Venminder Releases Major Enhancements for Third Party Risk Management Questionnaires

Elizabethtown, KY - Venminder, an industry recognized leader of third party risk management solutions, has  announced new capabilities to their vendor questionnaires functionality, including the ability to score responses and a new integration with the Shared Assessment’s SIG (Standardized Information Gathering) questionnaire. The updates will give customers the ability to further streamline the automation, collection and analysis of vendor data and documentation.

Venminder has been experiencing rapid growth as its solution answers market demands for an out-of-the-box configurable platform that can be implemented quickly along with the availability of industry expert guidance. More than 90% of the company’s 700+ customers are now using Venminder’s on-staff certified experts to assess and analyze their vendor controls. The company has one of the largest libraries of completed assessments available on individual vendor controls including CPA delivered reports on vendor financial health, CISSP assessments and analyses on vendor SOC reports, privacy controls, cybersecurity preparedness, business continuity/disaster recovery plans and Paralegal reviews of key contract data points.

“We’re very excited to expand our product with these new enhancements and to have Shared Assessments as our newest integration partner,” said James Hyde, CEO of Venminder. “The SIG questionnaire is held to the highest of industry standards and will be a great additional resource to our users. It is also a vendor friendly initiative of ours to ultimately help vendor recipients to reduce the workload by enabling them to import their already completed SIGs. The additional questionnaire enhancements we have just released are based on customer and market feedback to which we are much aligned. Combined, we are continuing to give our users the capabilities to run the most efficient and effective programs that can protect their organizations from today’s increasingly risky climate.”

Customers of Venminder will see the following new enhancements inside Venminder’s vendor questionnaires feature:

• SIG Integration:
  • Access to Shared Assessment’s questionnaire templates SIG Lite (~330 questions) and SIG Core (~850 questions) inside of Venminder’s sample template library.
  • Ability to import SIG questionnaires in order to build a new questionnaire template.
  • Ability to import answered SIG questionnaires to apply already completed SIGs to a SIG questionnaire sent in Venminder.
  • Recipients familiar with already completed SIG questionnaires can streamline their response processes and reduce their workload by simply importing their previous responses that are then mapped to the system questionnaire.
• Questionnaire Updates:
  • Ability to flag questions as required for the recipient to complete.
  • Ability to select a “Preferred Response” that will highlight questions where the vendor did not supply the preferred response.
  • Ability to return a previously completed questionnaire with a request to update with any changes. The recipient will see their previous answers to edit and once returned, the sender can easily see any changes made.
  • Ability to send a selected questionnaire to multiple vendors within a single exercise.

In addition, Venminder’s Advanced Questionnaires feature that is available as an upgrade also received a major update that provides the sender with the ability to risk score responses. Users can configure a 3-level rating set of their choosing and assign points that are awarded to a question based on the recipient’s response. Upon reviewing a completed questionnaire, recipients can be assigned an overall score. This is a highly effective method to standardize and quantify responses.

For more information on Venminder or to request a demo, click here.