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, vendor risk 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.
Why is choosing the right tool so important?
The right tool is extremely important to your success. You need an "engine" that is powerful yet easy to navigate, one that you can use to collaborate with others, find things quickly, receive timely alerts and be flexible to handle the many moving components of your third party risk management program.
The resources struggle:
Third-party risk managers usually end up wearing many "hats" and can end up pulling from stretched internal resources which can often cause long delays. It is critical that the right qualified people are reviewing your third party's documentation and processes. While it is often regulatory required to qualified reviews, it also could impact your decision making.