Supplier Risk Management Software

Why do you need supplier risk management software?

Supplier risk management software empowers you to quickly identify, manage, and mitigate the risks associated with your vendors and service providers. Prevent potential disruptions across your entire supply chain, protect your organization, strengthen resilience, and maintain compliance.

Enterprise Risk Management Dashboard
ERM Personalize
Monitor supplier performance

Build a central supplier library to store critical information on each supplier. Track contracts, costs, SLAs, and KPIs, to ensure continuous performance monitoring of suppliers against key metrics.

ERM Interactive
Streamline Supplier Risk Assessments

Streamline vendor risk assessments, questionnaires, and surveys with automated workflows and a dedicated vendor portal. Vendors can complete details online, while you get real-time alerts and seamless data integration for faster onboarding and smarter decisions.

ERM Always up to date
Receive vendor risk intelligence

Receive detailed insights on emerging threats relating to your suppliers by linking Riskonnect’s supplier risk management software with your selected risk intelligence provider via API integrations.

How does supplier risk management software work?

Establish a supplier register.

Compile a centralized third-party inventory of your suppliers. Understand vulnerabilities in your supply chain network and monitor risk exposure by capturing key details for each provider, including costs, contracts, key contacts, service level agreements (SLAs), and key performance indicators (KPIs).

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Automate risk assessments.

Riskonnect’s customer and vendor risk assessment software fully automates the third-party risk assessment process. Workflow automation sends alerts when assessments are due, and your suppliers and service providers complete the details online, populating dashboards and reports. You can easily customize forms for different supplier types. Implement scorecarding, benchmarking, and ratings for each supplier to track performance.

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Launch questionnaires and supplier reviews.

Design detailed questionnaires and surveys in our supplier risk management software to assess your service providers and those in your supply chain. Run instant reports on the results to quickly identify issues. Use automated workflows to facilitate approvals, sign-offs, and regular vendor reviews and to document the progress of corrective actions.

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Establish an online supplier portal.

Riskonnect’s vendor risk management platform enables you to build an online supplier portal to collect vendor assessment responses for faster reviews. Suppliers can easily complete risk assessments, questionnaires, and surveys, and upload supporting evidence. The system notifies relevant teams when assessments are complete, and workflows trigger the next steps for internal teams.

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Establish proactive controls.

Establish robust controls and implement automated risk mitigation workflows that reduce supplier risks. Schedule regular control checks and testing, and capture the findings. Setting effective controls protects your organization from reputational risk caused by underperforming suppliers.

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Monitor supplier performance.

Link your third-party risk management (TPRM) program with other systems and data sources via APIs to get a complete view of supplier risk. Easily track supplier performance against agreed SLAs and KPIs. Automated workflows send notifications when risk exceeds tolerance levels or performance dips. You can easily capture any remediation actions to ensure underperforming service providers are dealt with promptly.

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Get external supplier risk updates.

Build supply chain resilience by subscribing to third party risk intelligence that feeds into your supplier risk program via API integrations. Receive real-time updates on ethical practices, financial health, security posture, compliance issues, and cybersecurity and data privacy threats relating to your external service providers.

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Ensure suppliers comply with standards and regulations.

Use our vendor compliance management software capabilities to ensure vendors, third parties, and suppliers adhere to applicable regulations and industry standards. Ensure you work with reputable suppliers by incorporating compliance requirements into vendor risk assessments and supply chain evaluations.

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Implement structured supplier onboarding and offboarding processes.

Conduct thorough supplier due diligence by establishing a comprehensive onboarding and offboarding process. Protect vendor relationships and avoid disputes and service disruptions by ensuring contract terms are clear and reviewed in advance.

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Access live dashboards and reports.

See real-time supplier risk exposure using Riskonnect’s vendor risk management tool to generate comprehensive reports on supplier-related risk exposure and risk assessment results. Easily report on performance against KPIs, SLAs, and industry benchmarks to build a holistic view of vendor risks throughout your supply chain and service provider network.

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How can Riskonnect help?

Riskonnect offers highly configurable vendor risk management solutions that can be tailored to your needs. Here’s what sets us apart:

Rapid implementation

Our team can quickly deploy your vendor risk management solution; most deployments take under three months.

Highly customizable

Use pre-existing workflows, templates, and forms, and customize them to establish an efficient supplier risk management process.

