Vendor Risk Management Software

Vendor Risk Management Software Overview

Vendor risk management (VRM) software collects and streamlines the management of vendor risk data to protect businesses against supply chain vulnerabilities, data breaches, and compliance issues. This type of software onboards suppliers and evaluates, monitors, and minimizes risks that could negatively affect a company’s vendor relationships.

These technologies, sometimes known as third-party risk management (TPRM) or IT vendor management software, are most relevant to companies that use third-party suppliers or data providers. VRM software helps companies reduce the risk of external supply disruptions caused by undependable vendors.

The primary function of vendor risk management software is to provide workflows and documentation to streamline or automate risk management operations. The vendor risk assessments that an organization’s suppliers or other vendors fill out are a key feature of this function. VRM software generates a supplier ranking and risk classification system based on these assessments. These systems can be customized to fulfill various corporate requirements, including regulatory compliance and business disruption planning.

Data breaches, data loss, and human error are all hazards of using digital technologies. With the rapid expansion of technology, supply chain vulnerabilities are a growing concern due to their upstream ripple effect. Companies must be diligent in defending their privacy, operations, and reputation while regulations and laws are still catching up. VRM technologies make the process of organizing, optimizing, and securing supply chain relationships easier for businesses as they navigate and interact with a world of supply chain providers.

Vendor risks commonly fall into three categories: legal and regulatory, financial, reputational, and operational. Legal teams and compliance officers use vendor risk management software to ensure that corporate policies and federal regulations such as FFIEC, CFPB, and HIPAA are met. Procurement specialists and managers from IT, manufacturing, quality management, and supply chain management departments use vendor risk management software to mitigate security and operational risks.

Vendor risk management software often overlaps with data privacy management software and governance, risk, and compliance (GRC) software. Each category emphasizes risk management for regulatory compliance and business impact purposes. However, each category of software also varies in its specificity and scope. Vendor risk management software will also often integrate with supply chain software, CRM tools, or ERP platforms to facilitate other supplier management processes.

Vendor risk management software is solely focused on the management and accounting for third-party vendor risk. In contrast, governance, risk, and compliance (GRC) software is designed to manage risk more broadly across the organization, particularly internally.

Vendor Risk Management Products

(1-25 of 78) Sorted by Most Reviews

The list of products below is based purely on reviews (sorted from most to least). There is no paid placement and analyst opinions do not influence their rankings. Here is our Promise to Buyers to ensure information on our site is reliable, useful, and worthy of your trust.

Archer Integrated Risk Management Platform

RSA Archer, from the security, governance, and risk division of RSA Security is an integrated risk management / GRC platform.

Key Features

  • Incident management (13)
    91%
    9.1
  • GRC policy management (13)
    84%
    8.4
  • Common repository of GRC items (12)
    80%
    8.0
Beeline Extended Workforce Platform

Beeline VMS is a vendor management system from Beeline headquartered in Jacksonville, Florida, an independently operated division of global HR company Adecco, for managing a contingent workforce.

NAVEX One

NAVEX Global launched NAVEX One in 2020. It is described by the vendor as a complete GRC platform, providing a comprehensive set of applications and workflows integrated into a single platform, for compliance, legal, or HR professionals.

OneTrust

OneTrust headquartered in Atlanta offers their privacy data management platform, the OneTrust Consent Management Platform, providing website compliance scanning, cookie management, publisher and mobile app compliance and related features, as well as legal research compliance platform…

ServiceNow Governance, Risk, and Compliance

ServiceNow Governance, Risk, and Compliance provides the tools businesses use to proactively manage risk by measuring, testing and auditing internal processes. This solution helps business users ensure compliance to regulations, policies, standards and frameworks. It is available…

Key Features

  • Integration with Corporate Performance Management (CPM) systems (5)
    77%
    7.7
  • Risk management (5)
    65%
    6.5
  • Common repository of GRC items (5)
    64%
    6.4
Diligent HighBond (formerly Galvanize)

HighBond is a Governance, Risk Management, and Compliance Platform from Galvanize, the company formed from the merger of Rsam and ACL Services and more recently acquired by Diligent Corporation in February 2021.

SecurityScorecard

SecurityScorecard provides A-F graded security rating scorecards, to drive improved communication, effective compliance reporting, and more informed decision making. These enable enterprises to rate, understand, and continuously monitor the security posture of any organization worldwide,…

MetricStream Platform

The MetricStream Platform, from MetricStream in Palo Alto, California is a Governance, Risk Management, and Compliance (GRC) platform supplying a technology infrastructure for deploying GRC apps configurable to meet the needs of the enterprise.

