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

900 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

On-Demand 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. 

resource-whitepaper-state-of-third-party-risk-management-2021-cropped
State of Third-Party Risk Management 2021

Venminder’s State of Third-Party Risk Management 2021 survey provides insight into how organizations are managing third-party risk management in today’s increasing regulatory and risky climate.

DOWNLOAD NOW

The Importance of an Exit Strategy in Vendor Management

2 min read
Featured Image

Why do we want to go into a relationship thinking about the exit?

It does seem counterintuitive. You're excited about this great new third-party vendor who is going to help solve one of your biggest challenges and, before you even start, you're talking about the "what if's" of how the book could end.

Consider the following analogy. You're boarding an aircraft and you know that all the statistics say it's going to be a safe flight, yet the flight attendant takes time to carefully review safety procedures and point out the emergency exits. Really, an exit strategy is no different: You prepare for the worst-case scenario.

What Is a Vendor Exit Strategy?

Okay, I buy into the concept but what is an exit strategy?

It's really very simple. An exit strategy is considering in advance what might happen if the company with whom you're doing business suddenly ceased to exist. Maybe it's a natural disaster, maybe they suddenly go out of business, maybe they’re acquired... what do you do? 

Long before that happens and hopefully, even before you enter into a contract, here are 5 important steps to take:

  1. Discuss the exit strategy with the people in your organization who are the experts on what to do. In some cases, the exit strategy may be as simple as switching vendors.
  1. Write out a detailed timeline of what would need to happen to minimize disruption to your business and your customers if something happened to the vendor which would impact your operations.
  1. Consider all of the alternatives, whether it would be a slow unwind or a hasty plan that can quickly be put in place.
  1. Have it reviewed and, if possible, tested and even potentially included in your vendor’s contract.
  1. Review the exit strategy periodically with those same subject matter experts to be certain it's accurate and detailed enough.

Haven taken these steps, the vast majority of the time you can hope for the best while being prepared for the worst; and, now you're well versed in every potential problem that could cause a disruption to your business or impact your customers. So, you have done your part and can relax. You hopefully won't need to use it, but you are ready if you do.

Exit strategies are an key component of the overall vendor management lifecycle. Download the infographic.

New call-to-action

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