Software

Gain a 360-degree view of third-party risk by using our SaaS software to centralize, track, automate, assess and report on your vendors. 

Managed Services

Let us handle the manual labor of third-party risk management by collaborating with our experts to reduce the workload and mature your program. 

Overview
Document Collection
Policy/Program Template/Consulting
Virtual Vendor Management Office
Vendor Site Audit


Ongoing Monitoring

Let us handle the manual labor of third-party risk management by collaborating with our experts.

VX LP Sequence USE FOR CORPORATE SITE-thumb
Venminder Exchange

As Venminder completes assessments for clients on new vendors, they are then made available inside the Venminder Exchange for you to preview scores and purchase as you need.

CREATE FREE ACCOUNT

Use Cases

Learn more on how customers are using Venminder to transform their third-party risk management programs. 

Industries

Venminder is used by organizations of all sizes in all industries to mitigate vendor risk and streamline processes

Why Venminder

We focus on the needs of our customers by working closely and creating a collaborative partnership

1.7.2020-what-is-a-third-party-risk-assessment-FEATURED
Sample Vendor Risk Assessments

Venminder experts complete 30,000 vendor risk assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.

DOWNLOAD SAMPLES

About

Venminder is an industry recognized leader of third-party risk management solutions. 

Our Customers

Over 800 organizations use Venminder today to proactively manage and mitigate vendor risks.

Get Engaged

We provide lots of ways for you to stay up-to-date on the latest best practices and trends.

Gartner 2020
Venminder received high scores in the Gartner Critical Capabilities for IT Vendor Risk Management Tools 2020 Report

READ REPORT

Resources

Trends, best practices and insights to keep you current in your knowledge of third-party risk.

Webinars

Earn CPE credit and stay current on the latest best practices and trends in third-party risk management.  

See Upcoming Webinars

 

Community

Join a free community dedicated to third-party risk professionals where you can network with your peers. 

Weekly Newsletter

Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.

Subscribe

 

Venminder Samples

Download samples of Venminder's vendor risk assessments and see how we can help reduce the workload. 

Join the thousands of risk and compliance professionals who subscribe to Venminder

Real-Life Consequences of Not Investing in Vendor Management

3 min read
Featured Image

In our 2019 State of Third Party Risk Management industry survey, we found that few organizations invest more than $5,000 or have more than five full-time employees (FTE) devoted to third party risk management. You can’t even make a site visit for $5,000, and certainly with less than five FTEs, covering the six pillars of third party risk management across potentially hundreds of vendors is a real challenge. 

Let’s examine just a few real-life consequences of not investing in vendor management that you should consider when deciding whether you should lobby for additional investments of budget and staffing resources.

Results of Not Investing in Vendor Management

Risk! Let’s discuss just a few risks you’ll expose yourself to if you’re not investing enough in vendor management.

  • Reputation – You must be on top of any vendor actions that may impact your reputation. They often say no press is bad press. However, if the press you’re receiving is negative, it can cause your organization to retain and gain customers at a much slower rate while losing customers steadily, known as silent attrition.

  • Operational – If you don’t have proper vendor management, you’ll likely have very little idea regarding what contracts have been signed. And, you’ll likely pay for duplicate products/services from different providers without even the slightest clue. If you’re not entirely sure who your vendors are this can lead to operational inefficiencies or conflicts in service agreements. 

  • Compliance – Nobody – and trust me, I do mean nobody – wants a bad audit or exam. In today’s regulatory environment, it’s a safe bet that if you fail to invest in vendor management, a poor exam/audit rating is in the near future.

  • Spending more money. Let’s say it together, “pay me now or pay me later.” By not investing in vendor management, you’ll put your organization in a position where excess money will be frivolously spent. If you don’t have a good grasp on your vendor list, or if you’re running a decentralized vendor management program, there may be unnecessary vendors your organization has contracted with as they’re providing similar products and/or services as another vendor that you work with daily. Money is being spent in places where it doesn’t need to be. Also, without good tracking, significant dates are missed. It’s common to miss dates like contract auto-renewal notice periods, contract expiration dates and more which may lead to being stuck in a vendor partnership that you would have otherwise exited.

  • Insufficient scope of third parties managed. You may not have a good grasp on who you should have in your actively managed vendor list. This will can lead to chaos across the organization!

  • Cutting corners. Not having the proper investment in vendor management could also lead to cutting corners to save time. As you may imagine, cutting corners can lead to an unfortunate domino effect of bad situations like poor work product, lack of communication within the organization, a decline in service levels and more.

As you can see, by not investing in vendor management, there are some real-life consequences that can happen. An ounce of prevention is worth a pound of cure. Spending a little money upfront can save a whole lot of pain, heartache and, yes, money, on the backend.

There is a huge ROI when you invest in vendor management. Find out more. Download the eBook.

what-is-the-roi-of-vendor-risk-management

Subscribe to Venminder

Get expert insights straight to your inbox.

Ready to Get Started?

Schedule a personalized solution demonstration to see if Venminder is a fit for you.

Request a Demo