Who Uses This Software?

Venminder has over 600 customers in the broader financial services industry, which includes banks, credit unions, brokerage and securities firms, non-bank lenders and payment companies.


Average Ratings

12 Reviews

  • 5 / 5
    Overall

  • 4.5 / 5
    Ease of Use

  • 5 / 5
    Customer Service

Product Details

  • Starting Price
    Not provided by vendor
  • Free Demo
    Yes
  • Deployment
    Cloud, SaaS, Web
  • Training
    Documentation
    Webinars
    Live Online
  • Support
    Online
    Business Hours

Vendor Details

  • Venminder
  • www.venminder.com/
  • Founded 2002
  • United States

About Venminder

Venminder is the national leader in third party risk management. Through the firms software and suite of outsourced services, Venminder has pioneered a new age by dramatically reducing the workload essential to meeting todays demanding regulatory requirements. Venminders software organizes all things vendor-related and guides users through critical processes such as contract management, risk assessments, due diligence requirements, questionnaires and more.


Venminder Features

  • Audit Management
  • Contact Management
  • Customer Database
  • Self Service Portal
  • Supplier Master Data
  • Transaction History
  • Vendor Maintained Profiles
  • Vendor Managed Inventory
  • Vendor Performance Rating
  • Vendor Qualification Tracking

Venminder Reviews Recently Reviewed!


Easy to Use and GREAT Support

Mar 01, 2019
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
Likely
Extremely
Likely

Pros: The software is very user friendly and easy to navigate. Being new to vendor management it not only was a easy system for me to learn to use, they also provide so many tools, resources and seminars to really help get you comfortable with the software and your own vendor management knowledge base.

Cons: Mostly, I just wish I had more time in the day to go in to explore and set up all the great features. My one change would be the ability of the reminder emails, if we could add additional custom fields to help determine what follow up is needed without having to go fully into the system.

Overall: Our experience with Venminder has been excellent!! Their support team is quick to respond and so helpful answering any of our questions. They are open to suggestions, and have even followed up with us when our suggestions have been implemented.

Venminder

Dec 21, 2018
5/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
Likely
Extremely
Likely

Pros: The system is self-intuitive and customizable to an organization's business process. The vendor information, risk assessment, and contract modules are interfaced.

Cons: While the risk assessment questionnaire is customizable, efficiencies could be attained with automation of information flowing from the oversight tasks to the actual risk assessment. It would add more value to have the comments from the oversight tasks flow into the risk assessment in order to provide information to product managers/collaborators and one that report to the regulator that has it all.

Overall: Venminder has performed exceptionally in customer service and support. The account representative responds same day and support is available after business hours as needed. Issues identified are resolved in a timely manner and the product design team works to incorporate changes based on customer feedback and/or business needs. Follow-up is performed to ensure we stay on track.

Synovus Venminder Review

Dec 24, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
Likely
Extremely
Likely

Pros: We have been able to take our Vendor risk program to the next level by utilizing Venminder as our source of record. Venminder allows us to concentrate all of the information around a vendor relationship in one place. We are also able to share select information with other contributors - i.e. Regulators, Business Unit Owners, etc.

Cons: The only negative I can offer up on the Venminder platform is that Synovus did not start utilizing the full services sooner than we did!

Overall: I have only been actively using the Venminder platform for approximately 6 months. I had to learn the platform from scratch and then customize it to meet our needs at Synovus.; The Venminder Team has been exceptional in providing training, making recommendations and answering the many, many questions I had along the way. The system is very intuitive and can easily be customized to meet the individual needs of the customer. The system provides an excellent repository for anything related to a vendor relationship and for Vendor Risk Analysis. Money and time very well spent for Synovus!

Capterra loader

Flushing Bank Review

Dec 20, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
Likely
Extremely
Likely

Pros: It met the criteria that we were conducting our analysis Vendor Portal, Cloud Services, Managed Services, Dashboards, Risk Rating Analysis, Scheduling Annual Due Diligence, and Reporting

Cons: I really cannot identify one feature about Venminder that I dislike.

Overall: 5. I have been in the financial industry for over 30 years and have found Venminder to be a great vendor from Product to Sales and Customer Service. They are willing to work with their customers and provide them with the needs of the business. Oversight Management and scheduling of renewal documents are great features of the application as this was a very manual process for Flushing Bank before using Venminder.

