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Venminder description
Venminder is a software platform that helps businesses manage the risks associated with using third-party vendors. It provides a centralized system to onboard and manage vendors, track contracts, perform risk assessments, and monitor for potential issues. It offers standard assessments as well as expert analysis on areas like cybersecurity and financial health. This helps businesses of all sizes comply with regulations and protect themselves from vendor-related problems. Venminder also offers additional resources and a community for risk management professionals.
Who is Venminder best for
Venminder centralizes vendor risk management, streamlining onboarding, contracts, assessments, and monitoring. Users praise its support and centralized dashboard but note UI complexity and cost. Perfect for small to medium businesses in regulated industries seeking robust vendor oversight.
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Best fit for small to medium-sized businesses needing vendor risk management.
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Ideal for businesses in finance, insurance, and IT needing to manage vendor risk.
Venminder features
| Supported Venminder supports storing, managing contracts, and tracking key dates and milestones. |
| Supported Venminder fully supports vendor lifecycle management, including onboarding, ongoing monitoring, and offboarding. |
| Supported Venminder supports reporting and dashboards for tracking project performance and decision-making. |
| Supported Venminder enables identification, assessment, and mitigation of security risks. |
| Supported Venminder supports vendor selection, evaluation, and ongoing relationship management. |
We evaluate the sentiment that users express about non-functional aspects of the software
Value and Pricing Transparency
Customer Service
Ease of Use
Reliability and Performance
Ease of Implementation
Venminder reviews
We've summarised 109 Venminder reviews (Venminder G2 reviews) and summarised the main points below.
- Excellent and responsive customer support praised for helpfulness and training.
- Helpful paralegals assist with contract uploads.
- Centralized dashboard for easy contract and vendor management.
- Effective for regulatory exam compliance.
- Robust tools for automating due diligence and document collection.
- Difficult user interface, especially for new users.
- High cost and minimum flex fund balance can be burdensome for smaller organizations.
- Limited reporting customization options require additional steps.
- Unnecessary tasks for some vendors despite high add-on costs to limit them.
- Lack of live view of vendor questionnaire responses.
Venminder pricing
The commentary is based on 9 reviews from Venminder G2 reviews.
Venminder's pricing is generally considered on the higher side, with some users finding the cost of add-on modules and minimum flex fund balance to be a drawback, especially for smaller organizations with limited budgets. However, some users feel the pricing is comparable to similar services, given the comprehensive features offered.
Users sentiment
See the Venminder pricing page.
Venminder alternatives
CyberGRXMore focused on cybersecurity risk management. Has grown faster regarding website traffic. Better for Healthcare, Wellness, and Pharma.Read more
AirbaseBetter for spend management in e-commerce, media, or marketing. Geared towards mid-sized businesses needing expense, AP automation, and corporate cards. Has more momentum. Simpler user interface, but the mobile app has limitations.Read more
XeroBetter for basic accounting and financial management of small to medium businesses. A Venminder alternative focusing on core accounting features, not vendor risk management. Easier to use, but has less scalable and reliable performance. Negative pricing sentiment.Read more
ProcessBoltEasier to use. Has grown faster in website traffic and employee count. More cost-effective. Users report streamlined onboarding, automation of risk assessment, and a centralized platform. A Venminder competitor and alternative.Read more
CoupaBetter for spend management, AP automation, and streamlining procurement. Geared towards a wider range of industries and has more momentum. However, user reviews are slightly lower.Read more
Venminder FAQ
What is Venminder and what does Venminder do?
Venminder is a third-party risk management platform that streamlines vendor onboarding, contract management, and risk assessments. It offers a centralized system for due diligence, monitoring, and compliance, featuring robust automation and reporting tools. Venminder helps businesses of all sizes mitigate vendor risks and protect against potential issues.
How does Venminder integrate with other tools?
Venminder integrates with numerous systems to streamline vendor management. It connects with popular accounting software and other business applications to centralize data and automate workflows. This enhances efficiency and reduces manual data entry for various risk management tasks.
What the main competitors of Venminder?
Alternatives to Venminder include Aravo, Coupa, and SAP Concur. These competitors offer similar vendor risk management features. Other options like Airbase, Precoro, and Rippling provide related functionalities in spend management, procurement, and broader business operations.
Is Venminder legit?
Yes, Venminder is a legitimate software platform for vendor risk management. User reviews praise its centralized dashboard and robust automation tools, indicating its safety and effectiveness for regulatory compliance. However, some users find the interface challenging and the cost high.
How much does Venminder cost?
Venminder doesn't publicly disclose its pricing. Contact their sales team for a customized quote based on your specific needs and to determine if Venminder is worth the investment for your business.
Is Venminder customer service good?
Venminder's customer service receives overwhelmingly positive feedback. Users consistently praise the helpfulness, responsiveness, and expertise of the support team and account managers. The readily available training and guidance contribute to a positive customer experience.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.