10 Best Third Party & Supplier Risk Management Software of April 2024


Steve Bennett
Steve Bennett
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Third Party & Supplier Risk Management Software is one of the most important software you currently need. We know!

Today’s Third Party & Supplier Risk Management Softwares are incredibly versatile, and because of strong competition, have remained a relatively low-cost investment for most.

Currently, with dozens of options available for Third Party & Supplier Risk Management Software in the market – finding the right Third Party & Supplier Risk Management Software of 2024 can be tricky.

So we spent dozens of hours researching and testing everyone we could get my hands on.

Based on our experience with the apps, here are 10 Best Third Party & Supplier Risk Management Software. Click on any app to learn more about why we chose it, or keep reading for more context on Third Party & Supplier Risk Management Software.

What is Third Party & Supplier Risk Management Software?

Supplier risk management software from a third party collects and maintains vendor risk data to safeguard businesses from risks like data breaches and noncompliance. This sort of software evaluates, monitors, and mitigates any risks that could have a detrimental influence on a company’s relationship with its suppliers. Compliance officers and managers from departments including quality management, supply chain, and manufacturing frequently employ third-party supplier risk management software. Compliance officers employ third-party supplier risk management software to guarantee that internal policies and federal requirements like the FFIEC, CFPB, and HIPAA are followed. This type of software benefits department managers by reducing the risk of interruption caused by unreliable vendors. A third-party supplier risk management tool is typically adopted as part of a larger governance, risk, and compliance program, but it can also be supplied as a stand-alone solution. Third-party supplier risk management solutions that are sold separately must interact with other software products such as supply chain suites and quality management software. Governance, risk, and compliance software, as well as ERP systems A product must meet certain criteria to be included in the Third Party Supplier Risk Management category. To assess and evaluate supplier risk, use standard workflows and templates. Provide vendors with a 360-degree picture that can be shared both internally and publicly. Ensure that internal policies and procedures for supplier risk are followed. Deliver risk control and supervision methods and templates for suppliers. Provide suppliers with self-service portals through which they can submit information and documents. Include typical risk monitoring and risk exposure reports. Keep an eye on vendor performance and any changes in supplier risk.

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10 Best Third Party & Supplier Risk Management Software

1
OneTrust

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OneTrust is the #1 fastest-growing company on Inc. 500 and the category-defining enterprise platform to operationalize trust. More than 10,000 customers, including half of the Fortune Global 500, use OneTrust to make trust a competitive differentiator, implementing central agile workflows across privacy, security, data governance, GRC, third-party risk, ethics and compliance, and ESG programs. The OneTrust platform is backed by 150 patents and powered by the OneTrust Athena™ AI and robotic automation engine, and capabilities include: OneTrust Privacy - Privacy Management Software OneTrust DataDiscovery™ - AI-Powered Discovery and Classification OneTrust DataGovernance™ - Data Intelligence Software OneTrust Vendorpedia™ - Third-Party Risk Exchange OneTrust GRC - Integrated Risk Management Software OneTrust Ethics - Ethics and Compliance Software OneTrust PreferenceChoice™ - Consent and Preference Management Software OneTrust ESG – Environmental, Social & Governance Software

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2
LogicGate Risk Cloud

Risk Cloud™ is a cloud-based platform with a suite of risk management applications that transforms the way businesses manage their governance, risk and compliance processes by combining expert level content and service with easy, no-code technology to create a holistic view of their risk programs..

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3
Tugboat Logic

Tugboat Logic is the Security Assurance Platform that takes the misery & mystery out of security and compliance. By automating the process of building and maintaining your InfoSec program, Tugboat Logic provides a holistic, flexible and reliable InfoSec solution. Unlike other security compliance providers, Tugboat Logic is the only solution that: 1. Provides the industry’s most complete Risk Assessment unique to your business 2. Maps policies and controls to your specific products and key security frameworks (SOC 2, ISO 27001, etc) 3. Allows you to project manage and work collaboratively on audits, RFPs and vendor assessments 4. Easily create, manage, and share your InfoSec documents safely with people outside your organization A centralized InfoSec repository means accelerated audit readiness, the highest quality in security assurance for your customers, and faster closed deals. .

