Use Case

Continuously monitor supplier risks for new or increasing threats

Monitor existing suppliers for early warning signs of risk.

As an organization, you depend on your suppliers to be reliable and capable of providing support. Any problem affecting your suppliers can have a ripple effect and impact your organization. Given that supplier risks can change between your in-depth due diligence checks, it is crucial to have a continuous monitoring system in place for your suppliers, especially those that are critical and high risk.  

Venmonitor™ allows you to monitor various domains in one central location, giving you essential intelligence covering cybersecurity, privacy, business health and credit risk, adverse media, Know Your Vendor, and ESG. This central monitoring enables you to take appropriate actions to mitigate any potential risks proactively. The landscape of third-party risks continually evolves; what seemed safe yesterday might not be safe today. Continuous monitoring through Venmonitor™ Daily Refresh lets you stay ahead of the curve and remain well-informed. 

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Uncover potential weaknesses before they become real threats.

Cybersecurity can be one of the riskiest domains. If your supplier experiences a cybersecurity incident, it can harm your reputation and bottom line. If your supplier experiences a breach, you may have to bear the costs of legal fees, credit monitoring services for your customers, and additional security controls, among other expenses. Although data breaches aren't 100% avoidable, using Venmonitor™ Daily Refresh monitoring, alongside your internal risk assessment and due diligence efforts, can help you proactively identify and address issues with a supplier's controls before they escalate into more significant problems.

Know where you need to focus your time.

When using  Venmonitor™ Daily Refresh to monitor your suppliers, you can quickly pinpoint which risk domains require your attention, which are the most crucial, or which need additional due diligence activities during off-cycle periods. When you have limited bandwidth and capacity, Venmonitor™ can be a valuable tool to uncover recurring themes in specific risk domains and allow your organization to delve deeper into areas needing more insight, documentation, and due diligence.

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A step in the right direction.

If your organization is new to third-party risk management and currently not conducting due diligence on suppliers, or if it has fallen behind in its scheduled diligence activities, continuous monitoring is an excellent way to get started in the right direction quickly. It can help you catch up and stay on track with your risk management efforts.  

Knowing where to begin when implementing a comprehensive third-party risk management program can be overwhelming, particularly when there are many suppliers and limited resources.

By leveraging a continuous monitoring solution like Venmonitor™ Daily Refresh, you can use it to scale and pinpoint areas that require immediate focus and attention. It allows you to monitor your critical and high-risk suppliers for risks across various domains, providing you with the necessary information to identify which suppliers require immediate attention. 

See Venmonitor in Action

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Venmonitor™ Product Tours

Venmonitor™ Product Tours
“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 stay in the know and ahead of the game.