Venmider Excellent Tool to Support Vendor Management

Dec 21, 2018
5/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
Likely
Extremely
Likely

Pros: Many things to like about the software and the service. They provide the best in the industry software to manage and organize your vendor program. Lots of most important items to track are built in from the start and easy customization is provided for additional fields and task tracking. Contract management is easy and they even enter the terms for you. Services including SOC and DR reviews save lots of time. You can't outsource vendor management but this is a great tool to help strengthen your program. Their customer service is incredibly responsive, especially via chat.

Cons: New interface has improved the experience but would like to see it setup with less clicks necessary.

A great overall solution with just one exception.

Feb 28, 2019
5/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
Likely
Extremely
Likely

Pros: My favorite features of this product include document collection, due-diligence services, Argos monitoring, task scheduling and third party questionnaires. These services separate Venminder from the competition, simplifying the review process and makes for a more robust review of critical vendors.

Cons: The risk assessment section is acceptable but lacks features observed in competitive products such as selection assessment to prioritize assessment tasks and framework based controls or intuitive questionnaires based on inherent risk to improve efficiency.

Overall: We've had an overall positive experience with Venminder and highly recommend them for services mentioned above. We'd rate it a solid 10 if the Risk Assessment functions are improved but are sure that will come as the product matures. Other than that section, we're very impressed with the rest of the features and give it a "thumbs up".

Venminder - Vendor Management

Dec 20, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
Likely
Extremely
Likely

Pros: Venminder makes strong vendor documents all in one place a breeze. Contracts for every vendor, in one portal. Vendor contact information, all in one portal. Reports, can be customized. The analysis features for both financial and SOC reports are vital for making appropriate decisions about vendors. Exams are a breeze when it comes to Vendor Management.

Cons: I really don't have dislikes, but if I had to ask for something that I would like to be able to do: allow removal or expiration of "tasks" that are outdated rather than adding another date.

Overall: We are making appropriate decisions when choosing a vendor, as we know what documents we will need. We know that we can have Venminder assist with a financial and SOC Analysis prior to engaging with a vendor. The best experience I can describe with Venminder is when the regulators (NCUA or DBO) ask: "Do you have a Vendor Management program?" We say "Yes" with a smile!

Vendor Managment at its Best!

Dec 04, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

4 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
Likely
Extremely
Likely

Pros: We are thrilled with Venminder! It's very user friendly and offers many training webinars. Pulling reports an managing contracts makes life so much easier with Venminder! Their risk assessment templates can be modified to meet our specific needs.

Cons: At first the platform seemed a bit confusing, but the revamped it, the layout is more user friendly!

Overall: We've been using Venminder for about a year and a half. Venminder is a time saver and greatly valued!

Venminder review Dec 2018

Dec 27, 2018
4/5
Overall

4 / 5
Ease of Use

3 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 8.0/10 Not
Likely
Extremely
Likely

Pros: ease of use with documentation at your fingertips

Cons: need to exercise extreme care when placing online orders ; if you inadvertently place a duplicate the system is not able to detect this...

Overall: Venminder is a great solution that also provides users with exceptional learning opportunities, live chat features as well as awesome software.

Security Federal Bank

Jan 02, 2019
4/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

3 / 5
Value for Money
Likelihood to Recommend: 7.0/10 Not
Likely
Extremely
Likely

Pros: Ease of use. The dashboard is very helpful.

Cons: The software works well. I don't have any cons.

Overall: Primarily, I work with representatives who are very helpful and are a pleasure to work with.

An opportunity to improve is to offer a lower cost 'monitoring' service for critical vendors.

Customer Service

Feb 01, 2019
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
Likely
Extremely
Likely

Pros: Outstanding Customer Service. The software is easy to use.

Cons: I'm new to the system, so there may be a feature. But the only thing I can think of so far, would be a list of required documents for each vendor.

Overall: Being new to Venminder I can't really answer the Pros & Cons yet. But I can tell you that the customer service so far has been outstanding!! My sales rep, , was awesome! Client Support Supervisor, has been very helpful & keeps in touch to see how the process is going! Any questions or issues I have had so far have been responded to right away & resolved quickly.

4/5

Feb 28, 2019
4/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support
Likelihood to Recommend: 7.0/10 Not
Likely
Extremely
Likely

Pros: Has lots of options and abilities to customize for your institutions needs which sometimes is overwhelming but also useful once you get used to the system.

Cons: The software has many places to go for the same function so it feels repetitive at times. Also completing tasks is very awkward since you have to manually set the next review date. There may be a way to automate it to roll forward one year but I have not found it.

Overall: Venminder customer service has always been very good with prompt response times.