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Control Assessments

Professionals and experts who can assess your vendor controls and their effectiveness in reducing risk
Vendor Vetting Package Venminder

Research and collection.

Vendor Vetting Package

With Venminder, our team of due diligence experts will do all the research and collect the appropriate documentation, either through public resources or from the vendor directly, so that you can properly evaluate the potential, or even current, vendor. 

We will review and verify that your vendor’s key information is accurate and up-to-date then provide you with an all-inclusive report summarizing our findings in an easy-to-read and quickly searchable layout.

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collect and maintain.

Document Collection

One of the biggest challenges that can hinder a due diligence process is the amount of time it takes to request, remind and chase often unresponsive vendors for documents – sometimes multiple times a year. With Venminder’s Document Collection team, you can return focus back to your program execution and the important strategic decisions. 

Our team monitors each required vendor document for upcoming expiration dates. We will reach out to the vendor on your behalf when a document approaches a refresh date, helping to ensure the most current document is on file at all times.

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Vendor Paralegal Contract Review

contracts in compliance.

Contract Compliance Assessment

At Venminder, we have a team of experienced contract compliance experts on staff that can provide great assistance during the contracting phase with your vendor. Your Venminder expert will review your vendor contract from top to bottom and produce a comprehensive report calling out provisions that both you and the regulators will care about. 

The comprehensive report we return to you contains specific details regarding how your contract maps back to the industry contract guidance. We’ll make you aware of any items sited in the guidance that may have been overlooked.

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trends and risk rating.

Vendor Financial Health Assessment

Annual 10-K reports can be more than 150 pages long. Your regulator will expect a qualified and experienced financial analyst to actually “analyze” the financial data, understand trends and create a qualified opinion on existing or potential risk.

With Venminder, our team of commercial credit analysts and CPAs will sift through the details in order to provide you with an easy-to-understand and comprehensive one-page assessment.

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Vendor Service Organization Controls (SOC) Analysis

Vendor controls effectiveness.

Service Organization Controls (SOC) Assessment

Often times, organizations either do not have someone on-staff with the right qualifications for the reviews (CISSPs), or their CISSPs simply do not have the time to review and create an assessment of a SOC report. Since it is a minimum requirement on critical and high risk vendors, many organizations choose to outsource these assessments to Venminder’s team.

Venminder has a highly trained and qualified staff of CISSPs and information security experts available to assess your vendor’s SOC reports and provide you with a comprehensive report regarding control and effectiveness of those controls. We also guide you on recommended next steps if we see areas of concern, so you can ensure the vendor remediates those issues.

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Ensure ADEQUATE plans are in place.

Business Continuity and Disaster Recovery Assessment

Venminder’s team of CISSPs, business continuity and information security experts, will comb through all evidence provided of a vendor’s business continuity and disaster recovery preparedness, including testing results and client-side requirements.

Our team of qualified experts will provide you with a summarized assessment of your vendor’s business continuity and disaster recovery stance. We verify the vendor has adequate plans in place, that they’ve taken precaution and tested these plans.

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Vendor Information Security Assessment

eight critical areas reviewed.

Information Security & Privacy Assessment

Venminder’s Information Security and Privacy Assessment (ISPA) provides you with a comprehensive yet easy-to-understand risk assessment for vendors who impact your information security and data privacy posture. 

Venminder handles the end-to-end process of building relationships with your vendors, gathering documentation and filling gaps through ongoing communication with each vendor. Our goal is to ensure that you have confidence in the security and privacy abilities of the vendors you choose to do business with by providing an efficient and time saving approach to comprehensive third-party risk management. By showing inherent and residual risk in the same dashboard view, the Venminder ISPA allows your organization to quickly understand the maturity of that vendor’s security environment at a high level, while also providing the technical details that your security and risk management experts want to see.

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identify areas of weakness.

Point-In-Time Cybersecurity Assessment

Venminder’s Point-In-Time Cybersecurity Assessment covers the most critical elements of your vendor’s cybersecurity preparedness. The assessment will identify areas of potential weakness which, in turn, enables your risk mitigation by either influencing your vendor to strengthen their controls or by supplementing their controls with controls of your own.

The analysis focuses on four main areas of your vendor including: Security Testing – Penetration Testing Practices and Results; Sensitive Data Security; Employee, Contractor and Vendor Management; and Incident Detection and Response (and Cybersecurity Insurance Coverage).

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Ongoing Cybersecurity Monitoring SecurityScorecard Venminder

identify vulnerabilities and advanced threats.

Ongoing Cybersecurity Monitoring

Venminder, through a strategic partnership with SecurityScorecard, offers the ability to add ongoing cybersecurity monitoring scorecards into your third party risk management program, to take control of your vendor’s ecosystem and help prioritize your riskiest third parties.

The service identifies vulnerabilities, active exploits and advanced threats to help you rigorously protect your business and strengthen your security posture – from an outside-in perspective, enabling you to see what a hacker sees. It allows you to see exactly what cyber vulnerabilities exist in your vendors’ systems without asking a single question and without having to ask for permission.

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ongoing monitoring that identifies early warning signs of risks

Vendor Risk Monitoring

Venminder, through a strategic partnership with Argos Risk, offers a solution known as AR Surveillance. It is a web-based solution, in a single sign-on environment, that provides an easy, actionable and affordable method to complement the ongoing monitoring of your vendors. 

The software allows you to systematically monitor your vendors and receive timely alerts when changes occur. It can identify early warning signs that may warrant your close attention in the following areas: financial viability, industry conditions, public filings, compliance courtesy checks and notable events (e.g. CFPB updates, changes in control or ownership etc.).

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Vendor Management Policy/Program Template and Consulting

review your documents for compliance with regulatory guidance as well as industry best practices

Vendor Management Policy/Program Template and Consulting

Creating and maintaining your Third Party Risk Management Policy or Program can be time consuming and laborious.

Our experienced team will help by providing you with a model template if you believe it’s time to start over, or we’ll  review your current policy or program documents to identify and call out deficiencies. In addition to our review (or creation of) your documentation, you’ll also receive consulting hours so you can collaborate with our experts on best practices and how to achieve execution and compliance, both important factors in any third party management program.

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compliance with both the regulatory guidance and best industry practices

Regulatory Compliance and Operational Assessment

Our experienced third party risk management team can review your vendor’s policies to ensure they are in compliance with both the regulatory guidance and best industry practices. This service is recommended for any vendors that are customer facing with access to non-public personal information (NPPI) and is designed for your critical and/or high risk vendors.

Our team will analyze the information provided by the vendor to ensure they have the proper controls in place to protect the interests of your organization and your customers in the areas of: Corporate Oversight, Human Resources & Training, Regulatory Compliance, Vendor Management, Complaint Tracking and Performance Monitoring and Physical Security.

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Virtual Vendor Management Office Venminder

customized outsourced services packages

Virtual Vendor Management Office (VVMO)

Our Virtual Vendor Management Office (VVMO) service is purposefully designed to enable our clients to define the tasks with which they desire assistance. While our extensive team is always at your disposal to answer questions, train users, inform of regulatory changes or simply lend a helping hand, the VVMO service dedicates staff resources on an ongoing basis to become an augmented part of your team.

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