Due Diligence and Ongoing Monitoring

  • 1.  Out of the Box questionnaires from Venminder

    Posted 09-20-2021 05:03 PM
    ​​Hello,
    As a new user of Venminder, there is a question of whether we want to go with the "Out of the Box" due diligence questionnaires provided by Venminder versus a customized version. Looking for thoughts from the Financial industry with over $10B in assets.
    Any comments/opinions are welcome.
    Thank you.


  • 2.  RE: Out of the Box questionnaires from Venminder

    Posted 09-23-2021 10:00 AM
    Venminder's many questionnaire templates cover a variety of topics and are a great starting point to develop questionnaires that your organization can use regularly. While these templates can be used out of the box, they can also be fully customized. You can add, edit, and remove questions and sections, and also include attachments by question for any area that should include supporting documentation. Utilizing the Venminder questionnaire platform to build each of your desired questionnaires will standardize your information gathering and streamline your due diligence process.
    While we see customers use our templates both out of the box and customized, I'd love to hear how others have used our templates to build their questionnaire library!



  • 3.  RE: Out of the Box questionnaires from Venminder

    This message was posted by a user wishing to remain anonymous
    Posted 09-23-2021 12:42 PM
    This message was posted by a user wishing to remain anonymous

    We are using a combination of our own questionnaire and Venminder's out of the box questionnaires with some customization.  I recently moved to a small community bank from a larger community bank.  I brought the questionnaire we were using with me (as I brought it to them from my employer prior to that one... which we created from scratch), and we are in process of getting it implemented (Venminder has been wonderful assisting us with getting it into the system.  We are now tweaking and working on scoring -- also with Venminder's assistance!). 
      
    Creating questionnaires from scratch is extremely labor intensive and time consuming.  You have to ensure you are covering everything the regulators want you to cover.  That's a lot of research etc.  In my currently role, we are using the standardized questionnaires built by Venminder for RFPs.  It's a HUGE time saver and gives us baseline questions.  We add or remove questions according to the subject of the RFP, but for the most part -- we find they are extremely helpful.