direct involvement with the suppliers. With Venmonitor™, organizations gain deeper insight into crucial areas such as cybersecurity, business health, privacy, Know Your Vendor, and more. Thanks to daily refresh capabilities, users are equipped with continuous and up-to-date monitoring, ensuring that they remain ahead of any potential risks. Vendiligence™, another Venminder solution, is an outsourced service that performs on-demand control assessments on vendors, such as information security, data protection, cybersecurity, and financial health. Venminder's team of highly qualified experts includes CISSPs, CPAs, financial risk analysts, paralegals, and more. Available in an extensive online library, these risk-based assessments facilitate identifying and understanding potential risks and strengths related to vendors' information security posture, privacy standards, SOC reports, financial viability, business continuity/disaster recovery preparedness, contractual standards, and regulatory compliance. Venminder’s services also include vendor document collection, relieving customers of the cumbersome task of chasing paperwork. Additionally, their expert advisory services assist customers in aligning their third-party risk management policies and procedures with leading industry standards. Venminder is more than a solution provider; they are a knowledge hub for the industry. Venminder’s experienced professionals frequently contribute to industry conversations at conferences through educational content and hosting CPE credit-eligible webinars. Venminder also offers Third Party ThinkTank, the world’s largest online networking community dedicated to third-party risk professionals to share insights and best practices.

Venminder Details
Product Website
Languages Supported
English
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Product Description

Software & due diligence experts who significantly reduce your vendor management workload.

How do you position yourself against your competitors?

In the third-party risk management landscape, Venminder is an all-encompassing partner, offering a unique combination of advanced software, expert-driven risk-based assessments, risk intelligence data, and continual guidance. Venminder emphasizes the human element, providing customers access to highly qualified experts with support and specific insight.

The Venminder platform goes beyond traditional risk management tools, incorporating education and industry insight elements that give customers a valued partner. Venminder equips businesses with tools to manage vendor risk effectively and empowers them to anticipate future challenges and opportunities in the rapidly evolving risk landscape.

Unlike other providers that spread their focus across various areas of risk management, Venminder concentrates specifically on third-party risk management. They deliver an in-depth, integrated approach. They provide businesses with solutions like Venmonitor™, which streamlines the screening and monitoring of third parties. Venminder is a dedicated solution for all third-party risk management needs, providing insights and capabilities others cannot.


Seller Details
Seller
Venminder
Company Website
Year Founded
2001
HQ Location
Elizabethtown, KY
Twitter
@venminder
473 Twitter followers
LinkedIn® Page
www.linkedin.com
221 employees on LinkedIn®
Description

Venminder is an industry recognized leader of third-party risk management solutions. Dedicated to third-party risk, the company is the go-to partner for software, high-quality assessments on vendor controls, certified subject-matter expertise and education. Venminder’s platform provides a centralized location to execute a third-party risk management program. It enables users to store documentation, onboard a vendor, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risk assessments, create workflows, run reporting and more. Assessments performed by Venminder’s qualified experts, including CISSPs, CPAs, financial risk analysts, paralegals and more, are readily available in an online library. The assessments enable clients to identify possible risks and understand areas of strength on their vendors’ information security and privacy standards, SOC reports, financial viability, business continuity/disaster recovery preparedness, contractual standards, regulatory compliance and more. Venminder clients also use the firm to streamline due diligence processes by outsourcing vendor document collection; and regularly consult with Venminder’s experts to ensure their third-party risk management policy and procedures meet industry standards. The Venminder platform is used by 1,000+ customers across a wide range of industries to execute their third-party risk management programs. As the company’s solutions are designed to accommodate growth and various levels of program maturity, customers range in size from small to Fortune 100 organizations.As the industry’s go-to leader, Venminder’s team of highly experienced professionals regularly speak at conferences, provide the latest research and educational content, host CPE credit eligible webinars and provide access to an online networking community for third-party risk professionals, Third Party ThinkTank. #thirdpartyrisk #vendorrisk #supplierrisk #vendormanagement


Deirdre G.
DG
Overview Provided by:
Chief Marketing Officer at Venminder

Recent Venminder Reviews

Verified User
A
Verified UserMid-Market (51-1000 emp.)
4.5 out of 5
"Knowledge Available seems Endless!"
The overall experience has been great. I was new to vendor management (and I am still learning) since I started working as our Risk Management Spec...
AS
Abhishek S.Small-Business (50 or fewer emp.)
3.5 out of 5
"Good product"
Great monitoring tool for vendor risk management. The overall experience has been great.
Verified User
A
Verified UserMid-Market (51-1000 emp.)
5.0 out of 5
"I love it!"
I love that Venminder has paralegals on staff that assist with uploading contracts on your behalf. It's really helpful when you're managing contra...
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110 Venminder Reviews

