Venminder Erfahrungen

Third-party vendor risk management software

Kommentare: It is best for mid-sized and large organizations. It allows you to streamline processes, centralize the data on third parties, and increase efficiency dramatically. The customer support is excellent and the scheduling of renewal documents and oversight management are its best features. In simple words, it is configurable and flexible to meet your goals and requirements and is continually being updated to meet the users’ requirements. It provides transparency and smart analysis for data-centric companies. Also, it provides data mitigation strategies so you don't need to worry about it at all.

Vorteile:

It is a SaaS platform that protects data and empowers the team to efficiently manage and alleviate third-party risks. With this platform, you can effectively manage the whole risk lifecycle and cloud processes. It allows users to track contracts, manage questionnaires, store documentation, create workflows, on-board a vendor, and manage due diligence. It enables users to collaborate on all vendor-related things and guides via condemnatory processes.

Nachteile:

Many places of the software go for similar or same information which feels repetitive sometimes. It does not set the next review date automatically rather you have to manually do this. So, completing a task is difficult to some extent. When acquisitions occur, it would be nice if it merges vendors without moving data from one to another. It needs to include user prioritization in the workflow module to make it more useful. It needs to make the user interface friendlier.

Great product!

Kommentare: Venminder helped me design a very successful Vendor Management program.

Vorteile:

There are so many features in this product that I don't even use it to it's full extent. The feature that SAVES me in my vendor management responsibilities is the contract reminders. The feature I like best is the employees who work for Venminder - they are more like partners in my vendor management processes than they are tech support.

Nachteile:

It wouldn't be fair for me to even try to list something I like least. If there's anything I don't care for, it's probably because I don't use the feature enough to master it. :)

Security Federal Bank

Kommentare: 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.

Vorteile:

Ease of use. The dashboard is very helpful.

Nachteile:

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

Amazing Customer Support and Great Training Resources!

Kommentare: Overall, implementing Venminder as an enterprise solution has been a good idea for us as an organization. It has served us well as a vendor management solution despite some minor changes that I would like to see happen in the software itself. Venminder is very receptive to customer feedback and in the short time that we've been a customer with them, they have made many changes based on feedback they've received from their clients; all have been improvements to the system.
One of the best things about them as an organization, in my opinion, is the training that they offer to their clients. I find their webinar series and the articles they send to be incredibly helpful and informative and we take advantage of every training opportunity we are able to.

Vorteile:

Venminder provides an all-encompassing solution for your vendor management needs. The contract management features are incredibly helpful especially for an organization as large as ours with many third party relationships to manage. I like the ability to keep everything in one place with easy access, as well as being able to identify our high-risk and critical vendors easily, with reports easily accessible for our examiners. The customer service is incredibly responsive, as our team needed a lot of help to get our program on track, and the team at Venminder has been A+ in this area - always going above and beyond my expectations to assist us with anything we need; even when we are pressed for time or under pressure. We have some highly complex situations we've had to deal with as our organization has been through many integrations/merger partnerships in recent years which makes things more difficult to keep track of, and having a system like Venminder has made it easier for us to work through those situations and not lose sight of important dates or oversight of key vendor relationships.

Nachteile:

If I could change anything about the software, I would allow for less clicks within the system to get things accomplished/navigate to each area within the system. Sometimes, it can be difficult to recall a document that you've saved in Doc Manager unless you specifically know how to search for it now that the tags have been implemented. This can be frustrating for end-users who aren't as familiar with the program and can cause them to feel like the software isn't as user-friendly as it truly is. We have a large management team and they use the program infrequently, so it would be helpful to have some quick, micro-learning modules that they could review to help them remember how to navigate the program if they haven't used it in a long time. It would be great if we could delete tasks that are showing as overdue for a long time that we assigned or that perhaps we determined we no longer wanted completed; instead they stay out there forever and show as overdue. It would be great if there was more of a "flow" between all aspects of the whole VM process from due diligence to contract signing and upload, to building a profile, to risk assessment and then to oversight management, so that these things all "agree" in the system and didn't appear to be all separate things in the system for less confusion. Placing orders can be confusing if you aren't familiar with what your vendors offer for reports or oversight and can create duplication due to timing.

Easy to Use and GREAT Support

Kommentare: 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.

Vorteile:

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.

Nachteile:

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.

Venminder

Kommentare: 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.

Vorteile:

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

Nachteile:

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.

Synovus Venminder Review

Kommentare: 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!

Vorteile:

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.

Nachteile:

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!

Flushing Bank Review

Kommentare: 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.

Vorteile:

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

Nachteile:

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

Venmider Excellent Tool to Support Vendor Management

Vorteile:

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.

Nachteile:

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

Great Organization

Kommentare: The more we uploaded our agreements, the more we used the website, the more benefit we got out of it. We are a mortgage lender and have ALOT of vendors. I don't think we would be able to keep up without Venminder. The reporting is easy, the services that can be ordered are thorough and again, the customer service can't be beat.

Vorteile:

We are on our third year with Venminder and they continually work on making this a well thought-out, easy to use website that will keep all your vendor agreements - organized!

Nachteile:

I have nothing to comment here. The website performs great, the customer support team is bar-none top notch!

A great overall solution with just one exception.

Kommentare: 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".

Vorteile:

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.

Nachteile:

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.

Venminder - Vendor Management

Kommentare: 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!

Vorteile:

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.

Nachteile:

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.

Venminder Vendor Management Software Review

Vorteile:

Contracts: The contract management function of the software is the most beneficial to our institution. All we do is upload our contracts and Venminder will analyze the agreement and create a timeline based on the contract terms that will alert the user of important contract dates. Support Team: Although the rest of the software is great, what makes Venminder stand out from the rest is their helpful and knowledgeable support team. They are always available to talk about an issue or question and you can reach them through email, chat, or phone.

Nachteile:

Reports: The reports are not as customizable as we had hoped. However, the Venminder team truly takes what we say into consideration in relation to changes or additions that need to be made. They have been able to meet all of our needs as of yet.

Vendor Managment at its Best!

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

Vorteile:

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.

Nachteile:

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

Unparalleled Vendor Management System with Impeccable Customer Support Team

Kommentare: Best system hands down, no other system like it. Entire relationship with Vendor (Venminder) has been great since day one. They are innovative, supportive and responsive to all of our needs.

Vorteile:

User friendliness, Security, Reliability/Up-time, Robustness, End to End Solution

Nachteile:

Nothing, everything is great. Any suggestions we have had are specific to our organizations needs.

Venminder review Dec 2018

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

Vorteile:

ease of use with documentation at your fingertips

Nachteile:

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

4/5

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

Vorteile:

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.

Nachteile:

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.

Customer Service

Kommentare: 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.

Vorteile:

Outstanding Customer Service. The software is easy to use.

Nachteile:

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.

Venminder - vendor management made simple

Vorteile:

The simplicity is incredible. Venminder pretty much does all of the heavy lifting for you.

Nachteile:

implementation time can take a while due to uploading contracts and any documents you need, but that would be true for most solutions.

Easy Vendor Management

Kommentare: Relatively new user but so far so good. They've helped to be another set of hands for our vendor management program.

Vorteile:

Setup was easy. Dashboard is intuitive.

Nachteile:

No way to request documentation collection through the dashboard. Have to email request.