Venminder Reviews & Product Details

The onboarding process is the most helpful for our department at the moment. Sending the questionnaire to vendors and getting oversight completed through it is very helpful. Review collected by and hosted on G2.com.

There are a few things that have been difficult like the reporting not being fully customizable and with the onboarding can't easily see where a vendor is in the process without doing multiple steps. NextGen seems like it will cover all of my pain points or wants. Review collected by and hosted on G2.com.

Venminder has been a trusted co-pilot for all our Third Party Vendor Risk Management. They have guided us along the way and been there to answer all our questions Review collected by and hosted on G2.com.

Nothing to mention at this time. Overall happy. Review collected by and hosted on G2.com.

Single login for all the requests across clients

User-friendly UI and UX Review collected by and hosted on G2.com.

Lack of automatic information flow in between similar questions Review collected by and hosted on G2.com.

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.

Intelligence and Contract Email Notifications Review collected by and hosted on G2.com.

Reporting

Creating Dashboards is a bit clunky 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 been 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 options to customize what information/fields are included in the report, certain reports needed to be merged for us to get one comprehensive report. Review collected by and hosted on G2.com.