Vendor risk management software (VRM) is a tool that organizations use to identify, measure, and mitigate risks associated with vendor relationships. With VRM software, organizations can assess vendor risk across a wide range of factors, from financial stability and compliance to data security and operational performance.
The basic idea behind VRM software is to help organizations effectively manage vendor relationships by identifying and mitigating risks early in the process. With a robust VRM platform, organizations can quickly and easily assess vendor risk factors, assign risk profiles, and track and manage vendor performance over time.
Some of the key features and benefits of vendor risk management software include:
- Automated vendor risk assessments – Many VRM platforms offer automated assessments that can help organizations quickly scan and evaluate vendor risk factors. These assessments may rely on external data sources, like credit reports and industry benchmarks, as well as internal data, like historical vendor performance metrics.
- Vendor risk profiling – VRM software can help organizations categorize vendors into risk profiles based on their level of risk exposure. This can help organizations allocate resources to manage high-risk vendors more effectively, while also ensuring that low-risk vendors receive appropriate levels of scrutiny.
- Vendor governance tools – VRM software often includes tools for managing vendor contracts, monitoring vendor performance, and tracking vendor compliance with industry regulations and internal policies.
- Integrated reporting and analytics – VRM software typically includes dashboards and analytics tools that enable organizations to report on and track vendor performance, identify trends and patterns over time, and identify areas for improvement.
- Data security and privacy – Given the sensitivity of vendor relationships, VRM platforms typically include robust security features designed to protect sensitive data and comply with data privacy regulations like GDPR and HIPAA.
Overall, vendor risk management software is a critical tool for organizations that rely on vendors and third-party partners to deliver key services and products. By effectively managing vendor risk, organizations can reduce the likelihood of disruptions, minimize long-term costs, and maintain a solid strategic position in the marketplace.
ProcessUnity vendor risk management software speeds vendor onboarding and reduces post-contract vendor due diligence.
- Vendor Criticality
- Vendor Assessment Status
- Assessment Findings
- Document Requests
- Action Items
- Contract Review Status
- Risk by Geographic Location
- Compliance Ratings
Support your ethics and compliance, integrated risk, and ESG programs in a single GRC platform. NAVEX is trusted by 13,000+ organizations worldwide.
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CyberVadis is the first scalable solution to cover your whole supply chain with a third-party cybersecurity risk assessment process.
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MetricStream IT Vendor Risk Management software enables organizations to effectively manage and mitigate risks from IT vendors.
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Resolver’s Vendor Risk Management Software automates & standardizes the assessment of hundreds of vendors in one consolidated platform.
- Vendor identification and requests
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UpGuard is the best platform for securing your organization’s sensitive data. Our security ratings engine monitors millions of companies and billions of data points every day.
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CENTRL is a leading risk and compliance technology company that provides an enterprise-grade risk, cyber security and privacy management platform, along with solutions for Modern Slavery Act Compliance, Bank Network Management and Operational Due Diligence. The company’s platform and solutions are used by leading financial, technology, media and audit firms, and companies across industries.
- Benefit from Single, Centralized Vendor Directory
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Diligent’s Third-Party Risk Management Software helps you manage and remediate third-party and vendor risk in one unified program.
- Streamline Vendor Onboarding & Classification
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Automate workflows to streamline the third-party, vendor, or supplier lifecycle, from onboarding to risk mitigation and offboarding.
- Streamline Onboarding and Centralize Your Vendor Inventory
- Automate Your Vendor Risk Assessments with Dynamic Questionnaires
- Reduce Third-Party Risks
- Monitor Vendor Risk and Performance Over Time
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- Create consistency and ease through the course of the entire risk assessment
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Quantivate Vendor Management Software’s robust reporting capabilities give clear visibility into high-risk vendor relationships.
- Centralized Vendor and Data Management
- Manage Vendor and Third-Party Risk
- Vendor Management Compliance Guarantee
- Vendor Management Reporting Made Easy
6clicks is GRC software for businesses, advisors and MSPs for risk management, compliance with integrated content and unique Hub & Spoke architecture.
- Design your vendor risk policy and assessment template, or use ours
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- Automate vendor risk assessments
- Identify, manage and treat risks
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