Manage the Complete Vendor Lifecycle
Easily manage your third-party risk management activities across the vendor lifecycle – onboarding, ongoing management, offboarding.
Take a Product Tour to See Venminder in Action New
Outsource Vendor Control Assessments
Order due diligence assessments on your vendors that include qualified risk ratings and reviews from Venminder experts.
Continuously Monitor with Risk Intelligence
Seamlessly combine risk intelligence data to monitor for risks within cybersecurity, business health, financial viability, privacy, ESG and more.
Sample Vendor Risk AssessmentsVenminder experts deliver over 30,000 risk-rated assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.
Download free samples →
Getting Started
Quickly get a program in place to manage vendor risks.
Increase program efficiency
Centralize to ensure program requirements are met.
Take a Product Tour to See Venminder in Action New
Mitigate vendor risks
Identify risk then reduce and manage it.
Reduce the workload
Hand off your document collection, control assessments and tasks.
Comply with regulations
Meet regulatory agency issued guidance.
Drive collaboration
Empower vendor owners to mitigate vendor risks.
Case Studies
Learn how our customers have managed their vendors and risk with Venminder.
Independent Research
Check out independent research that validates Venminder's market leader position.
Take a Product Tour to See Venminder in Action New
Why Venminder
See why Venminder is uniquely positioned to help you manage vendors and risk.
Customer Experience
Our team is committed to a single goal: a customer experience second to none.
Implementation
We offer quick and customer-focused implementation for fast ramping.
Business Case
Learn practical steps to create and present a business case for third-party risk management to stakeholders.
Industries
Learn how Venminder helps companies of all sizes and within all industries.
Sample Vendor Risk AssessmentsVenminder experts deliver over 30,000 risk-rated assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.
Download free samples →
Resources
Download complimentary resources to guide you through all the various components of a successful third-party risk management program.
TPRM Regulations Library →
Blog
Read Venminder's blog of expert articles covering everything you need to know about third-party risk management.
Webinars
Earn CPE credit and stay current on the latest best practices and trends in third-party risk management
Register for upcoming webinars →
Watch on-demand webinars →
Community
Join a free community dedicated to third-party risk professionals where you can network with your peers.
Samples
Download samples of Venminder’s vendor risk assessments and see how we can help reduce the workload.
Weekly Newsletter
Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.
Venminder's State of Third-Party Risk Management 2024 whitepaper provides third-party risk management insight and industry statistics to help you make informed programs decisions. Learn how others are managing third-party risk.
Company
Venminder is the industry's leading third-party risk management solution provider.
Careers
We're hiring! Explore career opportunities and learn more about Venminder culture.
Take a Product Tour to See Venminder in Action New
Our Partners
Check out the select partners we aligned with to provide additional solutions and services.
Partner Program
Learn how to become a Venminder integration or referral partner.
Request a Demo
See how Venminder can enable you to run an efficient third-party risk program.
Contact Us
Get in touch with a member of your team to discuss a question you may have.
Customer Support
Already a Venminder customer? Connect with the Customer Support Team.
Venminder Recognized as a 2023 Gartner Peer Insights™ Customers’ Choice for IT Vendor Risk Management in North America
Gain a 360-degree view of third-party risk by using our SaaS software to centralize, track, automate, assess and report on your vendors.
Venminder's team of experts can review vendor controls and provide the following risk assessments.
Let us handle the manual labor of third-party risk management by collaborating with our experts to reduce the workload and mature your program.
Let us handle the manual labor of third-party risk management by collaborating with our experts.
As Venminder completes assessments for clients on new vendors, they are then made available inside the Venminder Exchange for you to preview scores and purchase as you need.
Learn more on how customers are using Venminder to transform their third-party risk management programs.
Venminder is used by organizations of all sizes in all industries to mitigate vendor risk and streamline processes
We focus on the needs of our customers by working closely and creating a collaborative partnership
Venminder experts complete 30,000 vendor risk assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.
Trends, best practices and insights to keep you current in your knowledge of third-party risk.
Earn CPE credit and stay current on the latest best practices and trends in third-party risk management.
Join a free community dedicated to third-party risk professionals where you can network with your peers.
Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.
Download samples of Venminder's vendor risk assessments and see how we can help reduce the workload.
Venminder's seventh annual whitepaper provides insight from a variety of surveyed individuals into how organizations manage third-party risk today.
Software Platform
Manage the complete vendor lifecycle - onboarding, ongoing management, offboarding.
Control Assessments
Order due diligence assessments on your vendors that include qualified risk ratings and reviews.
View Packaging and Pricing ➔
Managed Services
Reduce the workload with customized outsourced services (eg: document collection).
Continuous Monitoring
Monitor for risks within cybersecurity, business health, financial viability and more.
Exchange for Vendors
Shorten the sales cycle by becoming due diligence ready for prospects and customers.
