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VendorInsight is a web-based vendor risk management solution that simplifies your vendor and contract management process through automated workflows, easy-to-use features, and vendor news and risk monitoring. VendorInsight provides a turn-key solution that includes regulatory alerts and updates for financial services, healthcare, and others. Use the pre-built policies, vendor portals, templates & forms to simplify your due diligence, contract monitoring, and risk management efforts.
Provider
Mitratech
Located In
United States
Foundation
1998
Open API
Yes
Deployment
Cloud, SaaS, Web-Based
Training
Live Online, Documentation, Webinars, In Person
Support
Chat, FAQs/Forum, Phone Support, Email/Help Desk
VendorInsight is very configurable & used by companies in all types of industries. Our primary customer base includes financial institutions from $100 Million in assets to $60 + Billion in assets.
Content Source: VendorInsight
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VendorInsight Reviews
Pros
I have used Vendor Insight at multiple banks, the customer support is always outstanding, and a big reason why we use the product, it's outstanding.
We are pushing to automate and VendorInsight is working with us shoulder to shoulder as a partner to help get this done. They are great at listening to your needs and creating a resolution.
Working with the folks has ben awesome. The collaboration aspect of the platform is great.
Kirsten and Jay have been so completely wonderful to work with during our VendorINSIGHT Implementation. They have given excellent customer service in every way possible during this project.
Cons
Lack of constant improvement for simple things, selecting from lists using an alpha letter as an example. Inability to access data maintained in the system.
There aren't any features for this software that I dislike at this time.
Lack of a daily audit log for changes or file maintenance made to documents or due dates that have been changed.
In other words, customize so that every vendor doesn't result in a High Risk assessment.
" A great contract/risk managemetn tool"
Overall: Last year we reduced our cost by over $1M becasue we are not on the leading edge of contract negotiations. We have found same licenses being used by multiple departments and have been able to consolidate them. We have found licenses we have been paying for and not using. We were able to cancel subscriptions without the auto renew occurring.
Pros: Within just a few short hours I was up and ready to run with the software. Mainly I use this software for contract and Risk Management. Within 2 days I was able to start loading contracts in to the system. There was some customization we made to the risk assessment piece and internal stake holders took some time to figure out how we were going to structure the risk questions. I love the automation and time this saves in renewing contracts.
Cons: I found the initial "training" weak. I receive help though as I need it whenever there is a module I am interested in.
Vendor Response
"Easy to use and lots of bells and whistles!"
Overall: The customer support is great. We aren't in there as much as we should daily/weekly but can always get a hold of someone at anytime and they will re-train us no problem.
Pros: Met the needs of the organization for both functionality and compliance. We liked that it could grow with use such as using Pro if and when the time came.
Cons: We knew that setup was going to be a long haul. But like anything else once you do it you are glad you did.
Vendor Response
"VI Review"
Overall: Experience has been good and has cut down on the number of hours spent on monitoring vendors.
Pros: The ability to have a centralized depository for vendor contracts and supporting documentation. The ability to customized risk assessments.
Cons: Lack of a daily audit log for changes or file maintenance made to documents or due dates that have been changed.
Vendor Response
"A good review from a long-term client"
Overall: Out of the shrink-wrap the application is very good
Pros: Client Support and Vendor Evaluation Services.
Cons: Lack of constant improvement for simple things, selecting from lists using an alpha letter as an example. Inability to access data maintained in the system. Ability to define high order filtering, with multiple selections
"Third Party Risk Management"
Overall: Third Party Risk Management is critical in the Financial Services industry, as regulations continue to be created, expanded and enforced. Vendor Insight is a great tool to allow us to comply with regulations, reduce our risk to an acceptable level within our strategic plan as an organization, and effectively and efficiently report on our efforts.
Pros: Vendor Insight provides a streamlined approach for creating a risk profile for each vendor, identifying what vendor documentation should be collected and reviewed based on that risk profile, and ensuring those reviews are conducted thoroughly and on an annual cadence. Vendor Insight allows us to introduce consistency and quality into our Third Party Risk Managment process, and report on it efficiently.
Cons: Possibly some customization of reporting tools to meet the needs of the organization would be helpful. Those tools do exist, but we could explore them more to create the best benefit for us. Integration with AP tools to ensure we are properly including all vendor based on risk profile could be helpful as well. Also being able to generate alerts on contract expirations for those vendors in the meta data section (vendors whose risk profile does not require ongoing monitoring) could be useful as well.
