Vendor Risk Management Software

Best Vendor Risk Management Software include:

BitSight Security Ratings and UpGuard (formerly ScriptRock).

Vendor Risk Management Software Overview

What is Vendor Risk Management Software?


Vendor risk management software allows organizations to identify, account for, and manage risk posed to the business from 3rd-party vendors. Also called third-party or IT vendor management software, these tools are most relevant for organizations who use third-party suppliers or data providers.


Vendor risk management software’s primary role is to provide workflows and documentation to streamline or automate risk management processes. A central feature of this role is the vendor risk assessments that an organization’s suppliers or other vendors fill out. Based on these assessments, vendor risk management software creates a vendor scoring and risk classification system. These systems are configurable to meet business’ specific needs, such as regulatory compliance or business disruption planning.


In addition to managing documentation, vendor risk management software offers varying levels of workflow automation. These features range from vendor onboarding flows to dynamic alerts when due diligence is required for existing vendors.


There are several needs that vendor risk management software can fill. A leading benefit of vendor risk management software is regulatory compliance, as most tools also provide robust reporting capabilities for demonstrating compliance, such as those required by the CFPB, FDIC, FRB, OCC, and FTC. They also allow organizations to have better visibility into the upstream risks to their business from vendors or suppliers the business relies on. This visibility lets organizations make better supplier decisions and better prepare for the possibility of supplier disruptions.


Vendor Risk Management vs. Governance and Risk Management


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



Vendor Risk Management Products

(1-25 of 35) Sorted by Most Reviews

RSA Archer

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

HighBond by 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.

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…

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.

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.

MetricStream M7

The MetricStream GRC Platform M7, 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.

IBM OpenPages

IBM OpenPages is a governance, risk management, and compliance (GRC) platform.

BitSight Security Ratings

BitSight in Cambridge, Massachusetts offers an Internet security platform.

LogicManager

LogicManager headquartered in Boston, Massachusetts offers governance, risk management, and compliance (GRC) software.

UpGuard (formerly ScriptRock)

UpGuard (formerly ScriptRock) combines third-party security ratings, vendor questionnaires, and threat intelligence capabilities, and is presented as a complete cyber risk solution. The security platform groups risks into six categories: website risks, email security, network security,…

Lockpath Integrated Risk Management Platform (formerly Keylight)

Lockpath, acquired by NAVEX Global in 2019, is an integrated risk management platform consisting of four components supporting business continuity management, privacy, risk, compliance, third-party or vendor risk, as well was health and safety management.

LogicGate

LogicGate is software that allows businesses to automate risk and compliance operations by visually designing their end-to-end workflows and deploying them as highly controlled process applications, without writing a single line of code.According to the vendor, LogicGate makes it…

SECURITI.ai

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…

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…

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…

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…

Venminder

Venminder in Elizabethtown boasts online software technology that can guide and streamline third-party risk management programs through critical processes. The software offers in-app service ordering of document collection and due diligence reviews.

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…

RiskRate

RiskRate, from NAVEX Global, delivers what the vendor describes as a robust solution for third-party risk management and enterprise due diligence programs. With it, users execute on risk-based third-party risk management programs with centralized onboarding, screening and continuous…

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.

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,…

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…

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.

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.