Riskonnect

Riskonnect is an Integrated Risk Management platform. Riskonnect products are all connected, allowing users to navigate to review, analyze, and report from a single interface.

SAI360

SAI360 (formerly Compliance 360) is offered as a cloud-first EHS and GRC platform offered by SAI Global headquartered in Sydney, Australia. SAI Global acquired Compliance 360 in 2012.

Osano

Osano, headquartered in Austin, Texas, is a data privacy platform boasting usage by more than 750,000 websites around the globe. With laws like GDPR and CCPA, it is designed so users can ensure their sites are compliant and mitigate the risk of being sued. The vendor states that…

Predict360 Risk And Compliance Intelligence Platform

Predict360, its flagship software solution, is a Risk and Compliance Intelligence Platform augmented with Artificial Intelligence technology to predict and mitigate operational risks while streamlining regulatory compliance. Predict360 integrates regulations and obligations, compliance…

Fusion Risk Management

Fusion Risk Management headquartered in Chicago aims to redefine business continuity, risk management, and disaster recovery programs with the Fusion Framework System. With it, the vendor states that users can leverage dynamic data to track and monitor risks, align key strategic…

Prevalent Third-Party Risk Management Platform

Delivered via the cloud, the Prevalent platform unites automated vendor assessments, continuous threat monitoring, and a network of standard shared assessments for organizations to gain a 360-degree view of vendors to simplify compliance, reduce risks, and improve efficiency. The…

Securiti

SECURITI.ai in San Jose offers technology solutions to help users identify any sensitive data across an organization in structured and unstructured systems, as well as automate data privacy, security & governance. Boasting modern machine learning and pattern matching techniques, it…

CyberGRX

CyberGRX in Denver offers a vendor / third-party risk management software platform.

ThirdPartyTrust

ThirdPartyTrust is a vendor risk management platform for companies to connect, assess and share relevant security documentation, from the company of the same name in Chicago. The platform delivers tools for vendors to kickstart the assessment process and expert enterprise features…

SureCloud

SureCloud in London is a Governance, Risk and Compliance (GRC) and Cybersecurity Solutions provider whose applications include Vulnerability Management, Risk Management, Policy Management, Compliance Management, Internal Audit, Incident Management, Business Continuity Management…

ProcessUnity Vendor Risk Management

ProcessUnity’s Vendor Risk Management software protects corporate brands by reducing risk from third parties, vendors and suppliers. Their third-party risk tools help customers assess and monitor both new and existing vendors – from initial onboarding to ongoing due diligence and…

Ncontracts

Ncontracts in Brentwood is a provider of vendor and third-party risk managemetn solutions that aim to help banks, credit unions and mortgage lenders assess, manage, and mitigate the complete lifecycle of risk.

Whistic

Whistic in Pleasant Grove is a provider of proactive vendor security and aims to change the way that companies publish and evaluate security posture to build trust.

Quantivate Vendor Management Software

Quantivate Vendor Management Software allows organizations to develop a comprehensive vendor management process and obtain a complete view of vendor relationships and vendor risk. The solution aims to enable efficient vendor due diligence, vendor risk assessments, planning, vendor…

Aravo

Aravo Solutions headquartered in San Francisco offers cloud-based solutions for managing third party governance, risk, compliance and performance. Their goal is to help companies protect their business value and reputation by managing the risks associated with third parties and suppliers,…

TYASuite Vendor Management Software

Vendors are one of the most important parts of any business and managing them effectively is the key to success. Thus to manage and control business vendors with proficiency it is important to use vendor management software. The solution helps users manage vendors, eases the process…

Quantivate GRC Platform

The Quantivate GRC Platform, from Quantivate in Woodinville, is presented as a technology foundation that organizations both large and small are leveraging to build an integrated GRC architecture that can mature and strengthen any enterprise. Built on a Sa­aS architecture, the Quantivate…

Learn More About Vendor Risk Management Software

What is Vendor Risk Management Software?

Vendor risk management (VRM) software collects and streamlines the management of vendor risk data to protect businesses against supply chain vulnerabilities, data breaches, and compliance issues. This type of software onboards suppliers and evaluates, monitors, and minimizes risks that could negatively affect a company’s vendor relationships.

These technologies, sometimes known as third-party risk management (TPRM) or IT vendor management software, are most relevant to companies that use third-party suppliers or data providers. VRM software helps companies reduce the risk of external supply disruptions caused by undependable vendors.

