Open VRM Launches Online Vendor Directory with Over 1,100 Vendors at T3 Conference

New Free Platform Streamlines Vendor Risk Management for Financial Institutions, RIAs, and Fintech Vendors

DALLAS, TX, UNITED STATES, March 4, 2025 /EINPresswire.com/ -- Open VRM today announces the launch of the Financial Services online Vendor Directory at the T3 Technology Conference in Dallas. This comprehensive directory — available to all financial institutions, registered investment advisers (RIAs), and vendors — already features over 1,100 vendors​. Open VRM’s platform introduces a free and standardized approach to vendor risk management, enabling firms to streamline third-party due diligence while saving significant time and resources​.

In today’s financial industry, performing due diligence on vendors is often a labor-intensive, redundant process. Vendors commonly fill out hundreds of similar security questionnaires for different clients, leading to massive duplication of effort. One study found that vendors spend an estimated 15,000 hours annually responding to due diligence requests, at a cost of nearly $2 million each year​.

Much of this work is repetitive, yielding little additional value and straining resources on both the vendor and client sides. Since 2023, Open VRM directly addresses this inefficiency by allowing vendors to complete one comprehensive cyber due diligence profile that all their clients can access on-demand. This centralized, open model ensures that due diligence information is kept consistent and up-to-date, eliminating the need for multiple bespoke questionnaires.

From the 1,100 vendors listed, over 150 are Participating Vendors, meaning they have an account on the platform to share due diligence information with their clients. This number continues to grow each month as more clients join the platform and invite their vendors to participate.

Some of the 150 Participating Vendors
Charles Schwab, Betterment, Box Professional Insurance, ClickUp, Dropbox, Egnyte, eMoney, FCI, Nitrogen, Panoramix, Security Basecamp, Security Scorecard, Smarsh, Trade PMR, Zendesk, and Zoho.

Key Benefits of the Open VRM Vendor Directory
• Free Access for All Parties
• Significant Time and Resource Savings
• Standardized, Open Approach
• Robust Vendor Coverage

Industry leaders are enthusiastic about the value Open VRM brings to vendor risk management. “Every vendor should be on Open VRM, it is free for them, but it also reduces their required resources to answer their clients’ requests for vendor due diligence,” said Joel Bruckenstein, a noted fintech industry expert, producer of the T3 Conference, and Open VRM Advisory Board member. Open VRM’s model not only lightens the workload for vendors but also accelerates the vetting process for financial institutions. By reducing repetitive inquiry cycles, both vendors and their clients can redirect their efforts towards analyzing risk information and strengthening security, rather than simply collecting data.

“After 2 years of effort, the launch of the Open VRM Online Vendor Directory marks a significant step toward an industry-wide solution for third-party risk management”, said Vincent Guyaux, Buckler’s Chairman of the Board and CISO, who offer the Open VRM technology as a freemium of their Cyber Program Management Software. Financial institutions, RIAs, and vendors are encouraged to sign up and explore the directory. Setting up an Open VRM account is straightforward: vendors can register on the platform, complete the standard due diligence questionnaire, and upload their cybersecurity and compliance documents. Institutions and advisors can log in to select the vendors they work with and request immediate access to those vendors’ due diligence information.

About Open VRM
Open VRM (Vendor Risk Management) offers the Financial Services industry a new standard for vendor due diligence management. Unlike traditional VRM software, Open VRM provides vendors with a free, open environment to populate, manage and share a pre-vetted security questionnaire and compliance evidence documents in one private location. Open VRM drives faster collaboration between vendors and clients in an ever-growing cyber regulatory world. https://openvrm.com/

Pamela Rasey
Buckler Open VRM
[email protected]
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