Assess and risk rate all your vendors to make informed decisions and drive efficiencies
Assessing risk on your third parties is one of (if not THE) most important exercises in a third-party risk management program. Defining both the inherent and residual risk of third parties guides the vast majority of due diligence and oversight activities.
The maturity, methodology and approaches of an organization’s third-party risk management efforts will vary from organization to organization depending largely on the tenure of the program, the size of the organization and the collective risk represented by the volume of vendors under management. Venminder’s Risk Assessment Modules were developed to be expandable and adaptable to support your organization’s standards.
Create consistency and ease through the course of the entire risk assessment
The platform will drive you through steps from selecting and modifying questionnaires to monitoring progress of an assessment and reviewing results to calculate and judge residual risk.
Align the platform to your organization’s risk assessment process
Gain more control in a variety of details, such as risk levels, timing, risk thresholds, risk assessment integration into the Vendor Onboarding module, ability to record inherent and residual risk separately, utilizing mitigating questions to determine residual risk and provide guidance on mitigating control factors and more.
Improve risk assessment quality and visibility
Rather than just looking at answers in a questionnaire, close gaps by allowing weight on user’s responses to show particular importance, easily see if further mitigation needs to be completed on an item and use reports to monitor it all.
- Perform both inherent and residual risk assessments
- Invite unlimited users to contribute to any risk assessment
- Invite your internal subject matter experts (for example, CFO) to weigh in on a particular section of risk
- Utilize templates or create your own
- Create clear, concise risk rating reports
- Customize scoring preferences *
- Elect prevailing contributors *
- Include both inherent and residual risk questions in your questionnaire *
- Ability to control mitigation allowances *
- Use within the Vendor Onboarding Module *
It's already easy to use. But we're still here for you.
Venminder is praised for very simple and straightforward implementation. We’ll match your speed, create a project plan to meet needs and goals and configure your account including data imports.
Venminder’s renowned customer support is responsive and ready to listen. Reach out by email, phone or chat. We work closely and create a collaborative partnership to find solutions.
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The Venminder team can become your cost-effective staff augmentation answer and reduce your vendor management workload.