Venminder Unveils Enhanced SOC Assessment to Strengthen Vendor Control Evaluations

Venminder, a leader in third-party risk management, announced significant enhancements to its System and Organization Controls (SOC) Assessment, further empowering customers to evaluate the security and compliance of their vendors. This updated assessment is part of Venminder's Vendiligence™ product line, providing a thorough evaluation of a vendor SOC report and offering clear, actionable insights into the controls vendors have in place.

ELIZABETHTOWN, Ky., Aug. 6, 2024 /PRNewswire-PRWeb/ -- Venminder, a leader in third-party risk management, announced significant enhancements to its System and Organization Controls (SOC) Assessment, further empowering customers to evaluate the security and compliance of their vendors. This updated assessment is part of Venminder's Vendiligence™ product line, providing a thorough evaluation of a vendor SOC report and offering clear, actionable insights into the controls vendors have in place.

"Enhancing Venminder's SOC Assessment underscores our commitment to delivering top-tier risk management solutions," stated James Hyde, CEO of Venminder. "This assessment is pivotal for our customers who rely on our risk-based evaluations to determine if their vendors are protecting sensitive information. We've made substantial improvements to ensure that this update is thorough, straightforward, and effective."

The Venminder SOC Assessment now offers a more structured and comprehensive review process, allowing for clear exception callouts and enhanced control insights. This revision helps customers better understand the effectiveness and integrity of their vendor's control environment, leading to more informed decisions and robust third-party risk management.

Key features of the updated SOC Assessment include:

• Comprehensive coverage provides a detailed review of the vendor's audited control environment in scope of the SOC report, including administrative, technical, and physical controls, in addition to important information such as control exceptions and resulting auditor opinion. Complementary User Entity Controls (CUECs) are also presented to ensure your organization is aware of your control responsibilities.
• Expert analysis is conducted by a team of certified information security professionals, including CTPRPs, CISMs, CISAs, CISSPs, ABCPs, and more, ensuring a deep and precise understanding of SOC reports.
• Regulatory compliance that aligns with regulatory requirements allows customers to map controls directly to industry standards, laws, and regulations. (See how Venminder's SOC Assessment maps to regulatory requirements, standards, frameworks, and laws: SOC Control Mapping)
• A standardized approach that enables consistent review processes for how SOC reports are reviewed and evaluated, ensuring comparable results across all vendors.

"By expanding our control evaluations and focusing on specific areas of risk, we've made our SOC Assessment both more rigorous and user-friendly," Hyde added. "Our customers can now enjoy a seamless and efficient experience, enabling them to focus on strategic decision-making rather than getting lost in technical details."

Venminder's enhanced SOC Assessment is available directly on the Venminder platform, allowing for seamless interoperability with all their vendor risk management solutions. This in-app accessibility ensures customers can effortlessly leverage their full suite of tools. For additional flexibility, the assessment can easily be downloaded to access offline or shared with executives or board members, helping facilitate informed decision-making at every organizational level.

To learn more about Venminder's SOC Assessment or to view an interactive tour, visit: https://www.venminder.com/product-tour/soc-assessment. For more information about Venminder and its solutions, please visit http://www.venminder.com.

About Venminder

Venminder is the leading provider offering a unified SaaS platform for third-party risk management. The platform is used by more than 1,200 customers to manage the entire vendor lifecycle, from onboarding to offboarding, with ease and efficiency. Venminder combines technology and human expertise to enable customers to manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and much more. Venminder also powers Third Party ThinkTank, the largest online community dedicated to the practice of third-party risk. For more information, visit http://www.venminder.com or follow Venminder on LinkedIn, X, Facebook, and YouTube.

Media Contact

Venminder Media Team, Venminder, (888) 836-6463, [email protected], www.venminder.com

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SOURCE Venminder