Elizabethtown, KY – Venminder, a leader in third-party risk solutions, today announced it has been positioned by Gartner, Inc., as a Challenger in its 2019 “Magic Quadrant for IT Vendor Risk Management Tools” report. Gartner’s report assessed 16 vendors that provide technology solutions for the identification, assessment and monitoring of risks relating to their use of service providers and IT vendors.
Gartner’s report describes IT vendor risk management (VRM) as “the discipline of reducing or eliminating the residual risk that businesses and governments face when working with external service providers and IT vendors, and related third parties.” According to Gartner, “through 2022, more than 5% of publicly traded companies will see a decrease in market capitalization as a result of mismanaged or unmanaged vendor risks.”
“Today, more than 700 organizations trust Venminder as their partner in managing and mitigating vendor risk. Venminder is especially unique as we combine both a world class SaaS platform as well as completed vendor risk assessments fulfilled by our on-staff industry certified experts,” said James Hyde, CEO of Venminder. “When it comes to the Venminder product roadmap, we operate a highly collaborative approach with our customers in conjunction with carefully monitoring regulatory updates and keeping an ear to the ground on any industry challenges or concerns.”
Venminder’s SaaS platform offers unlimited users, vendors and contracts, allowing for collaboration and guidance through critical processes such as oversight management, contract management, risk assessments, due diligence requirements, questionnaires, SLA management and vendor onboarding. With 80% of Venminder’s customers partnered for vendor risk assessments, the company now has a library of completed assessments on thousands of vendors’ information security, SOC reports, contracts, financials, business continuity/disaster recovery plans and more.
Corporate momentum and product roadmap milestones that have shaped Venminder through 2019 include:
- Signing on their 700th customer and reaching 51% organic growth over last year
- Release of a vendor onboarding feature that manages the workflow of evaluating and assessing a new vendor prior to a contractual agreement being executed
- Release of a service level agreements (SLAs) feature that enables organizations to track and manage vendor performance
- The company expanded reach outside of the financial services industry to sign on customers in retail, insurance, healthcare, government and universities
- RSA certified Venminder’s software as interoperable with RSA Archer Third Party Governance Solution, allowing mutual customers to enhance their third party risk management programs
- Launch of a dedicated online community for third party risk professionals to network, collaborate and stay educated: Third Party ThinkTank
“Venminder’s rapid growth is very much testament to our continued product innovation and updates, our commitment to listening to our customers as well as providing excellent customer support driven by happy employees passionate about what they do, and, by having the right on-staff certified expertise available for assessments and advice,” said Hyde. “We are very excited for 2020 and all that we have lined up for Venminder.”
Gartner, Magic Quadrant for IT Vendor Risk Management Tools, Christopher Ambrose, Joanne Spencer, 25 November 2019.
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