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Third Party Risk Management as a Best Practice

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Today, third party risk management is not just for regulatory guidance,
it's just good business sense that can protect your organization

Why Venminder

The Value in Third Party Risk Management

A well-managed program can help create value, save money, drive quality assurance, reduce redundancy, protect your customers and your data.

It can drive the kind of top line growth that is possible through heightened clarity, better focus, greater control and the confidence to leverage external partners to effect change and capitalize on business opportunities.

A solid vendor management program is not only a sound strategy, but a self-funded asset that helps keep you innovative and compliant while freeing resources to focus on mission critical objectives. 

  • Have a policy, program and procedures in place
  • Complete and maintain due diligence
  • Monitor vendors on an ongoing basis
  • Make proactive decisions based on due diligence
  • And more…
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How We Help

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Software

Centralize the data on your third parties to efficiently manage, monitor and risk assess your third parties.

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Outsourced Services

Our industry experts and certified team can become your cost-effective staff augmentation answer.

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Scalable

One size does not fit all. Whether you are a small or large organization, our solutions are can be customized to your specific needs.

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Reputation Risk and Third Parties
Why You Should Be Concerned

Reputation risk is a risk arising from negative public opinion. Third party relationships that result in dissatisfied customers, interactions not consistent with your policies, inappriopriate recommendations, securitiy breaches resulting in teh disclosure of customer information and violations of law and regulation are all examples that could harm your reputation and standing. 

Therefore, your behavior as well as that of your third parties is paramount in maintaining a good reputation. 

 

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

Warren Buffet

Industry best practices dictate that you should:

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Ensure to have a third party risk management policy and program in place.
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Be taking documented steps to  assess and mitigate vendor risk.
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Have an ongoing monitoring program in place. Third party risk is not a one and done exercise.
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