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4
SAI360

SAI360 empowers customers to focus on developing an effective integrated risk management solution with a combination of software and learning content. Together, with our expertise, organizations can build and foster a strong risk and compliance culture, make more confident decisions with a united view of governance, risk and compliance, achieve risk-ready oversight of business processes and strengthen organizational ethics and employee behavior. SAI360 (formerly SAI Global) is a leading provider of Risk, Learning, EHS, and Sustainability software. Our cloud-first SAI360 GRC platform contains flexible, scalable, and configurable modules for a better vantage point on risk management. Our unified approach to risk management is what sets us apart, helping organizations across the globe manage risk, create trust, and achieve business resilience for over 25 years. Streamline your risk management process with an integrated view of risk: • Take the right risks at the right time with confidence and focus • Successfully navigate an ever-changing and evolving regulatory landscape • Customize your program easily and efficiently • Create a corporate culture that’s engaged and empowered • Leverage Integrated Risk Management (IRM) insights and industry best practices • Derive optimal value from a platform tailored to you and your business • Get training and important real-time learning so you’re always on top of your data With SAI360’s breadth of flexible, simplified and cross-functional use cases aligned to risk management obligations, we can offer you the appropriate solution to increasingly complex risk responsibilities for any step in an organization’s journey and program maturity. Insights from the SAI360 team: https://resources.sai360.com .

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5
Ncontracts

Many financial institutions manage risk and compliance with manual process. Departments suffer from lack of communication and collaboration, incurring massive fines and penalties if efforts fall short. Ncontracts offers integrated solutions encompassing the complete lifecycle of risk, including enterprise risk, vendor, business continuity, compliance, audit, findings, and cybersecurity. Customers can choose modules for specific needs or build a complete enterprise risk management system..

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6
ZenGRC

ZenGRC offers an established solution to elevate your company’s risk and compliance program to the highest infosec standards. The cloud-based SaaS solution fits your existing GRC program and also evolves to guide you throughout your maturity roadmap. With ZenGRC as the central platform for your organization’s entire infosec ecosystem, you can achieve continuous monitoring and efficient audit management capabilities, as well as customizable, end-to-end risk management that’s built-in — not bolted on. Companies from SMB all the way to Enterprise use ZenGRC for… — Minimized manual effort through automation — Shortened, simplified audit cycles — Risk management that’s built-in—not bolted on — Increased visibility and reporting with dashboards — Direct integrations with ServiceNow, AWS, Qualys, Slack, JIRA, and more. .

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7
DueDil

Complete and connected company information to help businesses find opportunities and evaluate risks – seamlessly delivered in a beautiful online interface and via an intuitive API..

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8
Prevalent

Prevalent takes the pain out of third-party risk management. Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors, suppliers and other third parties. Our customers benefit from a flexible, hybrid approach to TPRM, delivering a rapid return on investment. Regardless of where they start – our Global Vendor Intelligence Network, Vendor Risk Assessment Services, or our award-winning Third-Party Risk Management Platform – we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time. .

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9
ProcessBolt

ProcessBolt eliminates time-consuming manual risk assessment processes through automation so you can focus on your business, not data collection. ProcessBolt is the only complete vendor risk management solution on the market that serves both enterprises and vendors to maximize efficiency..

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10
Venminder

Venminder is an industry recognized leader of third-party risk management solutions. Dedicated to third-party risk, the company is the go-to partner for software, high-quality assessments on vendor controls, certified subject-matter expertise and education. Venminder’s platform provides a centralized location to execute a third-party risk management program. It enables users to store documentation, onboard a vendor, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risk assessments, create workflows, run reporting and more. Assessments performed by Venminder’s qualified experts, including CISSPs, CPAs, financial risk analysts, paralegals and more, are readily available in an online library. The assessments enable clients to identify possible risks and understand areas of strength on their vendors’ information security and privacy standards, SOC reports, financial viability, business continuity/disaster recovery preparedness, contractual standards, regulatory compliance and more. Venminder clients also use the firm to streamline due diligence processes by outsourcing vendor document collection; and regularly consult with Venminder’s experts to ensure their third-party risk management policy and procedures meet industry standards. The Venminder platform is used by over 700 clients across a wide range of industries to execute their third-party risk management programs. As the company’s solutions are designed to accommodate growth and various levels of program maturity, clients range in size from small to Fortune 100 organizations. As the industry’s go-to leader, Venminder’s team of highly experienced professionals regularly speak at conferences, provide the latest research and educational content, host CPE credit eligible webinars and provide access to an online networking community for third-party risk professionals, Third Party ThinkTank. .

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What is the Best Third Party & Supplier Risk Management Software?

Here are our top picks for the Best Third Party & Supplier Risk Management Software to try this year.

How to Choose Best Third Party & Supplier Risk Management Software?

Many businesses are looking for third party and supplier risk management software. The options range from a simple spreadsheet to a comprehensive program. You’ll want a system that can handle the countless vendors in your company. The right program can help you track every vendor, which is essential for keeping your business compliant with regulations. This software can also automate your third party and supplier risk assessment process, removing the need for manual data entry.

