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Great vendor and product
What do you like best about the product?
Venminder has a great implementation process, they handle you with care and their software is easy to use.
What do you dislike about the product?
This is nothing specific to dislike about Vendminder, I have made minor software recommendations and hope that these will be implemented at some point.
What problems is the product solving and how is that benefiting you?
Venminder solves my management of vendors, contracts, and ongoing due dililegnce creating an efficient workflow for me.
Great Vendor Software
What do you like best about the product?
They have wonderful customer service and are quick to respond to any issues!
What do you dislike about the product?
There is nothing I dislike like about the product.
What problems is the product solving and how is that benefiting you?
Just creating SSAE review process and risk assessments.
Exceptional Service for Vendor Management
What do you like best about the product?
The depth of review and services that they provide in reviewing not all vendors is exceptional. Our account representative keeps in regular contact and provides helpful guidance on appropriate action steps.
What do you dislike about the product?
Due to not accessing it regularly, I have to refamiliarize myself with the website. It is not that difficult, just a process.
What problems is the product solving and how is that benefiting you?
Due diligence is very important to our business structure and our Board of Directors, and the organization and depth of reviews for our Critical Vendors is essential to help us identify strengths and weaknesses.
Great Product, excellent Customer Support and very Informative Trainings!
What do you like best about the product?
The trainings offered are not only on the Venminder system but included are various pieces of training on Vendor Management which have been very helpful.
What do you dislike about the product?
I have had no issues with the Venminder system or their Team.
What problems is the product solving and how is that benefiting you?
Our organization's procedures were all conducted manually. Venminder has been able to make our Vendor Manangement program more efficient.
Venminder is an amazing tool for Vendor Management
What do you like best about the product?
Venminder is very customizable. Their customer support is amazing. The system can be built to work with your program.
What do you dislike about the product?
If you use the risk assessment, you cannot change the risk rating unless you do the risk assessment manually.
What problems is the product solving and how is that benefiting you?
Allows us easy reporting access for our regulators. Ability to schedule and use oversight management to ensure reviews are completed within the program's time frame.
Field labels are not customizable, not as much flexibility as excepted, custom rpts not availability
What do you like best about the product?
Nicole Wilson has provided the best guidance. She certainly knows how to set up the system from the ground up.
What do you dislike about the product?
System is not set to track overall Vendor relationships eg: Vendor, Products/Service with Contract and SLA and specific documents together stay together and report that way. It appears very silo'd for "processing." OnBoarding, OnGoing appears not to carry over Vendor overall information over. Lot's of steps seem repeatative. System is not customizable.
What problems is the product solving and how is that benefiting you?
Venminder does allow multiple paths to processing different Vendor and Fintech Partner types differently. The system does track SLA which we currently can't do today.
venminder is a great vendor management product
What do you like best about the product?
Venminder does a great job with contracts and document storage of vendor reviews and assessments.
What do you dislike about the product?
After using the product 2 years now I have not come across anything that hasn't helped us with vendor management needs.
What problems is the product solving and how is that benefiting you?
Vendminder has helped us out a lot with gathering financial, SOC's/SSAE's, and other supporting docs that would otherwise require another full time staff member.
Great TPRM Platform
What do you like best about the product?
We use Venminder platform daily, and have taught new vendor owners how to navigate through it as well. is We continue to learn from the live webinars as well as the resources within in the platform.
What do you dislike about the product?
The new spend analysis feature is good, but would be great with some additional features added. I have reach out and as usually the are taking it into consideration.
What problems is the product solving and how is that benefiting you?
Venminder has solved several issues, such as document collection and contract expiration dates. It frees up having to reach out to all our vendors and request documents.
Simple-to-use solution for a complex problem
What do you like best about the product?
Automated processes are easy to use once everything is set up. Ability to create color-coded reports so that other, non-Vendor Management, team members can follow along is a life-saver. All this pales in comparison to the representatives we get to work with. For once, I do not dread reaching out for help because when I do 1) my problems are solved, 2) explained, and 3) and followed-up on within the month just to ensure I have no other issues.
What do you dislike about the product?
Like many risk solutions, you must buy "optional" modules to get the full benefit. I would say the base product/platform is lackluster until you have purchased all the modules necessary (once you purchase one, you will notice that you need another in order to fully utilize the service).
What problems is the product solving and how is that benefiting you?
Automation, reporting, and assistance with due diligence reviews. The automation and reporting speak for themselves. While pricey, the due diligence reviews are so well done that I rarely have to deep-dive to explain a product/service to the team. I can just take the "Assessment," as is, for the majority of my vendors.
I've had a great experience working with Venminder for our third-party vendors.
What do you like best about the product?
The Venminder employees I work with are the most helpful whenever I have questions about the platform.
What do you dislike about the product?
There are older documents we would like removed from our documents folder and we are currently working with Venminder to archive them.
What problems is the product solving and how is that benefiting you?
Hopefully, they'll help us solve removing the older documents from our folders.
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