Modern technology

Riskonnect’s vendor risk management tool uses the latest responsive technology to deliver exceptional stability, reliability, and screen load times of under one second.

Intuitive interface

Riskonnect’s modern vendor risk management software has an intuitive interface that lets your team manage supplier risk assessments and related tasks efficiently with minimal training, reducing costs.

Mobile accessibility

With the Riskonnect mobile app, you can conduct faster, more accurate vendor risk assessments and monitor supplier performance on site or on the go.

Multiple languages

Riskonnect boosts operational efficiency by supporting multiple languages, allowing global teams to conduct supplier risk management activities in their preferred local language.

Aligning risk to business objectives

Map supplier risk to your organization’s goals and objectives to ensure your team selects low-risk, high-performing suppliers that fit within your risk appetite. Riskonnect is one of the few vendor risk management companies that enables you to align risk with your long-term strategic objectives.

Robust cybersecurity

Riskonnect ranks among the most secure vendor risk management providers, thanks to its advanced permissions, encryption, comprehensive audit trails, and certifications. The platform aligns with leading cybersecurity standards and fully complies with IT security regulations.

API integrations

Use API integrations to gain insights into risk exposure across your third-party vendors and supply chain. Subscribe to vendor risk intelligence that feeds into your TPRM program for proactive risk identification based on your supplier network.

Resources Related to Supplier Risk Management Software

Using Automation to Build a Consolidated View of Third-Party Risk

Using Automation to Build a Consolidated View of Third-Party Risk

This ebook details how to establish an effective supplier risk management program to get a clear overview of supplier risk exposure…

GET THE EBOOK …

3 Ways to Automate Third-Party Risk Management

3 Ways to Automate Third-party Risk Management

This blog provides insights into how supplier risk management automation platforms give detailed insight into supplier risk exposure..

READ BLOG …

Risk Management Software E-Book Complete Guide to Buying

The Complete Guide to Buying Risk Management Software

This ebook walks readers through the software buying process, guiding organizations through the entire journey to help identify the best supplier risk management software to meet your needs..

GET THE EBOOK …

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Frequently Asked Questions | Supplier Risk Management Software

Supplier risk management involves identifying, assessing, monitoring, and mitigating risks within your supply chain and broader vendor network. To effectively mitigate supplier risk, teams must also address security risks linked to outsourcing business functions to third-party providers. Effective supplier risk management safeguards your organization from cybersecurity, compliance, and operational issues relating to suppliers, protecting your reputation and minimizing service disruption.

Organizations can reduce supplier risk by conducting regular vendor risk assessments and monitoring performance against service level agreements (SLAs) and key performance indicators (KPIs). This continuous assessment helps to minimize operational and security risks from suppliers and service providers and proactively prevent supply chain disruptions before they escalate. Organizations can also leverage third-party risk intelligence to conduct background checks on financial stability, compliance violations, and cybersecurity incidents relating to their vendors. Scheduling regular performance reviews and supplier audits can also strengthen an organization’s ability to identify, assess, and mitigate third-party risks.

Supplier risk management solutions enable you to identify, assess, and mitigate risks linked to your external suppliers and third-party partners. These tools centralize all supplier data in a single register. They facilitate automated vendor risk assessments, real-time performance tracking against SLAs and KPIs, and integrations with third-party risk intelligence providers to streamline processes. This unified best-practice approach delivers a clear, accurate view of supplier risk exposure and overall supply chain risk.

Look for supplier risk management software that offers:

