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Venminder is an amazing application that simplifies vendor management.
What do you like best about the product?
Venminder makes all aspects of vendor management more managable. From due dilligence to monitoring it does a great job. It is user friendly and my account manager Joshua Cooper is the best.
What do you dislike about the product?
I find nothing not helpful in Venminder.
What problems is the product solving and how is that benefiting you?
I use Blackkite for monitoring my critical vendors and it is right on the platform. I am able to set up the department managers to manage their own vendors which is a huge help.
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Scalable for organizations of every size
What do you like best about the product?
Good customer support and access to resources for building out a comprehensive vendor management program.
What do you dislike about the product?
The user interface is difficult to navigate at first because there are so many features and functions.
What problems is the product solving and how is that benefiting you?
Venminder provides the features and tools for effective vendor risk management and regulatory compliance.
Upgrade Your Vendor Management with Venminder
What do you like best about the product?
Venminder provides an easy-to-use centralized repository for vendor information, risk assessments, due diligence, and contracts and renewal dates and reminderds, which makes it easier to manage vendor relationships. They also provide valuable support and expert guidance to our team.
What do you dislike about the product?
We are not taking advantage of the outsourced managed services due to the additional cost, so we still have to do the risk assessments, oversight, etc.
What problems is the product solving and how is that benefiting you?
Venminder allows us to keep all of our vendor information in a centralized place that department heads/product managers can access to help with the risk assessments and due diligence/oversight. They also send reminders before contracts renew, so that we can review and renegotiate vs. just letting the contract roll. They also provide expert guidance on vendor management, which we find valuable.
A good tool if you have a lot of time or dedicated vendor team to work on it.
What do you like best about the product?
I like being able to see a compact list of contract status/vendor products etc all in one place in the homepage. It makes tracking them easier, especially at my firm where a lof of the product managers don't have the capacity to dedicate much time or attention into contract emails. Venminder itself is a pretty straight forward tool to use and like the ease of adjusting contracts, adding vendors and products, and running reports.
Another aspect of Venminder that is really great is our account manager, Daniel Knigge. He has always been very communicative, quick to respond, and checks in with us often to see if there is anything we are needing!
Another aspect of Venminder that is really great is our account manager, Daniel Knigge. He has always been very communicative, quick to respond, and checks in with us often to see if there is anything we are needing!
What do you dislike about the product?
One thing that I really disliked last year when doing our annual due diligence was the amount of time and manual effort it took to send questionnaires individually and set up a schedule. It seems that changes have been made on the Venminder platform to better support this, and am looking forward to seeing how it has been improved.
Another thing I think could be improved is the accuracy of contract processing by the Venminder team. There was a period of time last year where we heavily relied on Venminder to input contract details, and now I dont think it's worth it becuase of how much it had to be checked and readjusted.
One last thing is that I wish there was a way to view documents/contracts that you've updloaded without having to download them.
Another thing I think could be improved is the accuracy of contract processing by the Venminder team. There was a period of time last year where we heavily relied on Venminder to input contract details, and now I dont think it's worth it becuase of how much it had to be checked and readjusted.
One last thing is that I wish there was a way to view documents/contracts that you've updloaded without having to download them.
What problems is the product solving and how is that benefiting you?
Previously, we were using a couple different platforms to track vendor information, and this has consolidated everything in one place where we can easily track things like contract status and contact information. It has also solved the issue of a proper vendor due diligence by being able to send out questionnaires to our vendors.
Great resource to start or enhance your TPRM program!
What do you like best about the product?
Venminder offers a lot of "out the box" and customizable solutions, which allowed us to create a fundamental framework for our third party risk management program. Additionally, one of the great features are all the support tools, training, instructional videos and guides available online. In conjunction with the support of our Client Success Manager, we were able to get adequate training for our staff and get feedback on any question or inquiry we had throughout the entire implementation process.
What do you dislike about the product?
I'd like the ability to have further optins to customize reporting to our fitting. Although there are otions to customize what information/fields are included in the report, certain reports needed to be merged for us to get one compresensive report.
What problems is the product solving and how is that benefiting you?
Having a repository and platform to manage all vendors. Venminder allows us to establish an onboarding, due diligece, oversight and offboarding process that is easily tracked and manageable. Additionally, the ability to route actions needed, accountability and tasks to users based on roles, departments, etc.
Venminder Review - 5.30.2024
What do you like best about the product?
