Vendor Risk Management Software

Why do you need vendor risk management software?

Vendor risk management (VRM) software will help you gain a thorough understanding of the risks posed by your vendors, suppliers, and service providers and support you in reducing the associated risks.

Enterprise Risk Management Dashboard
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Track vendor performance

Develop a centralized vendor repository to store critical information on each vendor relating to contracts, costs, SLAs, and KPIs, enabling continuous monitoring of supplier performance against key metrics.

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Streamline vendor risk assessments

Vendors can easily complete risk assessments, surveys, and questionnaires via an online vendor portal, workflows send reminders and chase overdue actions.

Collect third-party risk insights

Link Riskonnect’s vendor risk management software with your preferred risk intelligence provider through API integrations to get detailed insights on potential problems relating to your suppliers.

How does vendor risk management software work?

Establish a vendor register.

Build a vendor risk register to capture essential details for each supplier, including costs, contracts, key contacts, service level agreements (SLAs), and key performance indicators (KPIs) to create a centralized third-party inventory and monitor vendor risk exposure.

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Automate vendor risk assessments.

Riskonnect’s vendor risk management software fully automates the vendor risk assessment process. Workflows send notifications when assessments are due, and suppliers and staff complete the details via online forms that feed into the platform. You can customize forms for different supplier categories and capture score-carding, benchmarking, and performance ratings for each supplier.

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Conduct vendor reviews and questionnaires.

Design detailed questionnaires and surveys in our vendor risk assessment software to assess key vendors and use workflows to automate approvals, sign-offs, and reporting outputs. Workflow automation also facilitates regular vendor reviews and tracks the progress of corrective actions.

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Build an online vendor portal.

Riskonnect’s third-party risk management software enables you to build an online vendor portal to consolidate vendor responses centrally. Vendors complete risk assessments, questionnaires, and surveys and upload supporting evidence via the online portal. Completed assessments automatically trigger alerts and initiate subsequent steps for internal teams.

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Implement controls to mitigate risk.

Establish an online control library to implement measures that mitigate vendor risks effectively and conduct regular control checks and testing. Setting robust controls protects your organization from reputational damage caused by poorly performing vendors.

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Monitor supplier performance.

Monitor risk exposure by integrating APIs with other systems and data sources to track vendor performance against agreed-upon SLAs and KPIs. When risk exceeds tolerance levels or performance drops, automated workflows send notifications and facilitate the capture of any remediation actions, enabling prompt action on any underperforming service providers.

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Receive third-party risk intelligence.

Get real-time data on the ethical practices, financial health, security posture, legal and regulatory compliance issues, and cybersecurity and data privacy threats relating to your suppliers by subscribing to third party risk intelligence that feeds into your TPRM program via API integrations.

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Ensure vendors comply with regulations and standards.

Feel confident that your vendors and suppliers are adhering to all applicable regulations and industry standards with our vendor compliance management software. Easily incorporate compliance requirements into vendor assessments, ensuring seamless and transparent compliance tracking during supplier audits.

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Formalize vendor onboarding and offboarding.

Structure a best-practice onboarding and offboarding process to facilitate comprehensive and consistent supplier due diligence and ensure there are no unexpected contract clauses that keep you tied into vendor relationships.

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View real-time dashboards and reports.

Riskonnect’s vendor risk management solution enables you to generate comprehensive vendor risk reports on supplier-related risk to support the vendor selection process. Easily report on performance against KPIs, SLAs, and industry benchmarks to build a holistic view of third-party risk.

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How can Riskonnect help?

Riskonnect is a highly configurable vendor risk management platform that can be tailored to your bespoke needs with:

Fast implementation

Our online vendor risk management solutions can be deployed quickly. Most implementations are completed in under three months.

Highly customizable

Use out-of-the-box customizable pre-built templates, workflows, and forms to establish a best-practice vendor risk process that aligns with your organization’s requirements.

State-of-the-art technology

Riskonnect’s vendor management solution is built on advanced, responsive technology, providing a stable platform with screen load times of less than one second.

Intuitive interface

Riskonnect’s modern, user-friendly interface enables your team to efficiently manage vendor risk management tasks and assessments with minimal training.

Mobile app

Riskonnect offers a mobile app, allowing your team to perform vendor risk assessments and track supplier performance anytime, anywhere.

Align vendor risk with business goals

Riskonnect is one of the few vendor risk management providers that enables you to align vendor risk with your organization’s goals and strategic objectives and operate within a risk appetite.

Highly secure

Riskonnect is one of the most secure vendor risk management platforms, designed with robust security features such as advanced permissions, encryption, and audit trails. It aligns with cybersecurity standards and complies with IT security regulations.

API integrations

API integrations allow you to integrate vendor risk intelligence from multiple sources directly into your TPRM program for proactive risk identification, providing deep insights into vendor risk exposure across your organization.

More Resources Related to Vendor 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 explains how to build an effective third-party risk management program to get a holistic view of vendor risk…

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3 Ways to Automate Third-party Risk Management

This blog explains how third-party risk management automation grants insight into vendor risk and automated processes.

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This ebook demystifies the software buying process, providing a step-by-step guide through the entire buying journey to help you identify the best vendor risk management software for your organization..

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Frequently Asked Questions | Vendor Risk Management Software

Vendor risk management involves identifying, assessing, and addressing the risks associated with outsourcing business functions to third-party vendors and suppliers. Vendor risk management ensures that these external partners do not pose security, compliance, or operational risks that could harm the organization’s reputation or disrupt its services.

To mitigate operational risks stemming from suppliers and prevent supply chain interruptions, businesses should conduct regular vendor risk assessments and track performance against service level agreements (SLAs) and key performance indicators (KPIs). Firms should use third-party risk intelligence providers to conduct background checks on financial stability, compliance violations, and cybersecurity incidents. Regular performance reviews and supplier audits should also be conducted.