The right third party and supplier risk management software will provide you with all of the information you need to ensure the health of your company. This is especially important in today’s regulatory environment, where companies need to have consistent documentation and reporting across all of their suppliers and partners. The right software will automate tasks and give you better insight into the risk you’re taking. A good tool will also make your reporting more accurate, which is essential for your discussions with the board and C-suite.

A third party risk management software should provide real-time monitoring. This means that it will provide updates even during gaps between surveys and questionnaires. This will help you keep up with vendor cyber risk management in real time. These tools are powered by data and may change as the day goes on. They will provide security ratings that are based on objective information from independent firms. These ratings will help you determine the level of risk your business faces.

In addition to being a great investment, third party risk management software should also integrate with other business tools that you already have in place. With the right integration of tools, your business will be able to gain a full view of your third party partners and ensure that you’re compliant with a variety of regulatory bodies. The right third party and supplier risk management software will make your job easier and your vendors happier.

There are several types of third party risk management software. Selecting the right one will depend on your needs and budget. A good third-party risk management solution should be easy to use and integrate with other tools. For example, a third-party risk management software should be able to work with a variety of other tools. For example, it should be able to handle the data of your suppliers.

Third party risk management is a complex process involving many different tasks. Choosing the right software is crucial – you’ll want to make sure it does everything it can to help you manage your risks. Using a third-party risk management software system can be a great investment for your business. The right third-party risk management software can streamline and automate your entire third-party management process, from vendor onboarding to vendor assessment and documentation.

Whether you’re looking for a single-user program or an enterprise platform with multiple user access, a third-party risk management software must be compatible with other tools. If you don’t have an in-house risk assessment team, a standard plan may not be the right option for your business. If you need a comprehensive solution, you should look for a system that offers guided workflows.

A third-party risk management software system can help your business comply with regulatory requirements. It will help you create standardized documentation and ensure that you have all the necessary documentation. It will also help you manage your suppliers better. You can use a software solution to automate your risk management process. It should be easy to set up and use and can be easily customized. You can also use your existing database and a third-party risk management software to make sure the technology is compatible with the requirements of your company.

A third-party risk management tool should be able to integrate with other tools. This type of software will allow you to integrate with third-party management systems and compliance software. You can also choose from a wide range of third-party risk management software. A third-party risk management tool should be easy to use and offer customizable features. The best tools are flexible and easy to use and include templates for risk assessments.

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FAQ’s

What Is Third Party & Supplier Risk Management Software?

Third party and supplier risk management software is a software that is used to identify and control risks that are associated with third parties and suppliers. Risk management software can be used to identify risks such as supplier’s financial stability, supplier’s capacity, supplier’s quality, supplier’s ethics and supplier’s location.

Are There Any Free Third Party & Supplier Risk Management Software?

Third party risk management software is a program that provides a way for companies to manage the risk of their suppliers. There are many free third party risk management software programs available on the internet. Some of these programs are free for the first year, but require a fee after that.

Is Third Party & Supplier Risk Management Software Easy To Learn?

A lot of people see risk management as a difficult and overwhelming topic. The truth is that it’s not as difficult as you might think. There are many different ways to manage risk and third party and supplier risk management software is a great way to do this.

Is Third Party & Supplier Risk Management Software Worth It?

Third party and supplier management software is a good investment for any company that is looking to reduce the risk of damage to their reputation. The software is a tool that will help you identify suppliers, manage and monitor your relationships, track the quality of products, and spot potential problems before they arise.

What Can Third Party & Supplier Risk Management Software Do?

Third party risk management software is an important component of any company’s risk management strategy. It’s a tool that can be used to manage third party and supplier risks. This software can be used to help you identify and assess your risk exposure, manage relationships with third parties, and monitor compliance with contractual obligations.

How To Use Third Party & Supplier Risk Management Software Effectively?

Third party and supplier risk management software is a vital tool in the modern enterprise. It’s used to track and manage risks that are flagged by the software. It can also be used to track and manage risks that are flagged by the software. Third party and supplier risk management software is a vital tool in the modern enterprise.

I know you want to use Third Party & Supplier Risk Management Software, thus we made this list of best Third Party & Supplier Risk Management Software. We also wrote about how to learn Third Party & Supplier Risk Management Software and how to install Third Party & Supplier Risk Management Software. Recently we wrote how to uninstall Third Party & Supplier Risk Management Software for newbie users. Don’t forgot to check latest Third Party & Supplier Risk Management statistics of 2024.

One of the key benefits provided by third-party supplier risk management software is improved transparency. By centralizing and automating data collection and analysis processes, software solutions provide companies with a comprehensive view of their supplier ecosystem. This visibility allows businesses to evaluate potential risks, identify root causes, and implement appropriate mitigation strategies. It also enables organizations to ensure that suppliers maintain the required quality standards and meet regulatory requirements.

