Grant Karnes, President & CEO
Managing the level of risk from third-party relationships, is critical to avoiding breaches and reputational risks, ultimately protecting and securing an organization. Organizations that lack sufficient visibility into their vendor networks are exposing themselves to these high risks. "Risk management crosses every boundary of the organization. It permeates every department as well as functions within an organization and having a software that improves communication, workflows, and overall productivity is a much-needed requirement today," asserts Grant Karnes, President and CEO of CMPG.
Moreover, due to the difficulty in finding and recruiting qualified risk management professionals and the lack of resources needed for the necessary risk management activities, organizations are increasingly turning towards software products to bring in high levels of productivity. According to recent Technavio research, the global vendor management software market is estimated to reach a value of $6.58 billion within the next three years. Amidst a plethora of options available in the marketplace, finding good software that offers easy configuration and implementation process, is still a daunting task for organizations. VendorInsight is perfectly poised to address these challenges. The company was introduced to the market in 2008 by CMPG—a consulting firm specializing in vendor and supplier management, strategic sourcing, risk management, and productivity. As a leading provider of vendor risk SaaS software and integrated vendor evaluation reporting, VendorInsight helps customers in managing large vendor populations effectively.
VendorInsight is an enterprise-class, web-based vendor risk management solution that simplifies the vendor and contract management process through easy-to-use features, automated workflows, and vendor news/risk monitoring.
Our team is our strength, and customers are our pride
It helps organizations ensure compliance, reduce risk, as well as manage the entire life cycle of the vendor activity, right from vendor selection, onboarding, profiling, to termination. VendorInsight also assists them in managing their overall due diligence activities around vendor evaluations, including user entity controls, compliance reviews, business continuity, disaster recovery reviews, and insurance reviews. The software enables all of this assessment, scoring, and content to reside in one system where it can be shared across the organization. VendorInsight provides an organization with good visibility into the risk that a particular vendor poses and has various analytics and reporting associated with it that helps organizations manage the concentration risk. The software has an easy and fast implementation process and effectively generates everything from board-level reports to more detailed, audit level reports. It also tracks issues and remediation and monitors workflows related to document approvals and the completion of critical activities within the system. On the governance, risk and compliance (GRC) side, VendorInsight’s solution, Procipient, expands and strengthens CMPG’s portfolio of SaaS software. It allows businesses to completely manage the overall ERM and other related areas such as Cybersecurity, complex project, and technology risk, business continuity and disaster recovery, and SOC assessments.
The ease-of-use, advanced features, and integrated monitoring solutions make VendorInsight a differentiator. It is renowned as the industry’s top third-party and vendor risk management software solution designed for those who demand the best vendor risk assessment tools, features, and automation for their vendor management process. VendorInsight caters to several large, multi-national financial institutions, regional and community banks, and credit unions, Fortune 500 companies, as well as other companies in regulated and non-regulated industries. The company recently announced its OEM Partnership with NormShield and its Cyber Risk Monitoring solutions. “Our team is our strength, and customers are our pride. We provide customers with a committed team of experts to ensure their overall success in the increasingly-stringent environment of third party risk management,” explains Karnes.