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

About

Venminder is an industry recognized leader of third-party risk management solutions. 

Our Customers

900 organizations use Venminder today to proactively manage and mitigate vendor risks.

Get Engaged

We provide lots of ways for you to stay up-to-date on the latest best practices and trends.

Gartner 2020
Venminder received high scores in the Gartner Critical Capabilities for IT Vendor Risk Management Tools 2021 Report

READ REPORT

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. 

resource-whitepaper-state-of-third-party-risk-management-2022
State of Third-Party Risk Management 2022

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

DOWNLOAD NOW

podcast

Defining Critical Vs Non Critical Vendors

CPE Credit Eligible

Critical vs Non Critical Vendors.

Join us for our Third Party Thursday podcast to learn about defining critical vs. non critical vendors at your organization. We'll cover why it's important, the business impact, exit strategies and more.

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


Podcast Transcript

branan cooper chief risk officerHi! Welcome to Third Party Thursdays. I'm Branan Cooper, the Chief Risk Officer here at Venminder. And we're going to talk a little bit today about defining critical vs non critical third parties. 

First, you need to consider which type of third parties are important to your business. A critical third party is one that would cause a significant disruption to your business if it were to suddenly disappear. You need to go through and actually define who these are. These are not ones that are simply important to your business, these are ones that would cause material impact if they were to suddenly go away.

The business impact analysis is important. You need to consider very carefully what sort of things would happen and develop an exit strategy that contemplates both a sudden disappearance and gradual unwind of business. Developing exit strategies for all critical third parties is important. And also doing extra due diligence with a focus on info security and business continuity plans for those critical third parties.

Defining both the gradual unwind and sudden termination is very important because each of them could represent something that causes a problem for your business and ultimately to your customer.

You need to keep your board and senior management well informed of changes in critical third parties and particularly contemplate what would happen if they were to suddenly go away. As yourself 3 threshold questions:

1st: Would a sudden disruption of this third party cause material impact to my business?

2nd: Would it cause an impact to my customer?

3rd: Would the time for recovery be greater than 24 hours or one business day?

If any of these are answered "yes," that should be considered a critical third party. Typically, around your institution I think you'll find that about 10% of your third parties are critical. Again that's not to be confused with those that are important to your business, but ones that could truly disrupt your business. 

I'm Branan Cooper and thanks again for watching! And don't forget to subscribe for next week's Third Party Thursday video. 

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