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  • Along with reviewing the coverages during the initial onboarding, with key vendors we add contractual language to request they provide a Certificate of Insurance annually.

    1 person likes this.
  • Posted in: Risk Assessments

    This message was posted by a user wishing to remain anonymous We are re-evaluating our criteria for which vendors should be reviewed. Wondering if others use Annual Spend as part of the criteria ...

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    Insurance due diligence

    This message was posted by a user wishing to remain anonymous Hello, I'm wondering how everyone handles their insurance due diligence task. Do you only review insurance during regular reviews ...

  • Posted in: Risk Assessments

    RE Dave: I definitely feel the pain of getting all the SOC2 from all vendors involved to ensure the IT Controls under the Service Providers responsibilities are fully audited. I have read ...

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  • Posted in: Risk Assessments

    ​Hello, would anyone be willing to share a checklist or document for Risk Assessments of Critical Vendors SOC Reports?​​

    2 people like this.
  • Posted in: Contract Management

    Hi all, I'm looking for recommendations on the components of a well-formed disaster recovery clause. I have a few examples, and from what I can tell the more complete ones have the following ...

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    Hi Everyone, I want to share some very exciting news with you all. We have reached 1,000 community members! This is a milestone we’re very proud of and it’s all thanks to the fantastic third-party risk conversations you all are having every day. As always, please let me know if you have any thoughts or feedback on ways that we can improve the community. In the meantime, here are some links ... More
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    Hi Everyone,   With the COVID-19 pandemic upon us, organizations are implementing their pandemic plans, many employees are working remotely and changes in vendor management are rapidly occurring. In the industry, it has raised lot of questions about pandemic planning and best practices and reminds us no organization is immune to business impacting events. It’s important now more than ever to ... More

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The professionals who take on the job of third party risk ensure the right steps are taken to protect their organizations from vendor risks and avoid costly regulatory enforcement actions. While risk comes in many forms - a good third party risk management program can help address financial, reputation, credit, operational risk and much more during the business lifecycle. 

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Latest Articles

  • When we say, “vendor management program,” what we really mean is a plan established to protect your organization from vendor risk. When you outsource a product or service to a third-party vendor (or even to a fourth-party vendor) you’re exposing your organization to a whole host of risks, including financial, operational, reputational, transactional and more. Sounds a wee bit concerning, doesn’t it? Well… that’s because it can be. Don’t panic quite yet. Let’s take a moment to review some pretty important vendor management program details and it should all get a bit clearer.
  • Now that we are in the month of November and 2021 is right around the corner, make sure you're constantly staying updated on vendor management news. To catch up on what you might've missed, check out the expertly compiled list below.
  • Especially in light of the hardship this year, it’s more important than ever to focus on the things we are thankful for, both personally and professionally. At Venminder, we are so grateful for the amazing people that make up our company. We’re incredibly grateful for our customers and we’re immensely proud of how our products and services continue to grow and improve.