Venminder Releases New Vendor Issue Management Module to Centralize Processes

ELIZABETHTOWN, Ky., July 8, 2020 /PRNewswire-PRWeb/ -- Venminder, an industry recognized provider of third-party risk management solutions, today announced they have released a new module that allows for the centralization and implementation of processes that guide users through the lifecycle of vendor issues.

"When assessing and monitoring vendor risk and performance, it's common for issues to surface that will require follow-up and management," said James Hyde, CEO of Venminder. "With the launch of our issue management module, we are very excited to be able to empower our clients to set formal issue management processes and provide valuable visibility into the frequency, severity and status of vendor issues so our clients can take the appropriate action."

The new Issue Management module enables clients to:

• Create a consistent and centralized approach with unlimited custom fields and follow-up procedures as well as the ability to define approval workflows
• Increase visibility into vendor performance through robust reporting on the frequency, severity and status of all open and previous vendor issues
• Put processes in place to trigger actions and alerts so clients can quickly spot issues that could be indicators of risky behavior

For more information on Venminder, visit http://www.venminder.com.

About Venminder
Venminder is an industry recognized leader of third-party risk management solutions. Dedicated to vendor risk, the company is the go-to partner for software, assessments on vendor controls, ongoing monitoring, certified subject-matter expertise and education.

Venminder's platform provides a centralized location to execute a third-party risk management program. It enables users to store documentation, onboard a vendor, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risk assessments, create workflows, run reporting and more.

Assessments performed by Venminder's qualified experts, including CISSPs, CPAs, financial risk analysts, paralegals and more, are readily available in an online library. The assessments enable clients to identify possible risks and understand areas of strength on their vendors' information security and privacy standards, SOC reports, financial viability, business continuity/disaster recovery preparedness, contractual standards, regulatory compliance and more.

As the industry's go-to leader, Venminder's team of highly experienced professionals regularly speak at events, provide the latest research and educational content, host CPE credit eligible webinars and host the online networking community for third-party risk professionals, Third Party ThinkTank.

SOURCE Venminder