Exchange for Professionals
Access a free library of thousands of vendor risk assessments available for preview and purchase.
Sample Vendor Risk AssessmentsVenminder experts deliver over 30,000 risk-rated assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.
Download free samples ➔
Each policy contains best practices, descriptions, and processes your organization can use to meet regulatory requirements and/or follow the third-party risk management lifecycle. Customize and align to your own third-party risk management framework.
Preview the text content for this template
Third-Party Risk Management Policy Template: Based on regulatory guidance(Company) (hereinafter referred to as (Company)) uses Third Parties to provide products or services in support of our business operations. Such outsourced relationships may benefit (Company) by reducing costs, improved performance, staff augmentation, increased business competitiveness, access to specific expertise, and established distribution channels. However, Senior Management and the Board of Directors recognize that (Company’s) reliance on third-party relationships presents many risks that must be identified, assessed, and managed. Failure to manage these risks can expose (Company) to financial loss, litigation, or other damages or may even impair (Company) ability to service existing customer relationships or establish new ones.
This policy aims to establish standards and guidance relating to (Company)’s management of its third-party relationships and the associated inherent and residual risks presented by those third-party relationships. These risks are present when (Company) engages with third parties to provide products and services directly to (Company) for the benefit of its internal operations, employees, investors, or customers. Furthermore, the (Company) documents the structure for; identifying, assessing, controlling, monitoring, and reporting on risks related to (Company)’s use of third parties per applicable laws, safe and sound business practices, and related supervisory guidance, particularly that of the Final Interagency Guidance from the Board of Governors, the FDIC, and the OCC.
Relationships with third parties are fundamental to (Company)’s ability to maintain its operations and offer products and services to its employees, customers, and investors. However, (Company)’s use of third parties does not diminish its responsibility to ensure that the activity is performed safely and soundly and complies with applicable law, has established the (Policy Name) (hereinafter referred to as the policy), to formally define the framework, tools, roles, responsibilities, scope, and components, needed for a fully functioning Third-Party Risk Management program. The framework shall comply with all applicable laws and regulatory guidelines. Accordingly, this policy sets forth the requirements for the effective identification, assessment, and management of these risks.
The term third party broadly covers similar terms such as vendor, supplier, providers, and the like. The term third party relates to any person, independent consultant, or form of a legal entity, including but not limited to: vendors, service providers, suppliers, processors, business partners, marketers, or other third parties, with whom (Company) contracts for purposes of obtaining products or services, or who collaborate with (Company) in providing products and services in the marketplace.
Third-Party Risk Management is the formalized process of identifying, assessing, and mitigating risks presented to (Company), its employees, investors, and customers due to the improper supervision or mismanagement of the following: data, operations, compliance, and financial condition concerning those external parties with whom (Company) has a relationship. The term Third-Party Risk Management (hereinafter referred to as TPRM), is also inclusive of all reporting, governance, and oversight activities necessary to ensure the safe and sound engagement with (Company)’s third parties.
TPRM applies to all business relationships between a third party and (Company) by contract or otherwise.
All (Company) employees, independent contractors, and consultants are subject to this Policy. As are other entities, engaging third parties for the Company's direct or indirect benefit, third parties with whom they contract.
The following third-party relationships have been excluded from this Policy.
a) Relationships with Customers
b) Relationships with Investors
c) Relationships with Employees
d) Relationships with public utility providers
e) Relationships with emergency services such as police or fire departments
f) Relationships with government agencies, taxing authorities, regulatory bodies, and courts
It is the responsibility of (Company) Senior Management and the Board of Directors to ensure compliance with this Policy regarding third-party relationships maintained by (Company). It is possible that certain existing third-party relationships (and contracts) do not comply with all policy aspects. However, (Company) is obligated to renegotiate, to the extent possible, any contract terms and conditions to existing third-party contracts to comply with this policy and the related processes. Renegotiation shall occur at the first potential and reasonable opportunity (i.e., contract negation.)
Senior Management and the Board are ultimately accountable for the TRPM policy, program, and processes' oversight and effectiveness. Senior Management and the Board of Directors ensure that the TPRM program operates according to applicable federal and state laws, rules, regulations, internal policies, and procedures. They achieve this through the following:
Senior Management and the Board initially approve and oversee the Third-Party Risk Management and Oversight Policy and annually review and, if necessary, update the Policy.
Senior Management and the Board, or their designated committee, are responsible for the decision to approve the addition or termination of third-party relationships considered critical to (Company). Such approvals are mandatory in advance of final contract execution with any material third party.
Senior Management and the Board or their designated committee shall periodically review third parties considered critical to (Company)'s operations. They must consider the related risk assessments monitoring, compliance, business continuity, financial health, and overall performance of those material third parties.
