Venminder Reviews & Product Details

The best thing i like that it is a single source of truth for all vendors, risk and compliance. This tool had an advantage and capability of removing the panic of audit prep by putting every contract, risk management and document in one place. That is the best thing of this tool so far. Review collected by and hosted on G2.com.

There is nothing to be said and disliked about this tool so far as per my experience. Review collected by and hosted on G2.com.

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. Review collected by and hosted on G2.com.

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. Review collected by and hosted on G2.com.

I have had a very positive experience with Venminder. I was new to vendor management (and I am still learning) since I started working as our Executive Assistant. The Venminder team has been very helpful and willing to suggest ways to improve our risk management program as well as provide training when needed. Review collected by and hosted on G2.com.

The user interface can be intimidating at first, especially to those who don't have prior experience with vendor management software. However, the Venminder team is always willing to help navigate. The cost is on the higher side compared to similar services, which might deter some clients. There is a minimum flex fund balance in addition to the annual fee, which can be used for add-ons and to automate certain functions. For smaller organizations with limited budgets, these tools might not be necessary but since there is a minimum balance, you have to use some services. There are somewhat limited settings for reports you can pull as well, which can make it difficult to read a report without spending more time on it. The reports are created as a spreadsheet file though, so once you have downloaded it, you can edit the view for printing in that software. This just adds another step. There are some unnecessary tasks that are added for some of our vendors. We can pay for an add-on to limit the tasks for certain types of vendors, but the cost is pretty high. I would be more vigilant in setting up the correct tasks and reminders for vendors when we first add them so we don't have to manually change the tasks at this point, when we have had these vendors for a long time. Review collected by and hosted on G2.com.

As a new client of Venminder, my onboarding experience has been exceptional, primarily due to the dedicated project manager assigned to train me. Her personalized approach, deep expertise in Venminder’s platform and third-party risk management, and clear, consistent communication have beenn instrumental. The platform’s ease of use and implementation, combined with the interactive, hands-on training sessions, made us quickly proficient in using its numerous features. The project manager's resourcefulness and responsiveness, along with the wealth of materials provided, ensured any issues were promptly addressed. Her ongoing support and positive attitude has made our transition smooth and stress-free. Review collected by and hosted on G2.com.

One improvement that can be made is in the Ongoing module: adding the ability to list upfront costs and expenses on contracts when they are uploaded. Additionally, in the Offboarding module, it would be beneficial to include the capability to notify third-party vendors of a non-renewal or termination via email, similar to the functionality in the Assessment section. Review collected by and hosted on G2.com.

Getting started with the platform was a breeze. It is SaaS based so there no setup required. Just work with the implementatin team to get familiar with it and everything is good to go. The platform is very intuitive and easy to use. It also allows for some customization which is great. For examples, one can add additional fields to a vendor dashboard. Also one can create custom questionnaires that can be send to vendors during the onboarding process.

Over time the platform has seen a lot of new features and improvements.

The staff of Venminder is very knowlegdebable about the product and always very helpful. I like our monthly cadence calls with our CSM. It is always great to talk with her and usually new ideas emerge during those calls. Review collected by and hosted on G2.com.

No real dislikes that I can come up with. There are some minor cosmetics that could be changed maybe. But these are probably of personal taste. Review collected by and hosted on G2.com.

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. Review collected by and hosted on G2.com.

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. Review collected by and hosted on G2.com.

Venminder is a leader in this space because of their commitment to their users. They are constantly looking for ways to innovate and make things easier for both admins and business owners. In my experience Venminder has been extremely flexable and proactive when it comes to adding features requested by their users. Another important piece of Venminder is their educational tools. By regularly attending their webinars I am able to stay current on industry standards and get an understanding about how other TPRM programs run. Review collected by and hosted on G2.com.

There is not much I dislike but one thing that would be helpful would be a place where I could manage all the email notifications that get sent out to my business owners. Review collected by and hosted on G2.com.

The overall experience has been great. I was new to vendor management (and I am still learning) since I started working as our Risk Management Specialist. My favorite thing on Venminder is the knowledge base in the support center and the frequent webinars! It is very convenient having so much knowledge at my fingertips! Review collected by and hosted on G2.com.

The website has so much information it can be intimidating for first time users and takes a bit to navigate. Review collected by and hosted on G2.com.

The responsive team. They go above and beyond to assure that all of our needs are met. Enhancements are made throught the year as we (and other users) request them. We use this system on a daily basis to ensure that we are meeting our regulatory guidelines and keeping the company safe from unnecessary risks. Review collected by and hosted on G2.com.

When requested enhancements are more complex, they take longer to implement. This is not a huge deal because our Venminder liason always troubleshoots and comes up with work arounds until the fix is in place. Review collected by and hosted on G2.com.

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! Review collected by and hosted on G2.com.

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 Review collected by and hosted on G2.com.