  • A centralized supplier repository, so you can store details of all vendor and third-party relationships — including contracts, pricing, key contacts, SLAs, and KPIs — in one place to easily compare suppliers, assess risk exposure, ensuring proactive vendor management.
  • Customizable risk assessment forms, so you can tailor forms for different supplier categories, with all data seamlessly flowing into the platform for precise risk evaluation.
  • Workflow automation, so you can easily streamline tasks such as risk assessments, reviews, approvals, escalations, and remediation actions.
  • Continuous risk monitoring enabling you to track performance against SLAs and KPIs, monitor assessment results, and receive real-time threat intelligence to detect and address emerging supply chain risks proactively.
  • A dedicated vendor portal to let your suppliers complete online questionnaires, surveys, and risk assessments.
  • Detailed dashboards, reports, and analytics to help you understand risk exposure, prioritize remediation activities, and guide decision-making.
  • Compliance record-keeping, so you can mitigate legal and compliance risks and demonstrate that vendors meet regulatory requirements, maintain certifications, and follow industry best practices.
  • Attack surface monitoring, so you can detect and mitigate vulnerabilities in your vendors’ external-facing systems before hackers can exploit them.
  • Cybersecurity risk management tools, so you can identify, assess, and address broader IT security risks and potential data breaches tied to IT vendors and technology partners.
  • API integrations with threat intelligence feeds, so you can receive live updates on risks relating to your vendor network such as financial instability, legal issues, data breaches, or compliance violations, enabling you to act before issues escalate.
  • Vendor risk scoring, so you can benchmark suppliers against industry standards, offering a clear perspective on vendor relationships, potential risks, and underperforming suppliers.
  • Incident management tools with automated workflows, so that you can log, track, and resolve vendor and supply chain-related incidents.
  • Business continuity management capabilities, so you can evaluate and manage risks in your supply chains that may affect your organization’s operational resilience and continuity.

With modern supplier risk management software, you can:

  • Boost operational efficiency by automating risk assessments, streamlining workflows, and reducing manual tasks, freeing your team to focus on strategic priorities.
  • Gain deeper risk insights through API integrations with third-party intelligence to uncover financial, compliance, and cybersecurity threats sooner.
  • Get complete visibility into supplier risk, with real-time dashboards and comprehensive reports to enhance decision-making processes.
  • Ensure data accuracy by applying governance rules that produce reliable, consistent risk information.
  • Address underperformance by continuously monitoring vendor performance against SLAs and KPIs and capturing automated remediation actions.
  • Strengthen supply chain resilience by applying adequate controls, scheduling regular assessments, and proactively mitigating risks before they disrupt operations.
  • Safeguard against cyber threats, with continuous monitoring, routine security checks, and controls to reduce vulnerabilities in your vendor network.
  • Maintain accountability by tracking user activity to support transparency, compliance, and audit readiness.

When evaluating supplier risk management software vendors, you should prioritize risk management vendors that provide:

  • Seamless integrations with risk intelligence providers and your existing systems, so that you can benefit from real-time updates on supplier risks — including financial instability, cybersecurity breaches, data privacy issues, and regulatory penalties — in one place.
  • A standardized risk framework, so you can consistently categorize and assess supplier risks across your supply chain.
  • Customizable templates, workflows, and forms, so you can adapt the platform to your processes without incurring costly professional services fees.
  • Flexible configuration options, so you can tailor features and reporting outputs to your organization’s specific requirements.
  • Expanded GRC capabilities, so you can scale the platform to incorporate enterprise risk management, regulatory compliance, ESG, incident management, health and safety, business continuity, and project management when needed.
  • Strong data privacy and security controls, so that you can meet IT and compliance requirements while protecting sensitive supplier information.
  • User activity tracking and personalized dashboards, so you can improve accountability, enhance user experience, and allocate role-specific tasks.
  • Transparent, scalable pricing, so you only pay for the number of users and modules you need.

Supplier risk management differs from operational and enterprise risk management in that it centers on risks from third-party suppliers and service providers. It evaluates, monitors, and mitigates risks tied to external partnerships through vendor risk assessments, questionnaires, and surveys. It also involves analyzing vendor profiles and relevant news, tracking supplier performance against SLAs and KPIs, and formalizing onboarding and offboarding processes. This targeted approach efficiently manages complex supplier relationships, streamlining the supply chain lifecycle, and ensuring continuous oversight of supplier compliance with regulations, performance, and emerging risks.

In contrast, enterprise risk management covers a broader scope, addressing internal organizational risks such as operational, financial, strategic, cybersecurity, and regulatory challenges. It involves maintaining a risk register, conducting periodic risk assessments, implementing and testing controls, and managing remediation activities. While firms may include supplier risk management within traditional risk management, ERM generally lacks the specialized tools and processes used in supplier risk management, such as online vendor portals and third-party risk intelligence. Consequently, operational risk management programs do not address vendor-specific risks. Despite these differences, both approaches can be integrated and managed within a single, holistic governance, risk, and compliance platform to create a single source of truth for all risk management activities.

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