The primary function of vendor risk management software is to provide workflows and documentation to streamline or automate risk management operations. The vendor risk assessments that an organization’s suppliers or other vendors fill out are a key feature of this function. VRM software generates a supplier ranking and risk classification system based on these assessments. These systems can be customized to fulfill various corporate requirements, including regulatory compliance and business disruption planning.

Data breaches, data loss, and human error are all hazards of using digital technologies. With the rapid expansion of technology, supply chain vulnerabilities are a growing concern due to their upstream ripple effect. Companies must be diligent in defending their privacy, operations, and reputation while regulations and laws are still catching up. VRM technologies make the process of organizing, optimizing, and securing supply chain relationships easier for businesses as they navigate and interact with a world of supply chain providers.

Vendor risks commonly fall into three categories: legal and regulatory, financial, reputational, and operational. Legal teams and compliance officers use vendor risk management software to ensure that corporate policies and federal regulations such as FFIEC, CFPB, and HIPAA are met. Procurement specialists and managers from IT, manufacturing, quality management, and supply chain management departments use vendor risk management software to mitigate security and operational risks.

Vendor risk management software often overlaps with data privacy management software and governance, risk, and compliance (GRC) software. Each category emphasizes risk management for regulatory compliance and business impact purposes. However, each category of software also varies in its specificity and scope. Vendor risk management software will also often integrate with supply chain software, CRM tools, or ERP platforms to facilitate other supplier management processes.

Vendor risk management software is solely focused on the management and accounting for third-party vendor risk. In contrast, governance, risk, and compliance (GRC) software is designed to manage risk more broadly across the organization, particularly internally.

Vendor Risk Management Software Features

Vendor risk management (VRM) software typically includes the following features:

  • Alerts/notifications
  • Audits and compliance management
  • Automated deadline rules
  • Collaboration tools
  • Configurable process library
  • Dashboard and reporting
  • Document management
  • Email triggers and notifications
  • Issue management
  • Monitoring and testing
  • Processes and templates
  • Quantitative data
  • Regulatory compliance tracking
  • Risk identification and assessments
  • Supplier dashboards

Vendor Risk Management Software Comparison

When comparing vendor risk management (VRM) software, consider the following:

Assess pain points and risk types first. Before shopping, comparing and setting up demos with VRM vendors, first--assess current pain points. Determine where, why, and how your current risk management strategies are failing. Also, consider the types of vendor risks that are most important to your organization. Some common risk types include:

  • Data security
  • Regulatory compliance
  • Reputation
  • Legal
  • Exposure
  • Geolocation factors
  • Upstream and downstream stability

Expense and value. While it’s true that “you get what you pay for” in a VRM solution, most startups and small businesses will not be able to afford the best VRM options. Look for options that offer flexible pricing, automated processes, and crowdsourced access to legal experts to maximize value.

Standalone vs. Add-on. Vendor risk management (VRM) software is typically a specialized component of a broader governance, risk, and compliance (GRC) program, but it can also be used as a stand-alone solution. A standalone solution may be necessary for certain situations where data security is very high. However, if utilized as a standalone, the VRM application must be connected individually with other applications such as GRC, ERP, QA, and supply chain management software.

VRMs may come as part of a purchased software bundle or be added to current legacy systems already in place. Check with your existing GRC and other systems to see if an add-on option for VRM already exists.

Start a Vendor Risk Management Software comparison here

Pricing Information

Vendor risk management software is generally quite expensive. Most products on the market are priced per year, and the overall cost depends on the level of features. Basic plan pricing ranges from $70 - $400/yr for small businesses. Higher-tier plans range from $400-$10,000/yr for midmarket and $10,000+/yr for enterprise-level services. Vendors may include additional features such as active directory integration, unlimited users, and detailed auditing for enterprise or higher-priced premium packages.

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Frequently Asked Questions

What does vendor risk management software do?

Vendor risk management software provides the risk assessments and workflow tools to streamline the collection, analysis, and long-term management of vendor risk data.

What’s the difference between vendor risk management and GRC software?

Vendor risk management software is exclusively focused on handling and accounting for 3rd-party vendor risk. In contrast, governance, risk, and compliance software is designed to manage risk more broadly across the organization, particularly internally.

What are the benefits of vendor risk management software?

Vendor risk management software helps organizations stay compliant with various regulations and reduces the risk of external supply disruptions impacting the business directly.

Who uses vendor risk management software?

Vendor risk management software is most often used by supply chain or procurement specialists, legal teams with organizations, or a combination thereof.