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Great experience thus far! Very intuitive.
What do you like best about the product?
The UI and depth of the platform; We can make more risk-based and educated decisions about our vendors faster than ever before.
What do you dislike about the product?
Nothing so far! We really have enjoyed using the whole product.
What problems is the product solving and how is that benefiting you?
Vendor consolidation was a huge problem; we needed to see all of our vendors, critical or not, in one pane of glass. This product let us do that from day one, and get away from the old spreadsheet method.
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Venminder meets our needs
What do you like best about the product?
The solution makes it easy for us to manage the cybersecurity assessments for our third-party security risk management program
What do you dislike about the product?
The user interface of the platform is not intuitive. You get used to it after a while, but it takes some time.
What problems is the product solving and how is that benefiting you?
We use the solution to track the administration of the security assessments of our third-party vendors.
Venminder helps companies effectively manage third party risk
What do you like best about the product?
Pre-qualified/certified list of supplier profiles and certifications maintained and team of certified individuals augmented by external data sources to validate the info. This improves the quality and timeliness of the supplier profiles. Companies cannot afford to invest in all of these tools nor SMEs in each process and are often forced to pick and choose. Venminder provides this on-demand to meet the needs when it's needed.
What do you dislike about the product?
Currently focused on the financial and infosec side of supplier certification. Expanding into ESG related topics including sustainability and inclusion and diversity status would be great as this is a key focus area for companies. I understand the Venminder is moving in this direction.
What problems is the product solving and how is that benefiting you?
Accelerating the risk profiling of a supplier leveraging the certified profiles from the supplier database and executing new reports on demand. This has significantly improved the quality and consistency of the reports, and reduced effort by our team.
Great tool in the toolbox
What do you like best about the product?
Having everything I need for Vendor Management in one place. I also love the ability to make notes and add correspondence.
What do you dislike about the product?
Cant think of anything that I dont like.
What problems is the product solving and how is that benefiting you?
Documentation for critical and high-risk vendors is handled through Venminder and helps me manage the overall program with efficiency.
The solutions from Venminder are robust, wide ranging and aligned with changing regulatory landscape
What do you like best about the product?
The functionality of the platform, the ability to make bespoke assessments, the team, the provision of managed services, training and general source of information.
What do you dislike about the product?
Currently US based, EMEA presence would be ideal for time lag matters arising.
What problems is the product solving and how is that benefiting you?
The global financial services firms I support lack centralisation and consistency; implementing Venminder, as a solution, enables firms to be regulatory compliant in good time, with the flexibility to align to host organisation culture at the same time.
Recommendations to others considering the product:
Engage and see a demo, sure to be excited at the opportunities and solutions.
Venminder is an awesome tool for third part risk management
What do you like best about the product?
Venminder is a great way to centralize vendor management in one platform. It's a great product!
What do you dislike about the product?
Nothing. There are downsides to Venminder.
What problems is the product solving and how is that benefiting you?
It is keeping all vendors and their information in one centralized location. Aside from this, the platform includes not just vendor information but risk assessment, due diligence, contract management, etc., and it is effortless to enter the data.
Vendor Management Made Easy!
What do you like best about the product?
I love the evolution that continues to take place with Venminder. Staying abreast of the ever-changing regulatory landscape takes the headache out of managing Vendor Management for Meriwest Credit Union. Contract renewal reminders, Risk Assessment reminders, document storage, contract review, SOC Analysis, Custom Reports, Exam Prep, to name a few. It's a complete one-stop platform for all things vendor management. Experienced staff to answer any question or to guide you on your quest to become an experienced Venminder user. The training courses provided are excellent and provide clarity when trying to understand the complex world of vendor management.
What do you dislike about the product?
One of the widgets "Tasks" cannot, at this time, be changed to remove an item that you may have added to future review. For example, if I set a date for an annual risk assessment for a specific vendor, I will have that review "forever" even if I no longer need an annual risk assessment review.
What problems is the product solving and how is that benefiting you?
I recently requested to have the auto-renewal term be added to the contract expiration notification. This will greatly reduce the need for manual review of the contract when contacting the Responsible Manager. For example, in the current contract expiration, we received notification that the Term was 201 months, but that was for the original term. The notification also states that it is "auto-renewal" but the term for the auto-renewal is not listed, so we are left to wonder if it is 201 months again. In this situation, the auto-renewal was now for 12-months at auto-renewal.
Credit Union Compliance Officer
What do you like best about the product?
Venminder is very user-friendly, which makes it easier to train our managers.
What do you dislike about the product?
I wish some of the features did not require the purchase of additional modules.
What problems is the product solving and how is that benefiting you?
Venminder has allowed us to centralize and standardize our vendor vetting and due diligence processes.
An Enjoyable Partner
What do you like best about the product?
The client portal is user-friendly and packed with many tools, templates, and directions for conducting efficient and good vendor reviews. Also, I really like that Venminder has created a Think Tank Community, which allows for great peer interaction and best practice advise.
What do you dislike about the product?
I cannot think of a dislike. My overall interaction with Venminder and our program representative has served to be beyond helpful.
What problems is the product solving and how is that benefiting you?
In more than 30+ years at my company, we have never maintained a standardized process for assessing prospective and current 3rd-Party vendors. Venminder has helped me to shore up a process that all staff can follow when conducting DD reviews.
Manager, Vendor Mgmt. Program
What do you like best about the product?
The software is user-friendly, it provides customized risk assessments and reporting, and the company offers excellent customer service.
What do you dislike about the product?
I do not dislike anything about the product.
What problems is the product solving and how is that benefiting you?
We can keep track of our vendors, centralized area for documentation, prompt reporting, contract notifications, and great risk assessment formats.
Recommendations to others considering the product:
Great product! I highly recommend it for your third-party risk mgmt needs.
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