.gif?width=1920&name=Sample-Graphic-Animation%20(1).gif)
Venminder is trusted by over 1,200 companies worldwide
Business Health and Credit Risk
See if your vendor is showing signs of poor financial health or credit
A vendor with poor financial health or credit runs the risk of going out of business before the contract term is up. A vendor may need to reduce staff, leading to longer lead times or decreased customer service, leaving your organization to feel the impact. Or, they may be unable to invest in or maintain the critical systems or services necessary to deliver products or services to your organization. Financially struggling vendors are often targets for mergers and acquisitions.
Cybersecurity
See if your vendor is showing signs of poor financial health or credit
Third-party vendors can be your weakest link and leave your organization vulnerable to data breaches, compromising customer data. The costs of cybersecurity breaches are high, as they can result in regulatory action, fines, and litigation. And, cybersecurity incidents can damage your brand and reputation for years or even permanently.
Privacy
See if your vendor is compliant with data privacy practices
Privacy legislation is a hot topic, and new laws and regulations are rapidly being implemented all over the world. Good data governance requires actively managing and monitoring the data privacy practices at your vendor to ensure that they remain compliant. It's important to evaluate your vendor’s privacy risks to identify gaps between their practices and your requirements. If your vendor's privacy scores are low, it can be an indicator of inadequate or non-existent policies, no employee training, inadequate data governance, or improper data use.
Environmental, Social, and Governance (ESG)
Gain insight into whether your vendor is ethical
ESG scores measure a vendor's risk exposure from long-term environmental, social, and governance factors, often ignored in traditional financial analysis. An organization's financial health and reputation can be impacted by various risks, such as energy efficiency, worker safety, and diversification on its board. Weak or poor vendor ESG ratings suggest unmanaged risks that can negatively affect your organization's reputation and bottom line.
Adverse Media
Your brand can be impacted by your vendor's reputation
In a world where millions of news articles are published daily in different languages and official and unofficial news sources; it can take just a single one to cause financial or reputational damage (for example, a cyber breach, fraud, regulatory violations, or other concerns). Monitoring your vendors’ and suppliers' reputations in the news and ensuring their performance isn’t trending negatively is critical for risk management. Deteriorating performance is an early warning signal to engage and reevaluate relationships.
Know Your Vendor
It is important to establish the identity and legal status of your vendors
An organization that looks good on paper can sometimes obscure who they are, with whom they associate, and if the business is as it is claimed to be. Sanctioned organizations and individuals, shell companies, obscured legal entities, beneficial owners, politically exposed persons, regulatory enforcement, and legal proceedings are not always discovered during due diligence. It is essential to know your vendor's transparency risk.
Continuously monitor your vendors in Venminder
There are lots of great data providers covering many risk categories but how do you capture and combine those sources into a single dashboard?
Leverage Venminder's integrated and vetted providers to centralize their powerful risk data insights so your entire team can collaborate and take action.
It’s not just about our platform.
It’s about our people.
Specialize in third-party risk management and are passionate about its importance
Hold a wide range of certifications and qualifications including CISSP, CTPRP, Paralegal, CPA, CRISC, GCIH, ABCP, CCNA, and more
Stay current on industry trends and latest news
On hand to provide advice to our customers and community
Drive our educational content and advocate for best practice third-party risk management
