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

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. 

resources-whitepaper-state-of-third-party-risk-management-2023
State of Third-Party Risk Management 2023!

Venminder's seventh annual whitepaper provides insight from a variety of surveyed individuals into how organizations manage third-party risk today.

DOWNLOAD NOW

podcast

8 Best Practices Creating/Updating Vendor Management Program Documentation

CPE Credit Eligible

Are your vendor management documents up-to-date?

Vendor management is constantly evolving and it’s important to keep your program as up-to-date as possible. Whether you’re creating your policy for the first time, or revisiting it, make sure you check out these 8 best practices to help get you started.  

Available on
Listen-on-Apple-Podcasts-badge.jpg  google-play-badge 2.jpg

 

Podcast Transcript

Hi – my name is John with Venminder. John Daugherty CIRCLE

In this 90-second podcast, you’re going to learn some best practices for creating, or updating, your vendor management program documentation.

At Venminder, we have a team of third party risk experts who assist with policy and program development on a daily basis.

Whether you’re creating your program for the first time, or revising it as needed, here are 8 best practices I’d like to share with you:

  • First, always make sure the program is instructive to senior management and the lines of business.

  • Second, as you review your program, confirm it addresses the 6 pillars of vendor risk management which include selecting a vendor, risk assessment, due diligence, ongoing monitoring, contract management and reporting.

  • Third, be sure your industry’s relevant regulatory guidance is cited throughout the document. Better yet, even include other industry regulatory guidance if it relates to vendor management and will benefit your program.

  • Fourth, ensure the program sets clear expectations regarding the lines of business and third party responsibilities.

  • Fifth, make sure it speaks the regulators language. Keep in mind that every year the regulatory requirements change.

  • Sixth, the program should be detailed and describe concepts in the policy, but also not as extensive as the procedures, which is a step-by-step guide created after the policy and program are developed.

  • Seventh, remember to include the vendors you actively manage and why, as well as which vendors will be written out of scope and why.

  • Eighth, update regularly. If new regulatory guidance is released, if there’s a significant change at your organization, if gaps are identified in the work product produced versus what the program states, then these are all scenarios in which you should revise the program documentation. No matter what, you must review and seek re-approval at least annually.

I hope you’ve found these 8 best practices helpful.

Thanks for tuning in; catch you next time!

38116-newsletter

Subscribe to our Third Party Thursday Newsletter

Receive weekly third-party risk management news, resources, and more to your inbox.

 

New Call-to-action

Ready to Get Started?

Schedule a personalized solution demonstration to see how Venminder can transform your vendor risk management processes.

Request a Demo