The vendor onboarding module makes the process way easier and steady by providing every tool that is needed. Every process ensures that an informed decision is taken on whether it is the right vendor or not.
FREMONT, CA: A renowned industry provider of third party risk management solutions, Venminder recently announced a new Vendor Onboarding module accessible on their SaaS platform. The much-awaited new feature can streamline the evaluation of a vendor, and the assessment of risk before any contractual agreement takes place.
“When you contract with a third party, you become responsible for any risk posed by their activities. That’s why, especially in today’s regulatory climate, it’s vital you get to know the vendors you’re going to do business with and put them through a defined vetting process. Following process and completing due diligence ultimately ensures you can make an informed decision on whether that’s the right vendor or not. Our vendor onboarding module can make the process a whole lot easier and consistent by providing all the tools you need,” said James Hyde, CEO of Venminder.
There are a few benefits that the customers have been craving for fulfilled by the Vendor Onboarding platform.
• It evaluates and handles vendor requests in a dedicated work area with actions that include accumulating documentation and reviewing suitable industry requirements. It also uploads contract documentation as well as sends questionnaires, with recording references.
• The platform automates the latest vendor request to need review and approval by distinct users.
• It effortlessly compares alongside the data of several vendors under consideration.
• Ultimately, the platform transfers every data and documentation to an existing vendor record after the agreement has taken place.
Hyde further added, “When it comes to the Venminder product roadmap, we operate a highly collaborative approach with our clients in conjunction with carefully monitoring regulatory updates and keeping an ear to the ground on any industry challenges or concerns. With this approach, our platform, vendor risk assessments, and service offerings continue to stay ahead of the game.”
Venminder attributes its speedy growth and success by its exclusive offering of both their comprehensive SaaS software and experienced in-house teams to recognize and risk-assess the vendor documentation. The firm is a market leader who uses predictive analytics mingled with a SaaS process automation platform and helps third party risk managers to identify and mitigate risks. The combination solves every critical element of evaluation, managing and tracking a vendor during its lifecycle.
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