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

The Importance of a Third-Party Risk Management Budget

3 min read
Featured Image

Third-party risk management is a strategic advantage, and like many things in life, to do it well, it does come with a price tag. And while it can sometimes be a hefty one, when it comes to protecting your organization and customers, it’s difficult to put a price on peace of mind.

Top 7 Reasons a Third-Party Risk Management Budget Is Important

Let’s look at the top reasons a third-party risk management budget is critical. A proper third-party risk management budget helps you with the following:

  1. Maintaining regulatory compliance. Many organizations fall within a regulated industry and need to follow regulatory guidelines, and to do that properly, a budget ensures the appropriate funds are allocated to put – and keep – the right controls in place. For example, not having a sufficient budget allocated to vendor cybersecurity could ultimately put sensitive data at risk… you could suffer a security breakdown and very well be dealing with a lawsuit or a consent order.

  2. Efficiency and results. When allocating funds correctly, having a well-developed third-party risk management program can help drive an organization and create cohesion. Additionally, having concrete governance documents, like a policy and program, will serve as a reference point for all lines of defense managing third parties.

  3. Preparation. Have you considered what would happen if your third-party vendors weren’t able to continue operations in the event of a natural disaster or global pandemic (like we’re currently in)? Until recently, many organizations opted out of disaster recovery or business continuity plans simply because of cost. Unfortunately, many have seen the cost of not preparing. A comprehensive third-party risk management program can help an organization anticipate and be more responsive to problems when they arise.

  4. Prioritization. You get what you pay for, and the same is true when it comes to third-party risk management. Knowing what you can spend can better help you evaluate your organization’s priorities and allocate the funds towards the areas of business and good partners who will support your objectives. You’ll also be able to drive down costs by identifying expense risk and comparing vendors in an effective selection process. Risk management helps identify and consolidate, or completely eliminate, duplicate use of vendors by different lines of business.  

  5. Board support. When you’re able to create a concrete third-party risk management budget and explain allocation decisions based on sound business practices, the better able your senior management team and board will understand and support those business decisions.

  6. Customer satisfaction. A sound budget means stronger operational control, and ultimately, better customer satisfaction. Monitoring service levels through vendor oversight better ensures your organization and customer needs are being met.

  7. Reputational risk. What’s the true cost of not investing in third-party risk management? Unfortunately, sometimes it can be the loss of your reputation at the fault of you vendors, but with the blame on you because you didn’t perform adequate third-party risk management on them. And, the longevity of your organization could be at stake. It’s important to ask yourself if you’re willing to take that risk.

Without a doubt, third-party risk management is complex and can be expensive upfront. However, it’s also a critical component to the health of an organization. To effectively protect your organization, you need to ensure you have the right amount of resources and tools dedicated to managing third-party risk, whether it’s increasing your full-time or part time employee staff or outsourcing. Ultimately, you need to be able to hire a team that gets the job done correctly. Trust us, it’s worth it.

There is a significant ROI that you can achieve by investing in vendor management. 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