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

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. 

resources-whitepaper-state-of-third-party-risk-management-2023
State of Third-Party Risk Management 2023!

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

DOWNLOAD NOW

video

3 Foundational Components of a Well-Managed Vendor Risk Management Program

CPE Credit Eligible

Is your vendor management program strong enough?

There are a number of vendor management related disciplines you need to do really well to have a strong program, but there are 3 elements in particular that create a strong foundation. Watch now to learn what they are, tips and examples of each.

You may also be interested in:


Video Transcript

Welcome to today’s Third Party Thursday! My name is Cindy Horn and I’m the Chief Operations Officer here at Venminder. Today, let’s talk about key components of a well-managed vendor risk management program.  

To comply with regulatory guidance, you need to create a program that incorporates all of the fundamental pillars of vendor risk management, including: 

  • Proper selection of a vendor
  • Well-documented and well-orchestrated efforts around assessing vendor risk and vendor risk assessments 
  • Vendor due diligence
  • Following contractual standards
  • Effective ongoing third-party monitoring  
  • Having a sound system for contract management and reporting to senior management and the board

To do all of that, there are a number of foundational things you need to do really well to have a strong vendor management program. 

  1. Identify who you will include in the program. What third parties are in and which ones are out. A best practice is to go to accounts payable and get a report above a certain threshold amount – you’ll probably have hundreds perhaps even thousands of vendors – then work with lines of business to scale it down.  

  2. Once you’re absolutely certain you have your list right...compare to the policy or program documents and make sure you have described the scope accurately and vice versa. Be sure to think about non-traditional vendors, particularly those that might have after-hours access to your buildings. They could have access to confidential data – there’s been a huge focus on security breaches and data protection in recent months.   

    Remember, for example, the Target breach was effectively started by an HVAC contractor, so it’s certainly well worth considering your cleaning crew and landlord as third parties, since they have that after-hours access I was referring to. I’m certainly not implying that you need to go into every relationship thinking of them as the bad guy, but you should do your homework ahead of time.

  3. Make sure you have a fully documented vendor management program, a third-party policy document and a vendor management procedures document as well – if you don’t know where to start on that, please visit our website and look at our umbrella series. It is a lengthy exercise, but an incredibly important one as you want to be certain that you have a comprehensive program and have it broad enough to cover potential new products or new types of third parties.

    For example, mobile banking and cloud storage – we know the regulations, which take years to develop, can’t possibly keep pace with new and emerging technologies, but your program should be comprehensive enough to contemplate these types of companies as well. 

Again, I’m Cindy and thank you for tuning in! Don’t forget to subscribe to the Third Party Thursday series.

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