Avoid being hit with enforcement actions or large fines
Venminder software and vendor risk assessments are designed to meet the most strictest of industry regulations.
Regulatory agencies have issued guidance on third-party risk management. Even if your prudential regulator has not issued guidance recently, you need to keep an eye on the most recent and stringent guidance to meet those standards and follow the best-in-class practices to properly manage risk. Venminder will help to comply with these expectations more easily and effectively.
Critical vendors continue to gain regulatory attention, emphasizing the importance of organizations to determine which vendors are critical and high risk. In Venminder’s software platform, your organization can perform risk assessments and invite internal subject matter experts to weigh in to assess and risk rate vendors. Venminder’s subject matter experts can supplement missing expertise by providing qualified opinions on vendor risks.
Your organization can customize scoring preferences for vendors and adjust the scoring weight for questionnaire responses. View the vendor’s risk profile in a single snapshot report to quickly identify areas of focus for deeper due diligence.
To ensure compliance, perform control assessments in Venminder’s software platform to quickly identify and assess vendor risks. The control assessments cover a broad range of risk types, including information security, compliance, and financial health. Risk assessment and questionnaire templates allow for greater consistency across your organization’s vendor inventory.
Automated tasks and oversight requirements ensure your organization stays on top of monitoring and managing vendor risks. Reminders on key dates ensure you don’t miss re-assessing risk and performing periodic due diligence.
Our subject matter experts can help your organization draft Third-Party Risk Management Policy and Program documents that align with your organization’s current practices and comply with regulatory guidance. Our experts have experience writing policies and programs, implementing programs, and working through exams and audits.
Venminder follows the most stringent third-party risk management regulatory requirements and can help your organization establish its own program guidelines.
Venminder’s software platform manages vendor risk throughout the entire lifecycle, from onboarding to offboarding. This framework can be customized to meet your organization’s Policy and Program, while also maintaining regulatory compliance. Venminder will help your organization build a best-in-class program for any board, auditor, or regulator.
Venminder acts as a one-stop-shop for your organization’s vendor inventory, contracts, and documentation. Your organization will be better prepared for regulatory exams with information stored in one place. Onboarding can be a time-consuming process, so Venminder offers a platform to easily view each vendor’s risk and current documentation. Automated tasks ensure your organization stays on top of vendor documentation and mid-term contract reviews.
Venminder's team of experts stay updated on regulatory changes . They provide resources to help you understand regulatory expectations - one resource in particular is the regulations library - and the team makes appropriate changes to the platform.
The Venminder platform provides a sophisticated, streamlined third-party risk management process. The platform's ability to adapt to regulatory changes and provide a comprehensive view of vendor risks stands out, ensuring you can stay ahead of compliance requirements and changes.
First State Bank Finds Value in Thorough Due Diligence and Improves Processes with Venminder
Due to limited on-staff employees, First State Bank struggled to meet regulatory requirements involved in collecting and evaluating due diligence documentation.
Download samples of Venminder's Vendor Risk Assessments
The Venminder team completes nearly 30,000 vendor risk assessments annually. Download and evaluate some of Venminder's samples to see how we can take this heavy workload from your team's shoulders allowing them to focus on the important strategic decisions.
