Use Case

Prioritize supplier risk management activities and remediation

Supplier risk profiles offer valuable direction for decision-making.

Centralized risk intelligence from Venmonitor™ can help prioritize supplier risk management activities and remediation by providing data and insights on the performance and reliability of suppliers across multiple domains, such as cybersecurity, privacy, and business health and credit risk. It can also help identify, assess, and resolve security threats, weaknesses, and risks from the supplier ecosystem.

By using risk-based scoring and ratings, Venmonitor™ has been uniquely designed to help determine which suppliers have the highest risk and need more in-depth screening and mitigation actions. Venmonitor™ can continuously monitor suppliers' risk indicators and trends, proactively alerting your organization of changes or potential disruptions. 

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Enhance off-cycle due diligence and monitoring.

Venmonitor™ can help you monitor your suppliers continuously and proactively alert you of any changes or events that may trigger you to complete off-cycle due diligence (due diligence outside of the regular schedule or frequency).

Venmonitor™ also provides you with a visual and easy-to-read risk heatmap views of your suppliers, so you can quickly know which suppliers require your attention and prioritize your actions accordingly. 

Enter negotiations well-prepared with cutting-edge insights.

As the renewal date for your supplier contract approaches, it is crucial to thoroughly evaluate whether they still meet your organization's requirements and align with its risk appetite. By enhancing internal risk assessment processes with cutting-edge risk intelligence insights, you can present any recent discoveries during contract negotiations. This ensures that any potential issues or concerns are addressed and potentially incorporated into new contract provisions or clauses. 

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Take the right path forward.

If you're new to third-party risk management or need help keeping up with your suppliers' due diligence, using risk intelligence can help you get started quickly. A comprehensive third-party risk management program is essential, but it can be daunting to implement, especially if you have many suppliers and limited resources or bandwidth.

Venmonitor™ empowers you to take charge of your risk management efforts with confidence. By utilizing advanced risk intelligence, you can identify the most pressing areas and focus your efforts accordingly. You can monitor your critical or high-risk suppliers for any signs of risk across various domains and prioritize the ones needing immediate attention. Then, the team at Venminder is ready and on hand to help you take further steps to proactively manage and mitigate the risks of partnering with suppliers. 

See Venmonitor in Action

“The initial screening of third parties is considered just as important as strong contractual obligations and post award contract management. Our assurance process aims to validate the ability of third parties to adhere to contractually agreed terms to ensure security across the ecosystem. Information and digital technology today allows us to use data analytics, risk ratings, and analysis by Venmonitor™ to enhance our screening of third parties.”
global energy security advisor
Security Advisor

Global Energy Company

See how Venmonitor™ can help you
prioritize the suppliers that need your attention