This Gartner report evaluated 23 IT vendor risk management vendors across three identified use cases with Venminder receiving the highest product scores for the Gartner use cases "VRM Solution and Vendor Risk Assessment Data" and "VRM Solution and Managed Support Services".
"Develop a roadmap for Vendor Risk Management
by assessing their program maturity and the use cases that are most suitable to their current and expected future maturity."
"Prioritize critical VRM requirements
align them with the critical capabilities of a VRM solution, ensuring that their selections are adaptable and scalable to their immediate and evolving VRM program needs."
"Plan to operate VRM in an integrated model
ensuring a flow of vendor risk information, and work to establish a cross-organizational governance model that defines responsibilities and accountabilities for vendor risks across teams."
Build Processes That Drive Consistency
Purpose-built configurable software platform that centralizes "all things vendor" and allows teams to effectively collaborate together for program efficiency.
Identify Risks and Reduce the Workload
Streamline due diligence and avoid needing to add costly internal resources with Venminder's Control Assessments. Order new or search the Venminder Exchange for pre-completed assessments.
Source: Gartner, Critical Capabilities for IT Vendor Risk Management Tools, August 24, 2020, Edward Weinstein and Joanne Spencer
The Gartner document is available upon request from Venminder.
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