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Venminder Reviews & Product Details - Page 8

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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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
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G2 reviews are authentic and verified.
Verified User in Information Technology and Services
AI
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Seller invite
(Original )Information
What do you like best about Venminder?

What I like best about Venminder is that the software is user-friendly and easy to use. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

The only thing I would have to say that I dislike is that there are times where I am unable to sign in or send an assessment to a vendor. Review collected by and hosted on G2.com.

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

The company I work for engaged with Venminder as our process was manual. Having Venminder, we are now automated, we have slashed our review time by 70%. Review collected by and hosted on G2.com.

BM
Risk Management Supervisor
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

We can customize and tailor the system to our needs. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

We underestimated the time our staff would need to take to set up all of the parameters to achieve the customization we wanted from our vendor management software. The underestimation is not a reflection of the system but something we failed to factor in for getting the system up and running. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

Plan what Review collected by and hosted on G2.com.

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

There are no problems at this time. We are happy with the customer service received throughout the conversion and continuing support. Review collected by and hosted on G2.com.

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

Venminder platform is highly customizable and flexible enough to meet varied business needs. Also, the reporting suite is robust enough to provide different cuts of your stored data. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Objectively, no platform is perfect. With that said, Venminder is open to enhancement requests and implementing requests when feasible. In cases where technology gaps exist, in the interim, the people at Venminder have done an excellent job in providing support. Review collected by and hosted on G2.com.

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

Provide a leading-edge, central repository for our company's Vendor Security collateral. Most importantly, utilize the managed services component of Venminder to perform assessment reviews via their certified IS professionals. With a small staff, it allows the ability to scale appropriately to meet the demand of due diligence reviews. Review collected by and hosted on G2.com.

Verified User in Management Consulting
CM
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?

Pre-qualified/certified list of supplier profiles and certifications maintained and team of certified individuals augmented by external data sources to validate the info. This improves the quality and timeliness of the supplier profiles. Companies cannot afford to invest in all of these tools nor SMEs in each process and are often forced to pick and choose. Venminder provides this on-demand to meet the needs when it's needed. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Currently focused on the financial and infosec side of supplier certification. Expanding into ESG related topics including sustainability and inclusion and diversity status would be great as this is a key focus area for companies. I understand the Venminder is moving in this direction. Review collected by and hosted on G2.com.

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

Accelerating the risk profiling of a supplier leveraging the certified profiles from the supplier database and executing new reports on demand. This has significantly improved the quality and consistency of the reports, and reduced effort by our team. 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: G2 invite
Incentivized Review
What do you like best about Venminder?

I love how helpful the Venminder team is when I have a question. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I can't think of anything I don't like about Venminder. Some may say cost but I would remind them that you get what you pay for :) Review collected by and hosted on G2.com.

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

It's a one-stop shop for everything vendor-related. We can put all of our documents in a centralized storage area. I appreciate that the system reminds me of when tasks are due. It's helped streamline the vendor management process. 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: Organic
What do you like best about Venminder?

The system is straightforward to use, and business owners can find all the critical information in numerous spots on the site. Venminder has taken a lot of manual work off of my department, with automated reminders. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Some of the features are not yet fully customizable—specifically, questionnaires with attachments. Review collected by and hosted on G2.com.

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

We are working to make sure we have an updated contract for all our active vendors. Since using Venminder, we can see the percentage of vendors who have an active agreement uploaded to the system and which ones are missing. Also, having paralegals who review the contract terms before uploading has taken a lot of work off of my team. Review collected by and hosted on G2.com.

AN
SVP, Card Risk & Merchant Srvs
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

The client portal is user-friendly and packed with many tools, templates, and directions for conducting efficient and good vendor reviews. Also, I really like that Venminder has created a Think Tank Community, which allows for great peer interaction and best practice advise. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I cannot think of a dislike. My overall interaction with Venminder and our program representative has served to be beyond helpful. Review collected by and hosted on G2.com.

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

In more than 30+ years at my company, we have never maintained a standardized process for assessing prospective and current 3rd-Party vendors. Venminder has helped me to shore up a process that all staff can follow when conducting DD reviews. Review collected by and hosted on G2.com.

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

Reminders on due diligence and contracts Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Anything that I have disliked has been resolved by their team. They are very much intune with their customer's needs. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

I recommend talking to them about training and doing a trial run. There is so much that their system can be used for well beyond standard due diligence, have a conversation with them, and do some training. Also, join their webinars and their Third-Party Thinktank which has people of all industries helping each other with questions on third-party oversight. Review collected by and hosted on G2.com.

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

Due Diligence tasks

Contract storage and due dates

Ongoing Monitoring

Onboarding

Siglite requests

Due Diligence reviews (report pulling) Review collected by and hosted on G2.com.

JF
Head of Business Development
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

Venminder's interface is incredibly intuitive and well organized. Very effective for navigation of all due diligence items across accounts. I found the platform very easy to navigate, and when there was ever any need, the live chat feature and phone call inquiries were met with a very polite and capable response. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

There is nothing I dislike about Venminder. I will look for them to continue to expand the number of companies for which they have reporting. Review collected by and hosted on G2.com.

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

Access to reports on potential vendors/partners is a very valuable feature. Also, keeping information centralized and organized is a key benefit. Review collected by and hosted on G2.com.

Verified User in Non-Profit Organization Management
AN
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

We are only using a few services as our second-generation vendor management system, but they are night and day different than the last supplier. They are so organized and responsive, really taking the time to respond to our unique needs. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

As we are only using a small portion of their services, their database is not as valuable for us as it's not our system of record, but I can see it would be very useful to other companies. Review collected by and hosted on G2.com.

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

They are helping us with risk assessments, TIN checking and Certificates of Insurance. It's freed up about an entire FTE for us. Review collected by and hosted on G2.com.