Elizabethtown, KY - Venminder, an industry recognized provider of third party risk management solutions, today announced a new Vendor Onboarding module available in their SaaS platform. The highly anticipated new feature can streamline the evaluation of a vendor and assessment of risk before a contractual agreement is entered.
“When you contract with a third party, you become responsible for any risk posed by their activities. That’s why, especially in today’s regulatory climate, it’s vital you get to know the vendors you’re going to do business with and put them through a defined vetting process,” said James Hyde, CEO of Venminder. “Following process and completing due diligence ultimately ensures you can make an informed decision on whether that’s the right vendor or not. Our vendor onboarding module can make the process a whole lot easier and consistent by providing all the tools you need.”
The Vendor Onboarding release enables customers to:
- Evaluate and manage vendor requests in a dedicated work area. Actions include:
- Collecting documentation
- Reviewing due diligence requirements
- Uploading contract documentation
- Sending questionnaires
- Recording references
- Automate new vendor requests to require review and approval by defined users
- Easily compare side-by-side the data of multiple vendors under consideration
- Transfer all data and documentation to an active vendor record once an agreement is in place
Venminder is due to soon sign it’s 700th customer. The firm attributes its rapid growth and success by its very unique offering of both their comprehensive SaaS software built with the capabilities to drive an entire third party risk management program, as well as experienced in-house teams to identify and risk assess vendor documentation and data for oversight analytics or insights. Venminder today holds a vast library of completed assessment data and documentation on thousands of U.S. vendors.
For more information on Venminder, visit www.venminder.com.
Venminder is the market leader in third party risk management solutions. Using predictive analytics combined with a SaaS process automation platform, the firm helps third party risk managers identify and mitigate third party risk. The unique combination solves all critical elements of assessing, managing and monitoring a vendor during its lifecycle. Venminder today has 700 customers across the financial services and other highly regulated industries. For more information, visit www.venminder.com.