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Venminder Reviews & Product Details - Page 7

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
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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

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

Venminder has great support and many resources available to make vendor management due diligence easier. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

At times with service additions to the software, the dashboard is a somewhat busy. Review collected by and hosted on G2.com.

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

Venminder has a variety of services available to choose from. It helps reduce some of the workload associated with vendor management. Review collected by and hosted on G2.com.

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

Venminder is a very robust vendor management program. We've been using Venminder for the last couple of years and whenever we have an issue their customer support is top-notch - very responsive and extremely helpful! Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Because it is such a robust program, when you begin using Venminder it can be very intimidating as there are a lot of areas to complete. Review collected by and hosted on G2.com.

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

With Venminder as our partner in vendor management, they are very helpful in keeping necessary dates top of mind - contract renewals, when risk assessments are due, etc. This is very helpful to us for doing our due diligence and making sure we are getting the best that we possibly can from our vendors. 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?

Friendly and to the point with the information that we needed on Venminders contracts and risk assessments. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

There has been nothing that we haven't disliked on this system. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

Venminder is a great service, easy to get support when you need it. Review collected by and hosted on G2.com.

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

We were put on the system with little to no experience and our Account Representative has been our HERO through this process. Venminder takes care of everything. Review collected by and hosted on G2.com.

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

It's a very easy platform to use. I can always get help quickly if needed. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

The system can be slow at times for reporting, but some of the files are quite large, so it's understandable. Review collected by and hosted on G2.com.

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

Consolidated TPRM platform. All info is on one easily searchable platform. Contracts are also uploaded and stored. Review collected by and hosted on G2.com.

Mary Ellen S.
MS
VP Operational Risk
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

I love the evolution that continues to take place with Venminder. Staying abreast of the ever-changing regulatory landscape takes the headache out of managing Vendor Management for Meriwest Credit Union. Contract renewal reminders, Risk Assessment reminders, document storage, contract review, SOC Analysis, Custom Reports, Exam Prep, to name a few. It's a complete one-stop platform for all things vendor management. Experienced staff to answer any question or to guide you on your quest to become an experienced Venminder user. The training courses provided are excellent and provide clarity when trying to understand the complex world of vendor management. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

One of the widgets "Tasks" cannot, at this time, be changed to remove an item that you may have added to future review. For example, if I set a date for an annual risk assessment for a specific vendor, I will have that review "forever" even if I no longer need an annual risk assessment review. Review collected by and hosted on G2.com.

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

I recently requested to have the auto-renewal term be added to the contract expiration notification. This will greatly reduce the need for manual review of the contract when contacting the Responsible Manager. For example, in the current contract expiration, we received notification that the Term was 201 months, but that was for the original term. The notification also states that it is "auto-renewal" but the term for the auto-renewal is not listed, so we are left to wonder if it is 201 months again. In this situation, the auto-renewal was now for 12-months at auto-renewal. Review collected by and hosted on G2.com.

Kevin S.
KS
Director of Sales
Small-Business(50 or fewer 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?

What we appreciate the most about Venminder is their holistic approach to risk management. This is illustrated by how a team of subject matter experts effectively complements and suports their robust technology platform. Venminder clients have an advantage over others because when a vendor's risk profile moves into an unfamiliar state, they have access to experienced professionals readily available to provide assistance and guidance on legal, financial, operational, cyber, and other third-party risk topics. In addition, their nurtured community of vendor management professionals at the ThirdPartyThinkTank.com offers opportunities for collaboration and exchange of knowledge, experiences, and best practices related to third-party risk management. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

We have do not have anything negative to share. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

When engaging with Venminder, think big picture and have a vision for success. An effective third-party risk management program has sound policies and procedures, meaningful data and information, and flexible, scalable technology with a high level of automation. See what the Venminder team can do for you. Review collected by and hosted on G2.com.

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

Our mutual clients use Venminder as the foundation of their third-party risk management program and the repository for our third-party risk intelligence data. Review collected by and hosted on G2.com.

Kathy V.
KV
Vice President/Compliance
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
(Original )Information
What do you like best about Venminder?

The Venminder site is reasonably easy to navigate with an intuitive menu and easy input. Vendor information is easily visible on the home page, and it's easy to make changes and upload documents. The document upload is a great business continuity feature, as your contracts, insurance, and other vendor documents are easily accessible whenever and wherever needed. Their vendor assessment service takes a significant amount of time and pressure off of our staff, who really don' thave the expertise to adequately review most high-risk or critical vendors. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Sometimes the volume of alerts about contract renewals and other notifications can be overwhelming, but that has a lot to do with the number of vendors you initially input. If you address an alert the first time you get it, you won't keep getting reminders. Review collected by and hosted on G2.com.

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

Vendor management can be a huge project, and we manage it with a very small group of staff. None of us are vendor management professionals, so keeping track of vendors and performing adequate due diligence is a challenge. Venminder lessens this burden, we know our high-risk and critical vendors are adequately reviewed, and our state examiners are happy with our choice to use them. 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?

The amount of brainpower and care for the compliance issues of vendor management go way beyond what our team has the capacity to do ourselves. The product makes an onorous task manageable, and the reporting features allows for easy oversight. We have a dedicated account rep who meets with us as often as we need the help. Venminder also provides free training, and some of it even offers CE credits. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

It is an unavoidable fact that the risk analysis element of vendor management is a difficult topic. Dealing with it, even with help, is kind of "ick." And honestly, sometimes we ask our account rep to help out with a task and he forgets. Review collected by and hosted on G2.com.

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

We are now able to do due diligence on potential vendors BEFORE we sign a contract. Review collected by and hosted on G2.com.

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

Support from our account rep is terrific. The overall functionality of the platform is excellent. The platform is highly customizable and includes a lot of amazing features. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Sometimes hard to navigate and find information that you need. Review collected by and hosted on G2.com.

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

Venminder is helping us keep our documents organized and stored off of our internal file share systems. Venminder has helped us stay on top of our Vendor Management program and get assessments and ongoing monitoring tasks completed on schedule. Review collected by and hosted on G2.com.

AM
Vice President of IT Vendor Management
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
(Original )Information
What do you like best about Venminder?

The whole package and the ease of use... Review collected by and hosted on G2.com.

What do you dislike about Venminder?

None - I like all the functionality of Venminder Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

Venminder is a great partner Review collected by and hosted on G2.com.

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

Managing Vendors annual due diligence and managing vendor risk Review collected by and hosted on G2.com.