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Benefits of Software

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The Move to Automation

All of your vendor relationships present some sort of risk to your organization that require managing and monitoring. No longer is it sufficient to manage hundreds, perhaps thousands, of third parties using Excel or a similar non-automated tool. 

Why Venminder
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Third Party Risk Management Software Is Now an Industry Norm

A software platform can allow you to effectively and efficiently:

  • Centralize the data on your third parties
  • Automate due diligence and monitoring tasks
  • Avoid missing key dates
  • Pull comprehensive reports for exams
  • Streamline processes
  • Dramatically increase efficiency

 

What Venminder's Software Includes

Venminder Software Feature Oversight Management

Feature

Oversight Management


Mitigate risk through monitoring and oversight

  • Vendor profile to set control requirements
  • Create and assign oversight tasks to any user
  • Record results of tasks/review
  • Storage of all historical risk rating report history
  • Run Vendor Oversight Status reports for senior management, the board and examiners

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Venminder Software Feature Risk Assessment

Feature

Risk Assessment


Assess and score risk on all your vendors

  • Configurable templates, weighting, answer format, questionnaires
  • Invite co-workers for collaboration
  • Templates provided or create your own
  • Assessment capabilities of both Inherent and Residual Risk and reevaluate Residual Risk as needed
  • Clear, concise reports including final collaborative rating

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Venminder Software Feature Con Managtractement

Feature

Contract Management


Gain complete control and management of your contracts

  • All data entry by our paralegal staff
  • Reminders of upcoming expiration dates
  • Customizable notification timelines

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Venminder Software Feature Questionnaires

Feature

Questionnaires


Automate the collection of data and documentation

  • Create a library of questionnaires (RFP, InfoSec etc.)
  • Automation of quesionnaire lifecycle (send, response, review)
  • Secure vendor portal to submit response and artifacts
  • Track progress against deadlines
  • Save responses and documents in-app

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Venminder Software Feature And More

Feature

And More

  • Create meaningful, easy-to-use reports for clear visibility into your vendors
  • Produce a comprehensive report guaranteed to improess your auditor or examiner
  • Place orders for any managed service quicly and easily within the application
  • Both API and SSO integration options available

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11 Ways Software Can Benefit You

Automating your third party risk management program allows you to increase efficiency and streamline processes through centralizing all of your data and allowing your team to work from one place. It means you can effectively and efficiently organize, track and report findings on all your vendors.

  1. It gives you cloud storage for all things vendor related – Unlimited storage and less chance for loss of critical data if your facility has a business disruption.

  2. You centralize your vendor management program across multiple lines of business – An industry best practice is to centralize vendor management – even if that means still relying on the lines of business to interact with vendors. A centralized model allows you to standardize terms, practices and expectations.

  3. Your due diligence and ongoing monitoring tasks are automated and streamlined– No more missed dates and no more confusing and disparate practices – a software solution will help to automate and create easy to replicate processes.

  4. You have an improved area for document storage – Filing cabinets are going the way of the do-do bird – you need to take advantage of the power of network computing.

  5. The likelihood of maintaining a disciplined approach to vendor management is increased dramatically – By using software, your processes will become better organized, more routine and regimented.
 
  1. It provides cost management for contracts – Vendor management software can help you easily manage contracts, view key terms and never miss renewal notification or termination steps.

  2. Reporting needed for exams is easy – Rather than relying on ad-hoc reports, creating a highly customized standard set of reports that clearly identify areas of concern will help you meet your board’s and examiner's needs for accurate and comprehensive information.

  3. Errors are reduced  Less manual processes mean fewer human errors.

  4. Key dates are not missed – Whether it’s contract dates, due diligence deadlines, periodic risk assessments or ongoing monitoring requirements, a software solution can leverage automated scheduling so you’re never at risk of being overdue.

  5. There’s less likelihood of overlooking critical information – Automated solutions can track crucial events so that you’re not at risk of losing sight of key data.

  6. Efficiency is increased dramatically – The precision and perhaps the best argument for an automated solution is helping to close the gaps of juggling manual tasks by creating a process driven workflow that is scalable and reliable.
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Using a software platform to manage your vendors means

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You have a centralized location for "all things vendor"
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You can improve collaboration and accuracy among your team
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You will increase efficiency and organization, automate and streamline workloads
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