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Venminder Reviews & Product Details - Page 9

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
Ease of Setup
0 (Difficult)
10 (Easy)
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DH
C
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

Email reminders are very useful, and the overall interface is pretty simple to navigate. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I don't like that I can't rearrange the landing page, so that the items I want to focus on are at the top. Review collected by and hosted on G2.com.

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

Venminder has allowed me to manage the entire Vendor Due Diligence program to a pretty high level with an efficient use of time for just about everyone concerned. Review collected by and hosted on G2.com.

Regina W.
RW
Manager, Vendor Management Program
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
What do you like best about Venminder?

The software is user-friendly, it provides customized risk assessments and reporting, and the company offers excellent customer service. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I do not dislike anything about the product. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

Great product! I highly recommend it for your third-party risk mgmt needs. Review collected by and hosted on G2.com.

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

We can keep track of our vendors, centralized area for documentation, prompt reporting, contract notifications, and great risk assessment formats. Review collected by and hosted on G2.com.

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

Venminder provides various services that are often a daunting chore. They provide value and really are an extension of our vendor management team. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

While vendminder does provide quality updates to their portal, the net effect is sometimes adding additional work for existing vendors. A new filed may be added or a new oversight task is now needed and there is not an easy way to retroactively adjust the new functions for already established vendors. Review collected by and hosted on G2.com.

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

We are now doing quality ongoing vendor reviews. It isn't a rubber stamp anymore. We benefit from the various analysis services they offer. 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?

Everything in is one place and easy to find/acess. Makes traking down information easy and consistent Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Processes can be delayed if the Venminder application is down, but this does not happen often. Review collected by and hosted on G2.com.

Recommendations to others considering Venminder:

Make sure your process is cleary defined and all the Venminder users/admins are on the same page for steps that need to be taken for documentation. Consistency is key! Review collected by and hosted on G2.com.

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

Solving problems on inconsistency with vetting a vendor with manual processes. Venminder improves consistency not only in vetting/onboarding, but also in timing in when reviews are due. Review collected by and hosted on G2.com.

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

Having everything I need for Vendor Management in one place. I also love the ability to make notes and add correspondence. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Cant think of anything that I dont like. Review collected by and hosted on G2.com.

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

Documentation for critical and high-risk vendors is handled through Venminder and helps me manage the overall program with efficiency. Review collected by and hosted on G2.com.

PS
Senior Compliance Analyst
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

When reviewing a Venminder report the high level of detail provided and references that can be obtained to know what I am looking at is well thought out and thoroughly documented. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

So far I have not had any issues that Venminder has not been able to quickly address and remedy. Review collected by and hosted on G2.com.

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

Venminder has allowed me to outsource a large portion of our vendor management onboarding program so we can focus on other areas while having confidence that the work we receive is of the highest quality. 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
What do you like best about Venminder?

The services element that Venminder provides is extremely helpful in keeping the vendor management tasks moving and on target. The SaaS solution is also constantly updated based on customer feedback. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Nothing at this time. Any issues that I had in the past have been resolved. Review collected by and hosted on G2.com.

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

More can be accomplished with less staff for due diligence (initial and refreshes) utilizing the document collection and other analysis services. Having a single source of truth for all vendors and contracts is also extremely helpful. 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
(Original )Information
What do you like best about Venminder?

Venminder takes a very 'customer service' focused approach to managing relationships. From onboarding to current touchpoint calls to customer support, everyone cares about the success of your implimenation. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

Some limitations may exist in functionality; however, the company is constantly releasing new features and upates. Review collected by and hosted on G2.com.

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

The tool brought a great deal of automation to our TPRM program, which has reduced the amount of time it takes to gather supporting documents and perform due diligence tasks. Review collected by and hosted on G2.com.

JN
D
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
What do you like best about Venminder?

Streamlined processing of new vendor onboarding and system notifications. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I like everything the system has to offer at the moment. Review collected by and hosted on G2.com.

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

New Vendor Onboarding- ease of new products additions as you add new products with existing vendors

SLA tracking- makes it easy for users to add information from contracts where this is pertaninet

reporting is easy, and you can build your own custom ones as well

Support from these folks is top notch and very responsive Review collected by and hosted on G2.com.

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

I like that all documentation for a vendor is located in one place. Review collected by and hosted on G2.com.

What do you dislike about Venminder?

I must look in several different areas to find the information I need. Review collected by and hosted on G2.com.

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

We have a central location now to house our Vendor contracts and leases. Review collected by and hosted on G2.com.