What do you like best about the product?

I outsource all of our SOC 1 and SOC 2 type 2 report analysis to Venminder as well as the financial reviews and the cyber security audits. As a bank with 1.5 billion in assets, we have between the 70-80 different vendors we use at our institution to provide all our services. We average around 30 high risk vendors that require a full risk analysis of their security systems. With many of these vendors providing multiple services, I typically have 50-75 SOC reports, 10 financial reviews and 25-30 cyber reviews. All of these reviews would span over 2-3 months of work and up to 3 employees. But by utilizing the Venminder services, i am able to cut that down to under 1 month of analysis to prepare the annual risk review.

What do you dislike about the product?

We required an IT risk solution to review our physical assets. it was not available at the time we selected the vendor review system so we chose another solution for those services.

What problems is the product solving and how is that benefiting you?

We are able to outsource all of our SOC reviews and financial reviews. They also partner with a 3rd party to help us perform the cyber security reviews on a monthly basis.