Vendor Risk Management Software
Best Vendor Risk Management Software include:
BitSight Security Ratings, SecurityScorecard, Nexis Diligence, Avetta One, D&B Risk Analytics, UpGuard Vendor Risk, Whistic, CanQualify, CyberGRX and Venminder.
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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…
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.
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…
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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…
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…
Third Party Tracker, a PwC Product, helps companies screen and manage third parties, identify upfront risks from potential partners, conduct due diligence, and monitor through the lifecycle of the relationship.
Control and command business continuity, resiliency, and risk & recovery with Sustainable PlannerVirtual Corporation’s Sustainable Planner® is a business continuity software solution designed to empower organizations to implement processes that build, update, and maintain continuity…
Vendor360 is a third party risk management platform for aggregating vendor data, automating assessments and getting control over vendor risk management processes.
Maintaining greater visibility is the first step toward ensuring traceability and accountability across an approved vendor network. MasterControl’s supplier solution unites quality and supply chain management so a company can extend quality across suppliers, partners and distributors.…
Innodata’s Risk Intelligence Solution provides near real-time data and insight across regional supplier and vendor ecosystem, so that the user can remain agile and resilient in the face of emerging risks.
Acuity Risk Management helps businesses manage, prioritize and report on their cyber, operational and IT risks to inform strategic and tactical decision-making and build long-term resilience. Acuity's STREAM platform provides rapid time to value to reassure stakeholders that risks…
Proteus NextGen Data Privacy software provides DPOs, Privacy teams and Legal teams with the data privacy management tools required to manage GDPR compliance, CCPA compliance or other data privacy compliance programme.Proteus® NextGen Data Privacy™ brings together cyber security, data…
SecZetta, headquartered in Fall River, is an identity risk and IAM software solution provider that offers tools that enable organizations to execute risk-based identity access and lifecycle strategies for vendors, partners, contractors, freelancers, bots, service accounts, and other…
DoControl is an automated platform that provides data access monitoring, orchestration, and remediation across SaaS applications. By replacing manual work with automation, DoControl reduces the overload of work and complexity that Security/IT teams have to deal with every day.…
Prokuria is a cloud-based procurement platform, presented as easy to customize, fast-to-start and intuitive with a simple interface to drive greater adoption across departments. RFIs, RFPs, RFQs Streamline sourcing decisions with Prokuria's technology - digitized data and features…
Corizance is a risk management platform that helps build business resilience and prevent disruptions with the help of AI and built-in analytics. Corizance helps keep track of non-financial risks, so users receive business insights faster. Conventional risk management requires users…
TrustElements, a cloud-based business intelligence solution, helps companies demonstrate due diligence regarding adherence to security protocols (HIPPA, NIST, ISO, etc.) and prevent risks that come from third-party vendor management. On its dashboard, TE benchmarks remediation status…
Quantum SDS, headquartered in Campbell, offers enterprise organizations and government agencies an integrated, customizable trifecta solution designed to digitally transform procurement and supplier relationships, from the RFx process through contract development, supplier engagement…
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…
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. It is no longer available…
A tool that helps the user get to know company credit scores and recommended credit limits before making a decision. It also helps to understand B2B partners’ and prospects’ company payment behaviour, perform due diligence checks and avoid financial difficulties caused by other businesses’…
A tool to assess and mitigate data privacy risks. Examine and document the impact of a new project to prove compliance with GDPR. With Data Protection Impact Assessment users can highlight & mitigate risk of projects, enable oneself to take action to eliminate the risks, simplify…
EZMaxVendor enables organizations to manage and schedule external service vendors like they’re an extension of an internal workforce. This helps to eliminate surprises by establishing a shared understanding on work scope, cost, location, start time, and technicians. Users can…
Risk Command is a suite of PwC Products that identify and monitor potential threats, helping the user respond and remediate with speed and confidence.
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.
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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.