Moreover, third-party supplier risk management software helps facilitate ongoing monitoring of supplier performance and compliance. It allows companies to establish predefined metrics and parameters to track the effectiveness and reliability of their suppliers continually. With such software systems, data analysis and reports can be generated in real-time, enabling timely decision-making and prompt action whenever issues arise.

Another crucial area of concern lies in information security. Sophisticated cyberattacks and data breaches have become a persistent threat for organizations of all sizes. Third-party suppliers, often granted access to sensitive or proprietary information, can inadvertently become the weak link in a company’s security chain. Supplier risk management software plays a pivotal role in fortifying this link. By implementing systematic assessments of suppliers’ cybersecurity measures and incident response protocols, organizations can minimize their exposure to these potential risks.

A notable advantage of supplier risk management software is the establishment of a standardized framework. Such software solutions provide businesses with a structured approach, ensuring consistency and efficiency in implementing risk management strategies across all suppliers. By utilizing a uniform framework, companies can prevent ad-hoc measures, duplication of efforts, and confusion, thereby improving the overall risk mitigation process. It also allows for benchmarking and comparison among suppliers, fostering healthy competition and driving continual improvement in supplier performance.

Lastly, but certainly not least, third-party supplier risk management software mitigates reputational risks. In today’s hyper-connected society, corporate reputation is fragile and can be at stake with a single negative incident involving any link in the supply chain. These incidents can range from ethical misconduct and labor exploitation to environmental non-compliance. With risk management software, organizations can proactively identify suppliers that pose a potential reputational risk by reviewing their practices and corporate values. This way, businesses can select and prioritize suppliers who align with their own ethical frameworks and avoid partnering with those who risk compromising their reputation.

In conclusion, as companies continue to evolve and expand their supply chains, the importance of effective third-party supplier risk management cannot be overstated. By leveraging specialized software solutions, businesses can enhance visibility, ensure compliance, minimize cyber risks, establish a standardized framework, and mitigate reputational risks. With every aspect of an organization’s ecosystem interconnected, it is crucial to have a robust risk management strategy in place, and third-party supplier risk management software serves as a fundamental tool for achieving this goal.

Why Third Party Supplier Risk Management Software Are So Important

One of the primary reasons why third-party supplier risk management software is so critical is because of the growing complexity of supply chains. As companies expand globally and rely on more suppliers to meet their needs, the risk of disruptions becomes greater. Whether it’s an unexpected event like a natural disaster or a cyber-attack targeting a supplier’s systems, any disruption in the supply chain can have far-reaching consequences for a company’s operations and profitability.

By using dedicated risk management software, organizations can more effectively identify and quantify the potential risks associated with their third-party suppliers. These tools provide valuable insights into supplier performance, financial health, regulatory compliance, and other key factors that can impact a company’s ability to deliver on its promises to customers. Armed with this information, companies can make informed decisions about which suppliers to do business with and how to mitigate potential risks.

Another key benefit of third-party supplier risk management software is the ability to automate and streamline the risk assessment process. With hundreds or even thousands of suppliers in a company’s supply chain, manually assessing and monitoring each one would be a time-consuming and labor-intensive task. By leveraging software solutions, companies can quickly and efficiently assess supplier risks, prioritize them based on severity, and take appropriate action to address any vulnerabilities.

Furthermore, third-party supplier risk management software also helps companies stay compliant with regulatory requirements and industry standards. Many industries, such as healthcare, finance, and defense, have stringent regulations governing the handling of sensitive data and the use of third-party suppliers. Failure to comply with these regulations can result in hefty fines, reputational damage, and even legal action. By using software to track and monitor supplier compliance with these requirements, companies can avoid costly mistakes and ensure that their operations are above reproach.

In conclusion, third-party supplier risk management software has become an indispensable tool for organizations looking to protect themselves from the myriad risks associated with their extended supply chains. By automating and streamlining the risk assessment process, these software solutions provide companies with the insights they need to make better decisions about their supplier relationships and safeguard their operations from potential disruptions. In today’s fast-paced and interconnected world, having a robust risk management strategy in place is essential for ensuring the long-term success and resilience of any business.

In Conclusion

Choosing the best Third Party & Supplier Risk Management Software is not a difficult task when you have all the details and requirements. Most of the above-mentioned Third Party & Supplier Risk Management Software have impressive and user-friendly features.

Now, it is up to you which software you’d pick up that meets your requirements.

Consider the effectiveness and efficiency of each Third Party & Supplier Risk Management Software, including the features and capabilities. You must also evaluate your objectives, required functions, and budget before choosing the right Third Party & Supplier Risk Management Software of 2024. See which will give a great deal.

If you still have questions about choosing the best Third Party & Supplier Risk Management Software, leave a comment below. I’d love to assist you.

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