Venminder, Inc.: Staying Ahead of Risk Management Challenges

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Venminder, Inc.: Staying Ahead of Risk Management Challenges

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James Hyde, CEO, Venminder, Inc.James Hyde, CEO
Adhering to industry regulations in order to flourish in business is not a new concept. As businesses strive to stay ahead of the competitive curve in the current digitalization phase, keeping track of the industry trends and rules is becoming tougher. “Apart from collaborating with the right vendors in order to instill compliance in the workplace, organizations are challenged by traditional methods of handling vendor information,” observes James Hyde, CEO, Venminder Inc. With Venminder to the rescue, companies are equipped to attaining industry best-practices with the ability to meet regulatory and compliance guidelines by concentrating on informed strategy planning, thereby reducing vendor risk.

The Venminder Risk Management platform provides API as well as SSO integration, thereby helping clients assess their vendors and create reports by centralizing and automating the entire third-party risk management program via its eight-fold offering. Oversight management empowers organizations to monitor their vendors in order to effectively mitigate risks. “Venminder’s contract management enables clients to achieve total control of third-party contracts while predicting future risks and addressing them ahead of time,” elaborates Hyde. Added to that, Venminder allows users to generate orders regarding managed services within the application itself. The software automates the entire data aggregation process, guiding companies to create comprehensive, impactful reports with the aid of its robust reporting feature.

Enabling clients with the ability to analyze and assess the effectiveness of vendors, Venminder’s managed services comprise a range of offerings designed to address risk management challenges. The vendor vetting package helps verify whether the key information imparted by the vendor is up to date, simultaneously ensuring that all documents are present.

Apart from this, comprehensive reports help businesses stay abreast of any regulations in the guidance that are likely to be overlooked.

Venminder’s certified public accountants (CPAs) and commercial credit analysts conduct vendor financial health analysis and provide clients with comprehensive reports. Alongside, Venminder’s highly skilled Certified Information Systems Security Professionals (CISSPs) analyze the Service Organization Control (SOC) reports of vendors and guide clients along the vulnerable aspects of the business. In addition, CISSPs evaluate the vendors’ business continuity as well as their ability to manage disasters. That’s not all; Venminder’s information security assessment (ISA) and on-time cybersecurity analysis, coupled with extensive cybersecurity, vendor risk monitoring, vendor management policy, virtual vendor management office (VVMO), regulatory compliance and operational analysis team work collaboratively to strengthen the vendor risk management of clients.

Catering to banks, credit unions, non-banking lenders, securities and brokers as well as payment services, fintech providers and third-party service providers, Venminder observes a simple onboarding process. Venminder’s relationship managers guide clients in attaining extensive software training. “The company works hand-in-glove with the clients, thus developing collaboration with an aim to provide product training while assisting them in the implementation phase and offering ongoing support,” says Hyde. Besides, clients can also interact with subject matter experts, along with educational resources and best-in-class practice recommendations.

In an instance, Radius Bank searched for an online third-party risk management solution in an attempt to streamline activities, thereby improving workplace efficiency when they realized the inadequacy of excel spreadsheets while managing third-parties. Venminder’s innovative software platform assisted Radius Bank to effectively evaluate the financial as well as the SOC reports of their vendors. Venminder’s certified experts emphasized the necessary data and assisted the bank in minimizing the workload, which significantly increased their efficiency while simultaneously saving time and cost. Consequently, Radius Bank has been experiencing drastic improvements in their third-party risk management program.

Scripting similar success stories, Venminder aims to stay ahead of the risk management curve in the future with its innovative solutions.