Third-Party Vendor Risk Management Software collects and manages vendor risk data in order to safeguard businesses against data breaches and noncompliance. This program 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 usually employ Third-Party Vendor Risk Management Software. Third-Party Vendor Risk Management Software is used by compliance officers to ensure that internal policies and federal requirements such as the FFIEC, CFPB, and HIPAA are followed. This type of software benefits department managers by reducing the risk of interruption caused by unreliable vendors.
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What is a Third-Party Vendor Risk Management Software?
The Third-Party Vendor Risk Management Software can be deployed as a standalone product or as part of larger governance, risk, and compliance endeavor. Third-party and supplier risk management solutions must integrate with other software tools including supply chain suites, quality management software, ERP systems, and governance, risk, and compliance software if they are given separately.
A product must meet the following criteria to be considered for the Third-Party Vendor Risk Management Software 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.
Give self-service portals for suppliers to provide information and documents, as well as processes and templates for supplier risk control and supervision. Include typical risk monitoring and risk exposure reports. Keep an eye on vendor performance and any changes in supplier risk.
Top 10 Third-Party Vendor Risk Management Software
LexisNexis Entity Insight
LexisNexis Entity Insight adds to traditional credit rating by assisting you in identifying supplier and third-party risks so you can take proactive measures sooner. LexisNexis merges exclusive brands, modern Web technologies, and premium information sources through the integration of information and technology. LexisNexis users get access to billions of searchable documents and information from over 45,000 legal, journalistic, and business sources all around the world.
LexisNexis provides Total Solutions—innovative products and services that address individual customer needs in order to improve efficiency, raise profitability, and promote growth—to help customers win in their own marketplace.
The company assists professionals in verifying identity, preventing fraud, complying with legislation, facilitating safe commerce, conducting background screening, and supporting law enforcement and homeland security initiatives through risk and analytics tools to analyze risk.
Their outstanding goods and services are used in practically every industry and business sector throughout the world. Because every organization is different, we can tailor our products to meet your specific requirements, offering you simple, comprehensive and cost-effective solutions.
Prevalent
Prevalent Inc is a cyber threat intelligence analytics and vendor risk management innovator with a reputation for creating cutting-edge technologies and highly automated services that have been proven to help organizations reduce, manage, and monitor the security threats and risks associated with third-party vendors.
Developed as a third-party risk management software that monitors third-party vendor security risks. The company’s platform enables firms to make informed decisions, adapt and develop their TPRM programs over time, and minimize both risks and cost in a shared assessment structure by using common material, automation, and threat intelligence.
Companies use this 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, where they not only gain solutions tailored to their needs but also realize a rapid return on investment. Regardless of where they start, Prevalent helps the customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time.
Aravo
In February 2000, Aravo was formed to bring order to the complicated and chaotic world of corporate supplier information management. They’ve been laser-focused on this single aim for nearly a decade, and they’re now the market leader in this rapidly expanding and critical industry.
Aravo’s aim is to help their clients solve complicated, expensive challenges without adding further complexity or money. Aravo’s flagship Supplier Information Management (SIM) platform was designed from the ground up to address today’s most difficult supplier management concerns while also providing the flexibility to meet future needs as they arise. Aravo SIM has proven features and capabilities to fulfill all of your supplier information management needs, from supply management to sustainability to risk management and compliance.
Aravo Solutions, Inc. is a company that creates enterprise software. Supplier information, performance, risk, qualification, and compliance management are all services provided by the company. Customers in the United States are served by Aravo Solutions. For businesses, Aravo Solutions offers on-demand, SaaS-based supplier information management (SIM) solutions and services.
IntegrityNext
In order to meet legal requirements, IntegrityNext enables enterprises to monitor 100% of their suppliers for sustainability and compliance. While monitoring social media for malpractice and reputational hazards, the IntegrityNext technology acquires the requisite supplier self-assessments and certificates automatically. IntegrityNext covers a variety of topics, including anti-bribery and anti-corruption, environmental protection, human rights and labor, health and safety, cyber security, and business continuity, among others.
IntegrityNext is best for small, mid-size, and large businesses that need to examine their supply chain for corruption, sanctions, environmental protection, health and safety, human rights, labor, conflict minerals, and other issues. IntegrityNext helps businesses to track the sustainability of 100 percent of their suppliers in order to meet regulatory obligations and decrease risk.
