Venminder Receives Highest Scores in Two of Three Use Cases in Gartner Critical Capabilities for IT Vendor Risk Management Tools Report

ELIZABETHTOWN, Ky., Aug. 27, 2020 /PRNewswire-PRWeb/ -- Venminder, an industry recognized provider of third-party risk management solutions, today announced that it was the only vendor to receive the highest scores for two of the three defined use cases in Gartner's 2020 Critical Capabilities for IT Vendor Risk Management Tools report. This is the second year running that Venminder has been recognized in the Gartner Critical Capabilities report. Venminder was also recently named a Challenger in the Gartner 2020 Magic Quadrant for IT Vendor Risk Management Tools report.

"We are excited and proud of this recognition and believe that Venminder's scores across all three use cases validates our complete approach to third-party risk management," said James Hyde, CEO of Venminder. "When we saw the new critical capabilities scores, and realized we were ranked with the highest scores for any provider in two of the three use cases, we celebrated it as an acknowledgement that all of our hard work was paying off. From our view, Venminder stands out as being solely dedicated to third-party risk and have truly mastered combining software with the human element. Our clients are able to empower their programs through our configurable software platform, access to experts for the collection or review of vendor documentation, search vendor risk scores and order Control Assessments through the Venminder Exchange marketplace and more."

Gartner's Critical Capabilities report evaluated 23 IT vendor risk management vendors across three identified use cases with Venminder receiving a 4.14 for "VRM Solution and Vendor Risk Assessment Data", 4.02 for "VRM Solution and Managed Support Services" and 4.00 for "VRM Solution", out of 5. Gartner creates the report to help a wide variety of customers make strategic decisions around their IT VRM strategies and technology investments.

Venminder has rapidly grown to over 800 customers across all industries and is on track to deliver over 30,000 Control Assessments in 2020. With the official launch of the Venminder Exchange, the company has been able to distribute Control Assessments more efficiently and facilitate the building of vendor relationships and support. Venminder's Control Assessments include risk ratings and assessments covering the financial health and viability of a vendor, a review of the vendor's SOC reports for gaps or areas of concern, a review of the vendor's business continuity and disaster recovery documentation and review of information security practices.

Download a complimentary copy of Gartner's 2020 Critical Capabilities for IT Vendor Risk Management Tools report on Venminder's website by clicking here.

Source: Gartner, Critical Capabilities for IT Vendor Risk Management Tools, August 24, 2020, Joanne Spencer and Edward Weinstein

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The graphics were published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Venminder. 

About Venminder

Venminder offers a world-class SaaS platform that guides and streamlines third-party risk management.

Venminder's platform helps users collaborate on all things vendor-related and guides through critical processes such as oversight management, contract management, risk assessments, due diligence requirements, questionnaires, SLA management, vendor onboarding and more. Robust and configurable reporting can be generated from the tool to give clear visibility into the management and ongoing monitoring of third parties.

Completed vendor risk assessments can be found in the Venminder Exchange and include thorough assessments of a vendor's information security, SOC reports, contracts, financials, business continuity/disaster recovery and more.

Venminder also powers Third Party ThinkTank, an online free community dedicated to third-party risk professionals. For more information, visit http://www.venminder.com.

SOURCE Venminder