Independent Banker - November 2023 - 65

Innovative
Insights
Venmonitor™
Risk Intelligence Enhances Screening
and Monitoring of Third Parties
CHALLENGE/ SOLUTION: To manage outsourced risks, banks are frequently adopting multi-faceted approaches to vetting third parties. With
an explosion of risk intelligence data in the market available to support this, banks have been restricted by needing multiple contracts
across risk intelligence providers, and budget limitations can often only cover monitoring one or two domains. Venminder, seeking to
create a solution to this, developed Venmonitor™, a new software tool to screen and monitor across six domains.
Centralized Risk Intelligence Data
Venmonitor™ gives banks access to risk intelligence data from
multiple sources and domains, such as cybersecurity, privacy, Know
Your Vendor (KYV), business health, negative news, and more.
Unique Screening Across Risk Domains
Venmonitor™ harnesses the industry's best risk intelligence data
across more than six different domains that banks can leverage
for quick risk screening profiles on third parties. Data is sourced
and centralized from the industry's most reputable risk intelligence
providers that covers:
Business Health and Credit Risk - Vendors with bad financial
health or credit are at risk of going out of business before a contract
comes to term. With Venmonitor™, see if a third party is showing
signals of poor financial health.
Cybersecurity - In most cases, third-party vendors can be the
weakest link. They can leave a bank vulnerable to data breaches
and compromise customers' data. With Venmonitor™, screen their
external cybersecurity posture to identify signals that they are
putting data at risk.
Privacy - Prioritizing data protection and privacy should be
integral components of a vendor risk management strategy. With
Venmonitor™, gain access to risk intelligence on a third party's
privacy level - that can then be leveraged to drive due diligence
direction and activities.
Banks can use Venmonitor™ to screen potential and existing
vendors for signals of risk and make informed decisions on whether
further attention is needed. It enables the ability to zoom out and
get an outside look at a vendor, empowering decisions on the
prioritization of which risk domain may require additional due
diligence or ongoing monitoring. In addition to providing the risk
intelligence, Venmonitor™ also aggregates and provides normalized
risk ratings by domain, and on the overall vendor, to guide decisionmaking
and actions.
Adverse Media - All it takes is one negative news article to be
released on an official, or unofficial, platform to cause financial or
reputational damage. Venmonitor™ centralizes signals that help
determine if a third party is trending in negative news.
Know Your Vendor (KYV) - Establishing the identity and legal
status of third parties is important. Venmonitor™ gives access
to signals that determine if the third party has any criminal or
regulatory enforcement action against them.
Jim Ciortan, Chief Sales Officer
sales@venminder.com // +1 (888) 836-6463
venmonitor.com

http://www.venmonitor.com

Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023