Users may quickly onboard vendors using an email address on the pre-built platform. The dashboard provides information on high-risk locations and suppliers to consumers. The social media analytics engine crawls data sources 24 hours a day, seven days a week to aid in the analysis of communications related to suppliers and sustainability projects. In addition, the technology assists consumers in identifying providers who have received unfavorable feedback on social media.
LogicManager
Steven established LogicManager, based on years of risk and business process management experience at premier technology businesses such as Apple, and built the LogicManager platform on patent-pending Taxonomy technology, which was supposed to alter how organizations approached risk management.
Thousands of firms around the world have used LogicManager’s risk management software and coaching services to build ERM programs since 2005. Customer satisfaction, risk management knowledge, and cost-effective innovation are the foundations of LogicManager’s success.
Their software-as-a-service solution is simple to use and can be implemented quickly. Access can be granted in as little as one business day, and full-scale company implementation is assured to be completed in less than 90 days. The platform is constantly polished by feedback from consumers just like you, thanks to their multi-tenant structure. Its evolution is driven by the users themselves.
The architecture of LogicManager also allows for, and indeed encourages modification. You can configure the tool more readily and affordably than you can with competing hosted cloud or on-premise solutions. In fact, customizations are completely free – you’ll never have to pay anything more than your basic subscription. Customize the platform to meet your specific requirements.
Tugboat Logic
Tugboat Logic is a company that creates information security platforms that are aimed to make information security management easier and more automated for businesses of all sizes. Its technology automates and demystifies the formulation of information security policies, readiness for security certification, and response to security questionnaires. The company’s goal is to help businesses establish customer trust and demonstrate compliance to their business partners.
Only Tugboat Logic, unlike standard GRC platforms developed for large businesses, provides an automated framework to demystify the process of putting up a security program and assisting you in achieving an industry certified certification such as SOC-2 or ISO 27001.
Tugboat Logic allows businesses to easily become secure and demonstrate it to their consumers. Tugboat Logic’s patent-pending artificial intelligence solution automates information security policy design, gap assessment, and RFP response so businesses can acquire consumer trust and sell more. Tugboat Logic speeds up RFP responses by up to 45 percent and boosts sales win rates by up to 300 percent.
Intelligent automation is used by the organization to streamline compliance, raise employee security awareness, and decrease friction in enterprise sales operations.
SecurityStudio
SecurityStudio was created to simplify the information security industry’s challenges. The organization knows that information security is not about information or security as much as it is about people. By inventing and offering simple tools and scoring systems that are cost-effective, SecurityStudio empowers anyone to understand, measure, and manage information risk.
SecurityStudio assesses all third-party vendors and highlights your weakest links. Then you have the option of accepting, avoiding or requesting vendor remediation.
The S2 platform is based on a simple language called the S2Score, and we provide basic tools to the market, such as:
• S2Org – an organizational information security risk management tool utilized by firms of all sizes, but designed particularly for small and medium-sized businesses.
• S2School – an educational version of S2Org that is used by K12 and higher education institutions all over the world.
• S2Vendor – a simple tool for managing vendor/third-party information security risks that is integrated with S2Org for maximum efficiency.
• S2Team – an information security site that businesses use to assist their employees at home (and ultimately help themselves too).
• S2Me Is a free personal and family safety and cybersecurity risk management solution designed for common people to use at home.
ThirdPartyTrust
ThirdPartyTrust is a third-party risk management platform that allows businesses to connect, review, and share security documents. Our technology automates and eliminates redundancies in the third-party risk management (TPRM) process, allowing information security teams to complete vendor risk assessments faster and more precisely.
ThirdPartyTrust is a vendor risk management platform that allows businesses to connect, review, and share security documents. This technology automates and eliminates redundancies in the VRM process, allowing information security teams to complete vendor risk assessments faster and more precisely.
ThirdPartyTrust uses automation and centralized communication to move programs out of email and spreadsheets and to speed up the third-party assessment/questionnaire evaluation process.
You can work together on risk assessment questionnaires, gather SOC reports, and obtain certifications, among other things. You can get a holistic perspective of your vendors’ security, measure their impact, and even gain insight into your fourth parties using the ThirdPartyTrust service. As a vendor, you can create a consolidated security profile that contains all of your questionnaires, certifications, and attestations, allowing you to answer them once and quickly share the most recent versions with your clients whenever you want or need to.
Conclusion
These are the top Third-party Vendor Risk Management Software. Now that you have all the details of each, evaluate your business requirements, and choose the best software. For more such software, visit SaaSworthy.com!
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