New capabilities provide today’s vendors an opportunity to shorten sales cycles and the burden of the due diligence process. Vendors can gain a competitive advantage and accelerate revenue by proactively sharing custom security profiles containing vital due diligence information with their prospective and current customers.
Venminder, an industry recognized leader in third-party risk management solutions, today announced new capabilities in the Venminder Exchange for Vendors. The release is part of Venminder’s ongoing initiative to empower vendors to proactively prepare for the vetting process that occurs in sales cycles, and on a recurring basis, when a vendor engages with prospective and current customers. Due diligence processes are arduous and time-consuming, which effectively slows down the ability for a vendor to contract with customers. Given the importance of shortening the sales cycle and diligence process with customers, the Venminder Exchange for Vendors is an integral tool to organizations of all types, especially those vendors that work closely with customers that operate in regulated industries.
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Regulations and industry standards continue to push the need for buyers to do more vetting and ongoing monitoring on their prospective and current vendor’s security posture.
“B2B businesses, especially those targeting highly regulated industries, need to embrace a proactive approach to sharing information,” said James Hyde, CEO of Venminder. “Regulations and industry standards continue to push the need for buyers to do more vetting and ongoing monitoring on their prospective and current vendor’s security posture. When a vendor is not prepared, it can significantly delay the sales process anywhere from 30 days to 120 days as they try to unearth their documentation, answer questionnaires and more. With our new platform, we are enabling B2B sellers an opportunity to proactively and seamlessly manage this process. They can create their online profile in a secure environment, populate it with their important due diligence documents and pre-completed questionnaires and then share with an unlimited number of prospective and current customers.”
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The Venminder Exchange for Vendors platform includes:
- Unlimited users
- Unlimited sharing with prospective and current customers
- An ability to track activity history
- Easily manage and control access of those invited
- Centralized secure area to upload documentation
- Pre-populated with commonly used, industry-standard questionnaires
Venminder also offers vendors the ability to be proactively assessed by a team of experts. These subject matter experts can assess their business, giving the vendor the ability to gain a “Due Diligence Ready” badge that can be displayed on their collateral and website. Venminder’s Control Assessments include risk ratings and assessments that can further shorten a due diligence process and sales cycle, covering areas including a review of the vendor’s:
- Financial health and viability
- SOC reports, including an assessment of their internal control environment, areas of concerns and any recommended next steps
- Resiliency and documentation, including business continuity and disaster recovery plans, testing and recovery point and time objectives
- Most critical elements of cybersecurity preparedness to identify areas of potential weakness