4.7 out of 5
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110 Venminder Reviews
4.7 out of 5
110 Venminder Reviews
4.7 out of 5

Venminder Pros and Cons

How are these determined?Information
Pros and Cons are compiled from review feedback and grouped into themes to provide an easy-to-understand summary of user reviews.
Pros
Cons

Overall Review Sentiment for VenminderQuestion

Time to Implement
<1 day
>12 months
Return on Investment
<6 months
48+ months
Ease of Setup
0 (Difficult)
10 (Easy)
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G2 reviews are authentic and verified.
JH
Third Party Risk Analyst
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

Very easy to manage and update profiles when needed. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

It does not always do what we want it to do. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

Document collection and housing everything in one platform instead of multiple ones. Review collected by and hosted on G2.com.

Verified User in Financial Services
AF
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

Their customer service is top-notch, plus their software is vendor-centric and not just an afterthought to an exisitng software for another use. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

There have been some hiccups with getting names straight in the monitoring piece. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

They have allowed our firm to increase our productivity in oversight as well as being able to have daily eyes on our vendors. Review collected by and hosted on G2.com.

Verified User in Financial Services
AF
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

Venminder has great personalized service. If you are looking for a partner that will get to know your needs and personally invest in your vendor management program, this may be the company for you. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Pricing. For a small credit union, it was simply cost-prohibitive to get the service we needed based on our expertise. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

Venminder can go end to end with your vendor management program. It will be expensive. Review collected by and hosted on G2.com.

LF
SVP and CIO
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Organic
What do you like best about Venminder?

Venminder is a great way to centralize vendor management in one platform. It's a great product! Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Nothing. There are downsides to Venminder. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

It is keeping all vendors and their information in one centralized location. Aside from this, the platform includes not just vendor information but risk assessment, due diligence, contract management, etc., and it is effortless to enter the data. Review collected by and hosted on G2.com.

Verified User in Retail
ER
Enterprise(> 1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

The solution makes it easy for us to manage the cybersecurity assessments for our third-party security risk management program Review collected by and hosted on G2.com.

What do you dislike about Venminder?

The user interface of the platform is not intuitive. You get used to it after a while, but it takes some time. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

We use the solution to track the administration of the security assessments of our third-party vendors. Review collected by and hosted on G2.com.

Verified User in Banking
AB
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

Before using Venminder, our vendor management program received criticizism during examinations. Venminder has given us the tool needed to organize our process. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Having to upload a single document at a time would be the only downside of the product. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

Venminder helped us stay on top of when annual reviews were needed and when required documents were outdated. Review collected by and hosted on G2.com.

Verified User in Financial Services
AF
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

I like that it is very user friendly and that there is a chat session available incase I do have questions. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I don't like that not all vendors work with Venminder Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

The problems I am solving is that I am not wasting that much time collecting docs and I would consider that a benefit as well. Review collected by and hosted on G2.com.

Verified User in Financial Services
CF
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Seller invite
Business partner of the seller or seller's competitor, not included in G2 scores.
What do you like best about Venminder?

The functionality of the platform, the ability to make bespoke assessments, the team, the provision of managed services, training and general source of information. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Currently US based, EMEA presence would be ideal for time lag matters arising. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

Engage and see a demo, sure to be excited at the opportunities and solutions. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

The global financial services firms I support lack centralisation and consistency; implementing Venminder, as a solution, enables firms to be regulatory compliant in good time, with the flexibility to align to host organisation culture at the same time. Review collected by and hosted on G2.com.

JB
Vice President, Vendor Compliance Manager
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

Comprehensive and user friendly platform Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I have not discovered material downsides Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

It's a great product. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

It is our third party risk management tool. We run an end-to-end vendor management program with it. It has helped us save time and perform work more efficiently. Review collected by and hosted on G2.com.

Verified User in Financial Services
AF
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

The site is user-friendly and if we ever have a question or need assistance, someone is always available to assist. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

At first glance, there is so much information the tasks seem overwhelming. Once I understood the workflow and how our organization wanted to work through the process, it makes much more sense. Review collected by and hosted on G2.com.

What problems is Venminder solving and how is that benefiting you?

All vendor relationship owners have access to the contracts and information needed. There is one place for all documents and assessments, super helpful! Review collected by and hosted on G2.com.