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Good overall, evolves with the industry
What do you like best about the product?
Storage of custom information for vendors
What do you dislike about the product?
Reporting, dashboarding, flow of modules
What problems is the product solving and how is that benefiting you?
We are getting organized with data on an annual basis, finally with all info in one area.
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Innovative Option for Vendor Management
What do you like best about the product?
The services element that Venminder provides is extremely helpful in keeping the vendor management tasks moving and on target. The SaaS solution is also constantly updated based on customer feedback.
What do you dislike about the product?
Nothing at this time. Any issues that I had in the past have been resolved.
What problems is the product solving and how is that benefiting you?
More can be accomplished with less staff for due diligence (initial and refreshes) utilizing the document collection and other analysis services. Having a single source of truth for all vendors and contracts is also extremely helpful.
Good product!
What do you like best about the product?
Good customizable workflow and other capabilities in managing enterprise-wide contracts centrally.
What do you dislike about the product?
Not applicable. It is a powerful system and hence can be complex.
What problems is the product solving and how is that benefiting you?
Contract management and vendor due diligence.
Great VM platform
What do you like best about the product?
The system is straightforward to use, and business owners can find all the critical information in numerous spots on the site. Venminder has taken a lot of manual work off of my department, with automated reminders.
What do you dislike about the product?
Some of the features are not yet fully customizable—specifically, questionnaires with attachments.
What problems is the product solving and how is that benefiting you?
We are working to make sure we have an updated contract for all our active vendors. Since using Venminder, we can see the percentage of vendors who have an active agreement uploaded to the system and which ones are missing. Also, having paralegals who review the contract terms before uploading has taken a lot of work off of my team.
A Holistic Approach to Third-Party Risk Management
What do you like best about the product?
What we appreciate the most about Venminder is their holistic approach to risk management. This is illustrated by how a team of subject matter experts effectively complements and suports their robust technology platform. Venminder clients have an advantage over others because when a vendor's risk profile moves into an unfamiliar state, they have access to experienced professionals readily available to provide assistance and guidance on legal, financial, operational, cyber, and other third-party risk topics. In addition, their nurtured community of vendor management professionals at the ThirdPartyThinkTank.com offers opportunities for collaboration and exchange of knowledge, experiences, and best practices related to third-party risk management.
What do you dislike about the product?
We have do not have anything negative to share.
What problems is the product solving and how is that benefiting you?
Our mutual clients use Venminder as the foundation of their third-party risk management program and the repository for our third-party risk intelligence data.
Recommendations to others considering the product:
When engaging with Venminder, think big picture and have a vision for success. An effective third-party risk management program has sound policies and procedures, meaningful data and information, and flexible, scalable technology with a high level of automation. See what the Venminder team can do for you.
Best Vendor and Risk Management Tool
What do you like best about the product?
The whole package and the ease of use...
What do you dislike about the product?
None - I like all the functionality of Venminder
What problems is the product solving and how is that benefiting you?
Managing Vendors annual due diligence and managing vendor risk
Recommendations to others considering the product:
Venminder is a great partner
Onboarding New Vendors
What do you like best about the product?
Streamlined processing of new vendor onboarding and system notifications.
What do you dislike about the product?
I like everything the system has to offer at the moment.
What problems is the product solving and how is that benefiting you?
New Vendor Onboarding- ease of new products additions as you add new products with existing vendors
SLA tracking- makes it easy for users to add information from contracts where this is pertaninet
reporting is easy, and you can build your own custom ones as well
Support from these folks is top notch and very responsive
SLA tracking- makes it easy for users to add information from contracts where this is pertaninet
reporting is easy, and you can build your own custom ones as well
Support from these folks is top notch and very responsive
They Think About Risk So I Don't Have To
What do you like best about the product?
The amount of brainpower and care for the compliance issues of vendor management go way beyond what our team has the capacity to do ourselves. The product makes an onorous task manageable, and the reporting features allows for easy oversight. We have a dedicated account rep who meets with us as often as we need the help. Venminder also provides free training, and some of it even offers CE credits.
What do you dislike about the product?
It is an unavoidable fact that the risk analysis element of vendor management is a difficult topic. Dealing with it, even with help, is kind of "ick." And honestly, sometimes we ask our account rep to help out with a task and he forgets.
What problems is the product solving and how is that benefiting you?
We are now able to do due diligence on potential vendors BEFORE we sign a contract.
Great personalized service
What do you like best about the product?
The site is user-friendly and if we ever have a question or need assistance, someone is always available to assist.
What do you dislike about the product?
At first glance, there is so much information the tasks seem overwhelming. Once I understood the workflow and how our organization wanted to work through the process, it makes much more sense.
What problems is the product solving and how is that benefiting you?
All vendor relationship owners have access to the contracts and information needed. There is one place for all documents and assessments, super helpful!
Venminder makes a challenging task easier!
What do you like best about the product?
The Venminder site is reasonably easy to navigate with an intuitive menu and easy input. Vendor information is easily visible on the home page, and it's easy to make changes and upload documents. The document upload is a great business continuity feature, as your contracts, insurance, and other vendor documents are easily accessible whenever and wherever needed. Their vendor assessment service takes a significant amount of time and pressure off of our staff, who really don' thave the expertise to adequately review most high-risk or critical vendors.
What do you dislike about the product?
Sometimes the volume of alerts about contract renewals and other notifications can be overwhelming, but that has a lot to do with the number of vendors you initially input. If you address an alert the first time you get it, you won't keep getting reminders.
What problems is the product solving and how is that benefiting you?
Vendor management can be a huge project, and we manage it with a very small group of staff. None of us are vendor management professionals, so keeping track of vendors and performing adequate due diligence is a challenge. Venminder lessens this burden, we know our high-risk and critical vendors are adequately reviewed, and our state examiners are happy with our choice to use them.
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