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Venminder Reviews & Product Details - Page 6

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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Centralized your third-party risk management activities.
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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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Verified User in Banking
AB
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Venminder?

Our implementation rep Nicole Willson is very knowledgeable of the system and a great person to work with. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Complete customization was portrayed in their advertising, but as we worked through the system, we are noticing that not everything is as customizable as we thought. Review collected by and hosted on G2.com.

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

Venminder is helping us create a more streamlined process that will allow for quicker and more efficient turnaround. Review collected by and hosted on G2.com.

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

The Venminder employees I work with are the most helpful whenever I have questions about the platform. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

There are older documents we would like removed from our documents folder and we are currently working with Venminder to archive them. Review collected by and hosted on G2.com.

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

Hopefully, they'll help us solve removing the older documents from our folders. Review collected by and hosted on G2.com.

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

The system provides a complete vendor management lifecycle, which helps with internal processes and regulatory requirements. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

The modules are not as seamless as they should be, especially between onboarding and ongoing. Review collected by and hosted on G2.com.

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

Vendor / Third-Party Risk Management from a process and regulatory perspective. Review collected by and hosted on G2.com.

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

Nicole Wilson has provided the best guidance. She certainly knows how to set up the system from the ground up. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

System is not set to track overall Vendor relationships eg: Vendor, Products/Service with Contract and SLA and specific documents together stay together and report that way. It appears very silo'd for "processing." OnBoarding, OnGoing appears not to carry over Vendor overall information over. Lot's of steps seem repeatative. System is not customizable. Review collected by and hosted on G2.com.

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

Venminder does allow multiple paths to processing different Vendor and Fintech Partner types differently. The system does track SLA which we currently can't do today. 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
Incentivized Review
What do you like best about Venminder?

Venminder keeps all of our vendors in 1 easy to view pane and is great for making sure you do your due diligence on your vendors Review collected by and hosted on G2.com.

What do you dislike about Venminder?

It can become a lot of work if you do not stay on top of everything. Review collected by and hosted on G2.com.

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

Vernminder is solving an issue with us managing our vendors. Review collected by and hosted on G2.com.

Phil  F.
PF
Head of Compliance
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Venminder?

-Excellent pre and post contract signing experience

-Amazing customer support

-Flexible options to choose TPRM services that match our requirements and budget, with room to grow in the future

-Experts in their field; the people at Venminder and their platform really help establish an effective TPRM program Review collected by and hosted on G2.com.

What do you dislike about Venminder?

-The Venminder platform is very configurable, which is both good and bad. It's good for those that already have experience setting up a TPRM program. But it can be a little intimidating and challenging to set up if you're new to TPRM. Luckily, they have consulting options to get more help in creating a TPRM policy that helps define the criteria needed to set up the Venminder platform. Review collected by and hosted on G2.com.

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

-Defining vendor criteria for "critical" and "high risk"

-Setting up the right type of Venminder Risk Assessments and Questionnaires

-The benefits will be to have a more effective and efficient system to monitor and grade our vendors Review collected by and hosted on G2.com.

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

They have wonderful customer service and are quick to respond to any issues! Review collected by and hosted on G2.com.

What do you dislike about Venminder?

There is nothing I dislike like about the product. Review collected by and hosted on G2.com.

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

Just creating SSAE review process and risk assessments. Review collected by and hosted on G2.com.

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

The resource library is awesome. There are so many relevant documents that are helping me to transform our vendor risk program. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I think the least helpful thing is that you aren't able to initiate Venminder's onboarding assistance through the tool. Ongoing assessment assistance can be initiated through the tool but not the onboarding. Review collected by and hosted on G2.com.

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

Venminder is helping us determine what vendors truly have potential risk to the organization. It then provides the tools to help track and mitigate those risks. Review collected by and hosted on G2.com.

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

Venminder has a great implementation process, they handle you with care and their software is easy to use. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

This is nothing specific to dislike about Vendminder, I have made minor software recommendations and hope that these will be implemented at some point. Review collected by and hosted on G2.com.

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

Venminder solves my management of vendors, contracts, and ongoing due dililegnce creating an efficient workflow for me. Review collected by and hosted on G2.com.

Belinda R.
BR
Compliance Specialist
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Venminder?

Our Rep and Customer Support has been the best to work with to accomplish our goals! Their trainings are insightful and the system has helped take our procedures to the next level! Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Currently, I do not dislike anything about Venminder. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

The system is user-friendly but if needed their trainings on the system are very helpful. I love taking their knowledge trainings, topics such as "Risk Management" and "How to review a Contact" has been very insightful. The best is their Support Staff/Team. They are always willing to help and guide you. Review collected by and hosted on G2.com.

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

Our team has been doing procedures manually. We are building out a more automated system and have been taking their trainings to better our knowledge. Review collected by and hosted on G2.com.