Using Venminder is the most efficient way to streamline a vendor management program. The benefits of logging vendors and their respective risk information in Venminder Exchange isn't even comparitive to the old, outdated way of saving everything in a folder.
Additionally, by outsourcing assessments to Venminder, our Vendor Management team saves time and money. With this service there is not a need to review the information ourselves or hire employee(s) who specialize in particular areas.
Lastly, there has never been a better way to send questionnaires to vendors than using the questionnaire feature in Venminder. Fully customizable, directly sent out of the platform, progress tracking, completion notification - what more could you ask for?
Additionally, by outsourcing assessments to Venminder, our Vendor Management team saves time and money. With this service there is not a need to review the information ourselves or hire employee(s) who specialize in particular areas.
Lastly, there has never been a better way to send questionnaires to vendors than using the questionnaire feature in Venminder. Fully customizable, directly sent out of the platform, progress tracking, completion notification - what more could you ask for?
What do you dislike about the product?
There are not many things to dislike about Venminder, in fact, only one thing comes to mind. Venminder, like all companies, must complete updates to their software, and unfortunately, sometimes this causes random bugs in the Exchange platform. If our team notices something off, or a feature not working properly, we contact support and the fix is usually taken care of in a day or two.
What problems is the product solving and how is that benefiting you?
Venminder solved our problem of manually tracking and risk rating vendors. This is beneficial because our institution maintains around 500 vendors/products. Also, having the ability to pull reports containing broad overviews or specified information about our vendor profiles is beneficial when it comes to monthly reporting. On a monthly basis, we use numerous reports out of Venminder to provide a high-level summary to the appropriate committees and personel.
Outstanding product and support
What do you like best about the product?
The platform is robust, customizable, and reliable. The training team is PATIENT, friendly and professional. They adjust to our needs and questions readily. I cannot recommend Venminder enough.
What do you dislike about the product?
I have yet to find anything I dislike about this platform or its employees.
What problems is the product solving and how is that benefiting you?
Our company is fairly complex with a wide variety of vendors. Venminder provides the tools for us to customize our questionnaires, risk assessments and vendor categorizing. We are able to pull data points for Board reports with ease.
Exceptional
What do you like best about the product?
Customer Support,Vendiligence does it for you.
What do you dislike about the product?
No user guide. I like step by step instructions as I'm a visual person
What problems is the product solving and how is that benefiting you?
Keeping us in compliance
Venminder is a great tool for TPRM.
What do you like best about the product?
I've used Venminder at multiple financial institutions, and every working day, and it's only improved over the years. The Control Assessments are a great help for a lean TPRM function and take some of the load off. Each CSM I've had has been abundently helpful and quick to help any time it's needed. The interface is easy to use and move through and implementation is a breeze, with Venminder being more than willing to schedule a call anytime it's needed. Outside of you CSM, the customer service chat function within the system is incredibly helpful if you have an immediate need.
What do you dislike about the product?
I have very few complaints with the system, and Venminder is always open to suggestions and often implements user suggestions! That said, it would be nice to have a bit more role-based access, and until recently, I would have also said that the contract module could use a bit of work as there was no way to identify parent-child contracts, but they've recently made updates to the system that do allow for that!
What problems is the product solving and how is that benefiting you?
Venminder Control Assessments have helped us conduct more concise reviews that allow our SMEs to have the time freed up for other tasks while still fulfilling the need to ensure safe and sound third party relationships. It's also helped us deliver better board reporting as we have the Venminder reviews to lean on for that reporting. Venminder has also helped us with continuous monitoring as we utilize Argos within the system - which helps us keep a better eye on our critical relationships when we are a lean function that may not always have the time to research our critical vendors outside of annual reporting.
I love it!
What do you like best about the product?
I love that Venminder has paralegals on staff that assist with uploading contracts on your behalf. It's really helpful when you're managing contracts and you're not a legal professional. I also like that information is presented on your homepage in dashboards. You can easily filter what contracts are coming up for renewal, what vendors you manage, etc. We went through our first regulatory exam last year while using Venminder. Our examiner had never heard of Venminder and was super impressed. Implementation was easy and customer support is the best. Super quick and friendly!
What do you dislike about the product?
The only downside during implementation was you have to manually bring over docouments from your previous vendor management system; however, it was worth it as I was able to uncover missing document.s
What problems is the product solving and how is that benefiting you?
Contract managament. We previously had poor contract management and Venminder's system is perfect for it.
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