IT Vendor Risk Management Software

Document and maintain information on IT vendors, including IT assets, key contacts, associated business units, products or services, contracts, spend, certifications, ongoing assessments, country, risk or compliance issues, due diligence status, and risk ratings. Leverage the intuitive vendor profile page to search for and find vendors and associated information based on multiple criteria. Allow identified vendors to edit their profile – submit, update, or upload relevant information – through a self-service page.

Automate screening and onboarding processes for different types of IT vendors and simplify vendor intake. Evaluate risks for each IT vendor, define the frequency of periodic assessments, and mitigate risks before onboarding. In addition, validate vendor information and ratings with the help of alerts from reliable external sources.

Deepen visibility into IT vendor risks, including cyber, financial health data, anti-bribery and anti-corruption data, and ESG and security ratings, by incorporating relevant, authoritative intelligence from trusted sources such as Dow Jones, D&B, BitSight, Security Scorecard, and more.

Leverage feeds from industry content providers to automatically validate information on IT vendors, gaining insights into their risk and compliance status. Subscribe to vendor-related alerts based on the criticality of each IT vendor. Review the alerts, risk rate vendors, and trigger risk assessments accordingly. Log issues depending on the breach of pre-defined thresholds.

Conduct structured risk and compliance assessments of IT vendors with pre-defined questionnaires. Enable ad-hoc assessments by leveraging risk intelligence from external sources, incidents, performance failures, or business insights. Based on the responses, automatically calculate and aggregate risk scores to determine the overall risk posture of IT vendors.

Evaluate and track key performance indicator (KPI) scores of IT vendors. Enrich the internal scores with relevant data from various internal systems and databases, results of audits, assessments and inspections, and content providers. Use scorecards to monitor the performance of IT vendors and identify potential points of failure in a proactive manner.

Capture and track the business continuity plans of IT vendors and gain comprehensive visibility into the overall business continuity and cyber risk. Leverage integration with content providers to source information on potential and actual hazards due to geophysical events.

Enable onsite audits or online audit assessments of IT vendors. Adopt a systematic, end-to-end approach to the entire process from information gathering to fieldwork, to reporting, and to issue remediation. Alter/modify assessments for evaluating IT vendors depending on multiple parameters.

Quickly identify issues based on relationship and recommend issue classification by leveraging AI/ML capabilities. Automate the creation, management, and monitoring of actions for identified issues and findings. Simplify vendor off-boarding with in-built workflows and checklists in case of a contract breach or expiration, as well as incidents of non-compliance or dissatisfaction.

Leverage powerful reports, analytics, and business intelligence capabilities to strengthen decision-making based on an improved understanding of risks, compliance, and performance of IT vendors. Capture and compare vendor assessment scores for each product or service type and track how their performance is improving over time. Allow vendors to monitor their progress through graphical reports and dashboards.