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 2021 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

What Is Vendor Monitoring?

2 min read
Featured Image

It’s a common misconception that “vendor monitoring” and “vendor management” refer to the same thing. The two terms are often used interchangeably, but each has its own separate objective and duties. To put it simply, vendor management is the overall process of handling vendor relationships, while vendor monitoring is a step within this process.

Let’s start with a quick overview.

What Is Vendor Management?

Vendor management is the process of identifying and handling the third-party companies who provide significant products and services to an organization. It involves a number of responsibilities including controlling costs, ensuring service excellence and mitigating risk throughout the vendor lifecycle.

What Is Vendor Monitoring?

Vendor monitoring, also known as ongoing monitoring, is a vital component of the vendor management process that is often overlooked. After selecting a vendor and signing a contract, it’s just as important to maintain visibility over the vendor relationship. This includes monitoring the third party’s controls that are put in place to mitigate risk, and its ability to meet service level agreements and other contractual terms.

Risk mitigation is one of the core responsibilities of vendor monitoring. Here are some areas of third-party risk to consider:

  • Data breaches
  • Litigation
  • Changes in executive leadership
  • Faulty security controls
  • A lack of disaster recovery testing
  • Poor financials
  • And much more…

In addition to mitigating risk, vendor monitoring also involves due diligence, or the collection and assessment of various vendor documents. Here are 6 vendor items that you should be reviewing on a regular basis:

  1. Financials
  2. Business continuity and disaster recovery plans
  3. SOC reports
  4. Risk assessments
  5. Complaints
  6. Public news

Automate Vendor Monitoring

Vendor monitoring can be a very cumbersome and time-consuming task. Fortunately, there are some helpful industry tools to automate the process and ease the burden. 

Here are two options that may be helpful:

  1. ArgosRisk -This system can identify early signs of vendor risk and will alert you of any that may need your attention.
  2. Security Scorecard - Assists by monitoring your vendor’s security posture which helps identify vulnerabilities, active exploits and advanced threats.
  3. BitSight - Allows you to see a high level of visibility into key risk factors and analyze data on a continuous basis to spot security issues with your vendors.

Ongoing vendor monitoring is often a forgotten step within vendor management, but it’s an extremely important component of any program. When performed correctly, it can protect your organization from unnecessary risk.

Ongoing monitoring for vendors is important, as you just learned. Learn 6 ways you can improve your processes. Download the infographic.

6 ways for ongoing monitoring of your vendors

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