Vendor Risk Management Software

Best Vendor Risk Management Software include:

BitSight Security Ratings, SecurityScorecard, Nexis Diligence, D&B Risk Analytics, Avetta One, Whistic, UpGuard Vendor Risk, Vendor360, Venminder and CanQualify.

All Products

(1-25 of 107)

1
SAP Ariba

With advanced tools to automate manual processes and support close collaboration with suppliers, SAP Ariba helps streamline source-to-pay processes across organizations.

2
Archer Integrated Risk Management Platform

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

3
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…

4
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.

5
Vanta

Vanta is an automated security and compliance platform. Vanta helps businesses get and stay compliant by continuously monitoring people, systems and tools to improve security posture.

6
OneTrust Privacy and Data Governance Cloud

The OneTrust Privacy and Data Governance Cloud provides privacy and data governance automation to help organizations better understand their data across the business, meet regulatory requirements, and operationalize risk mitigation to provide transparency and choice to individuals.…

7
MasterControl Quality Excellence

The MasterControl Quality Excellence suite bundles a number of products supporting work quality and compliance including training and exams, incidents and corrective actions (CA), documents and change, and other modules.

8
SAI360

SAI360 merges GRC software and Ethics & Compliance Learning to enhance risk management. Its scalable solutions have supported global organizations for 25+ years.

9
Nexis Diligence

Nexis Diligence uses enriched data from a number of content sources to offer a comprehensive, 360-view of any person or company. The service includes Dun & Bradstreet® UBO data on hundreds of millions of businesses and commercial entities worldwide, for visibility into hidden connections…

10
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,…

11
Zycus Procure to Pay

A guided buying P2P solution with AI, that helps to ensure consistency, and that helps users make the best buying decisions, using a more intuitive shopping experience.

12
OneTrust GRC & Security Assurance Cloud

Based on technology acquired from Tugboat Logic and Shared Assesments by OneTrust, the OneTrust GRC and Security Assurance Cloud brings resiliency to organization and supply chain amidst continuous cyber threats, and global crises.

13
D&B Risk Analytics

D&B Risk Analytics provides supply and compliance teams with a solution that leverages AI-powered data to achieve a new level of visibility for managing risks. Utilizing the Dun & Bradstreet Data Cloud – D&B Risk Analytics allows users to screen suppliers, actively monitor…

14
Predict360 by 360factors

Predict360, the flagship software solution by 360factors, 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,…

15
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,…

16
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.

17
Osano

Osano is a data privacy platform that helps organizations build, manage, and scale their privacy programs. The platform provides a solution for consent, data subject rights, assessments, and vendor risk management, helping organizations stay compliant and increase trust with their…

18
Dow Jones Risk & Compliance

The Dow Jones Risk & Compliance division combines the expertise of a multilingual team of 450 researchers and analysts with automation and artificial intelligence tools. The solution aims to deliver reliable, actionable information and applications that are developed specifically…

19
RiskImmune™

RiskImmune (formerly IMMUNE Extended Third-Party Risk Management) offers a solution for managing the lifecycle of vendor relationships, from onboarding and monitoring to off-boarding. It helps identify, assess, and mitigate 13 types of risks associated with third-party vendors…

20
Certa

Certa is a SaaS based, no-code workflow automation platform that enables businesses to manage the lifecycle of their third parties. Companies typically use Certa for third party risk, regulatory compliance, ESG, and diversity management. Certa’s workflow engine enables businesses…

21
LogicManager

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

22
Agreement Express

Agreement Express provides a solution to accelerate merchant boarding and drive scalable risk underwriting. The Merchant ScanXpress solution is designed for Wholesale ISOs, payment facilitators and ISVs to customize their scoring model based on their unique business needs across…

23
BitSight Security Ratings

BitSight in Cambridge, Massachusetts offers an Internet security platform.

24
Gatekeeper

Gatekeeper is a Contract and Vendor Management Solution that brings visibility and transparency to contract and vendor sets, used to create a single source of truth with a central data repository, and to develop robust, scalable processes using automation.

25
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…

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.