Venminder Work Products
Check out some of Venminder's work products for services like our vendor financial health analysis, SOC analysis, BCP analysis and more.
Today’s business climate dictates that organizations will need to continue to rely on third parties to remain competitive and alleviate internal processing burden. All of these relationships present some sort of risk to your organization that require managing and monitoring.
While third party risk management today is a sound business practice, it’s also a regulatory expectation. During your next regulatory exam, it’s a safe assumption that your examiner will expect to see guidance recommendations implemented within your program. It’s important that you can demonstrate to them that you are taking proactive steps to identify and mitigate potential areas of weakness.
You should be aware that you cannot outsource the risk a vendor poses to your organization but you can outsource tasks. This means partnering with professionals and experts who can analyze your vendor controls and assess their effectiveness in reducing risk.
Fill Subject Matter Expert Gaps
Whether you have gaps in subject matter expertise or simply don’t have enough internal expert resources, outsourcing can become your cost-effective staff augmentation answer.
Meet Regulatory Requirements
Remember, whether large or small, it’s important to recognize that proper vendor risk management is essential to protecting your organization, your customers and their non-public personal information. Sound third party risk management is not only a best business practice, it’s also a regulatory requirement.
“Compared to hiring an employee to do to the work, the cost savings are huge. The expertise that you get access to by using Venminder’s services, the time and energy that you save by not having to call the vendors and collect documents – it absolutely provides a return on investment."
Vendor Management Specialist, Simmons Bank