Senior Management shall allocate sufficient qualified staff (internal or augmented) to provide the necessary oversight and monitoring of significant third-party relationships. Sufficient resource capacity is maintained to execute essential TPRM processes effectively, especially those requiring specialized expertise. And to ensure all critical and high-risk rated third-party relationships are assessed, monitored, and managed commensurate with the product or service's risk.
Third-Party Risk Management Policy Template: Based on the TPRM lifecycle(Company) adheres to the principles of the TPRM Lifecycle to effectively identify, assess, manage, and monitor risks throughout a third-party relationship. This approach is considered a best practice and enables robust TPRM. A strong foundation of governance supports this lifecycle.
(Company) aims to develop, implement, and maintain effective TPRM processes and governance structures that reflect best practices and regulatory requirements. Application of the lifecycle applies to all third-party activities and relationships, but the extent and scope required for any third-party depends on various factors. (Company)'s risk identification and management processes consider the nature of the third-party relationship, the complexity and magnitude of the activity provided, and the risks associated with the third-party relationship. Risk identification, assessment, and monitoring are appropriately scaled and commensurate with the risk.
The success and sustainability of (Company)’s TPRM program is dependent on effective governance. Effective governance involves key elements such as accountability, oversight, documentation, reporting, and independent reviews.
a) Accountability is necessary for ensuring all parties involved in the TPRM program take responsibility for their actions. It is critical to have clear roles and responsibilities defined for everyone involved to avoid confusion and ensure each person is accountable for their designated tasks.
b) Oversight is required so all activities are carried out in accordance with the established policies and procedures, and complies with all requirements, rules, and regulatory expectations.
c) Documentation is necessary for ensuring all activities are documented and recorded accurately. This documentation can be used to track progress, identify gaps, and demonstrate compliance with regulatory requirements.
d) Reporting is essential for providing relevant information to stakeholders, including Senior Management, Board members, and regulators. This information can be used to make informed decisions and ensure the program is meeting its objectives.
e) Independent reviews are necessary to ensure the program is operating effectively and efficiently. An independent review provides an objective assessment of the program's strengths and weaknesses, identifies areas for improvement, and helps ensure the program is aligned with best practices and regulatory requirements.
Senior Management and the Board are ultimately accountable for the TPRM policy, program, and processes oversight and effectiveness. Senior Management and the Board of Directors ensure the TPRM program operates according to applicable federal and state laws, rules, regulations, internal policies, and procedures. They achieve this through the following:
Senior Management and the Board initially approve and oversee the Third-Party Risk Management and Oversight Policy and annually review and, if necessary, update the Policy.
Senior Management and the Board, or their designated committee, are responsible for the decision to approve the addition or termination of third-party relationships considered critical to (Company). Such approvals are mandatory in advance of final contract execution with any material third party.
Senior Management and the Board or their designated committee shall periodically review third parties considered critical to (Company)'s operations. They must consider the related risk assessments monitoring, compliance, business continuity, financial health, and overall performance of those material third parties.
Senior Management shall allocate sufficiently qualified staff (internal or augmented) to provide the necessary oversight and monitoring of significant third-party relationships. Sufficient resource capacity is maintained to execute essential TPRM processes effectively, especially those requiring specialized expertise. And to ensure all Critical and High-Risk rated third-party relationships are assessed, monitored, and managed commensurate with the product or service's risk.
The Board of Directors is accountable for ensuring the effectiveness, safety, and soundness of TPRM, executed through the following activities:
a) Confirming that risks related to third-party relationships are managed in a manner consistent with (Company)’s strategic goals and risk appetite
b) Approving the policies that govern TPRM
c) Approving, or delegating to, an appropriate committee reporting to the Board, approval of contracts with third parties that involve critical activities
d) Reviewing the results of Management's ongoing monitoring of third-party relationships involving critical activities
e) Confirming Management takes appropriate actions to remedy significant deterioration in performance or address changing risks or material issues identified through ongoing monitoring
f) Reviewing results of periodic independent reviews of the TPRM process
Senior Management is accountable for executing and implementing TPRM strategies and policies across the organization. Management is also responsible for ensuring organizational structures, management, and staffing (level and expertise) are in place to properly manage third-party risk and comply with all legal and regulatory requirements. Furthermore, Senior Management is accountable for the following:
a) Developing and implementing (Company)’s TPRM process
b) Confirming (Company) has an appropriate system of internal controls and regularly tests the controls to manage risks associated with third-party relationships
c) Confirming (Company)’s compliance management system is appropriate to the nature, size, complexity, and scope of its third-party business arrangements
d) Confirming appropriate due diligence and ongoing monitoring are conducted on third parties
e) Presenting results to the Board when making recommendations to use third parties that involve critical activities
f) Escalating significant issues to the Board
g) Reviewing and approving contracts with third parties
h) Confirming third parties comply with (Company)’s policies and reporting requirements