Third-party risk management vendors offer platforms designed to help organizations identify, assess, and mitigate the risks associated with their external suppliers and third parties. Firms build a centralized register of all their vendors in the platform and use functionality such as automated vendor risk assessments, real-time performance monitoring against SLAs and KPIs, and integrations with third-party risk intelligence providers to build an accurate picture of risk exposure.

The key features of vendor risk management software include:

  • A vendor library to build an online, centralized repository of your vendors, including contracts, pricing, key contacts, SLAs, and KPIs to easily compare and rate vendors.
  • Automated vendor risk assessments, enabling both staff and vendors to complete risk assessments via an online portal with customizable forms that dynamically adapt to different vendor types.
  • Workflow automation to distribute regular risk assessments and to facilitate approvals, sign-offs, action management, and remediation actions to help you identify, assess, and address risks associated with third-party relationships.
  • Continuous risk monitoring using comprehensive risk assessment results, performance data, and real-time threat intelligence feeds to highlight problems.
  • Detailed dashboards and reports to monitor vendor risk levels, track performance and provide in-depth risk metrics to support decision-making.
  • Third-party risk intelligence feeds to highlight potential threats from third parties, including financial stability, legal issues, data breaches, compliance violations, and other operational risks.
  • Vendor compliance management software to ensure your vendors are compliant with any regulatory standards and industry best practices and have the necessary certifications.
  • Attack surface monitoring to identify, assess, and manage the external-facing vulnerabilities in your network and systems that could potentially be exploited through third-party vendors, suppliers, or partners.
  • Capabilities to manage IT and cyber risk related to the cybersecurity threats linked to IT vendors.
  • API integrations to import transactional data related to supplier performance from other systems and data sources to efficiently monitor risk levels and ensure vendors are meeting SLAs and KPIs.
  • Vendor risk scoring to rate suppliers based on industry benchmarks to give a clear view of potential risks and poor-quality vendors.
  • Vendor compliance management to verify that third-party vendors adhere to relevant regulations and standards, minimizing legal and regulatory risks.
  • Incident management capabilities with workflow automation to track, manage, and resolve incidents involving third parties.
  • Business continuity capabilities to help you assess and manage third-party risks that could impact your organization’s continuity and resilience.
With today’s vendor risk management software, you can:

  • Increase efficiency through streamlined risk assessments, workflow automation, and automated risk monitoring.
  • Enhance risk intelligence by subscribing to third-party risk intelligence providers.
  • See the bigger picture using real-time dashboards and reports to understand vendor risk exposure.
  • Eliminate admin with automated workflows, online forms, and instant reporting outputs.
  • Reduce risk with active control libraries, regular assessments, and automated workflows to implement risk mitigation strategies.
  • Accelerate risk response using workflow automation to quickly respond to emerging threats and disruptions.
  • Improve accuracy and consistency with data governance automation to ensure consistent and accurate risk data.
  • Drive decision-making with real-time risk data.
  • Track vendor performance in real-time to address poorly performing service providers.
  • See who did what for enhanced accountability.
  • Minimize supply chain disruptions with effective controls and mitigation strategies to ensure supply chain resilience.
  • Reduce IT security risk related to vendors to protect company data from cybersecurity threats and vulnerabilities.

When selecting vendor risk management software vendors, firms should look for solutions that offer:

  • Integrations with risk intelligence providers to enable real-time updates on supplier-related risks such as financial difficulties, IT security breaches, data privacy concerns, and regulatory fines.
  • A clear risk framework for categorizing and rating vendor risks.
  • Out-of-the-box templates, workflows, and forms that can easily be customized to meet your needs without costly professional services fees.
  • Configurability, to ensure the vendor risk management software can be tailored to fit your organization’s unique processes and requirements.
  • Scalability to ensure the platform can grow with your organization by offering other capabilities, including enterprise risk management, regulatory compliance, ESG, incident reporting, health and safety, business continuity, and project management.
  • Data privacy and security measures that protect your sensitive data and align with your IT team’s requirements.
  • API integrations with existing systems, ensuring a single source of truth for third-party risk data, and enabling real-time monitoring.
  • User tracking and personalized dashboards – ensuring users see the metrics relevant to their role.
  • A flexible, scalable pricing model based on user count and the number of modules, ensuring you only pay for the features you need.
  • Comprehensive reports and dashboards to empower leadership teams with the insights needed to make informed vendor selection decisions.
  • Alignment with ISO 31000 to ensure the vendor risk management companies’ solutions align with risk management best practices.

Vendor risk management differs from traditional risk management by specifically focusing on the risks arising from third-party vendors and suppliers. It involves; evaluating, monitoring, and mitigating risks associated with external partnerships, conducting vendor risk assessments, distributing questionnaires and surveys, analyzing vendor profiles and relevant news, tracking vendor performance against SLAs and KPIs, and formalizing the onboarding and offboarding of suppliers. This approach streamlines the different stages of the third-party lifecycle and ensures continuous oversight of vendor compliance, performance, and potential risks, making it particularly effective for managing complex third-party relationships.

In contrast, traditional integrated risk management has a broader focus than supplier risk management, addressing a wide range of internal organizational risks such as operational, financial, strategic, cybersecurity, and regulatory risks. It requires maintaining an active risk register, conducting regular risk assessments, implementing controls, monitoring and testing those controls, and managing risk remediation efforts. While traditional risk management may include some assessment of third-party risks, it typically lacks the specialized tools and processes used in vendor risk management. As a result, traditional risk management approaches may be less efficient and comprehensive when it comes to handling the specific risks associated with vendors. Although these processes have varying differences, they can usually be managed in one holistic GRC platform.

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