Categories   >   Vendor Risk Management Software
Last Reviewed: November 20th, 2024

Best Vendor Risk Management Software Of 2024

What is Vendor Risk Management Software?

Vendor Risk Management Software (VRMS) is a vital tool for businesses to effectively track, assess, and mitigate risks associated with their vendors. By leveraging critical functionalities like vendor profiling, due diligence, auditing, and risk scoring, it addresses the challenges of supplier unknowns, regulatory compliance, and third-party accountability. As globalization intensifies, so does the relevance of VRMS in averting supply chain disruptions or reputational damage. A feature to watch for is the integration of artificial intelligence in assessing risk indicators and predicting future trends. Although VRMS primarily serves procurement and risk management departments, its benefits resonate across sectors with complex supply chains like manufacturing and tech. Despite its clear advantages, limitations exist, primarily around software learning curves and data integration complexities. To conclude, VRMS is an essential part of a robust risk management strategy, enabling companies to circumnavigate vendor-related risks, ensure smooth operations, and stay compliant while maintaining profitable partnerships.

What Are The Key Benefits of Vendor Risk Management Software?

  • Enhanced vendor risk visibility
  • Improved compliance management
  • Streamlined vendor evaluation
  • Avoidance of supply disruptions
  • Proactive risk mitigation
  • Standardized risk scoring
  • Automated due diligence processes
  • Better decision-making support
  • Efficient vendor audit trails
  • AI-driven risk predictions
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Overall

Based on the latest available data collected by SelectHub for 24 solutions, we determined the following solutions are the best Vendor Risk Management Software overall:

Qualys
Qualys
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked Qualys

Qualys is a cloud-based platform that allows users to pick and choose modules depending on their requirements. Its vulnerability management, patch management and reporting modules are some of the best in the category. In addition, integrations with third-party enterprise software make it an end-to-end solution that can take care of all your risk management needs.

However, adding too many modules together can drive up costs. Its speed and testing accuracy can also suffer at times. Nevertheless, considering its comprehensive kit, simple UI and knowledgeable support team, Qualys stands out amongst its competitors.

Pros & Cons

  • Functionality: 90% of users who reviewed this element appreciated the platform’s functions, including asset management, patch management, corporate scanning, patch manager and scan maps.
  • Ease of Use: According to 59% of users who reviewed this aspect, the system’s intuitive UI makes it easy to use and navigate.
  • Reporting: 81% of users who mentioned this feature said they were satisfied with the detailed and accurate vulnerability descriptions in threat reports.
  • Service and Support: According to 67% of users reviewing this element, the technical support team is responsive and resourceful.
  • Deployment: 80% of users who reviewed deployment found it straightforward.
  • Integration: All the users who mentioned this element were satisfied with the choice and quality of integrations.
  • Speed and Performance: 87% of users who reviewed performance experienced false positives, inaccurate scan results, slow scans and unexpected downtimes.
  • Cost: According to 82% of users mentioning this aspect, the solution’s pricing strategy makes it very expensive.

Key Features

  • Infrastructure Security: Monitor threats in real time, analyze compliance risks and run reports with a powerful data analysis engine. Always maintain a 360-degree view of IT infrastructure security. 
    • Infrastructure Inventory: Survey the organization’s IT architecture to detect and catalog all connected assets automatically. Get a direct feed on the dashboard of product information, hardware/software life cycles, software licenses, running services, and more. Categorize assets according to product families and custom tags. 
    • Vulnerability Management: Accurately monitor all system assets with the Six Sigma scanning functionality. Run security assessment reports, assign remediation tickets and manage application exceptions. The Qualys security configuration assessment (SCA) manages all security-related configuration issues with CIS-certified controls and policies. 
    • Continuous Surveillance: Receive vulnerability alerts in real time with continuous monitoring. Set up custom surveillance profiles and datasets to detect unexpected hosts, expiring SSL certificates, open ports, undesired software and other severe vulnerabilities. 
    • File Integrity Monitoring: Monitor operating systems globally to manage core events, keep tabs on file integrity and capture change incidents. Use preconfigured industry-specific protocols to maintain file integrity and compliance requirements. 
    • System Monitoring: Safeguard the system against vulnerabilities, exploitations and misconfigurations with the multi-vector endpoint detection and response module. Get vital context and insights into security incidents by correlating multiple context vectors. Acquire complete visibility of endpoint processes and threat remediation. 
    • Remediation Response: Automatically correlate asset inventory against a vulnerability disclosure live feed to determine critical threats. Search for specific product information and vulnerabilities with customizable queries. Filter threats according to its real-time threat indicator (RTI). 
  • Cloud Security: Protect both hybrid and public cloud environments with platform-wide security coverage, complete asset visibility and virtual scanner applications. 
    • Asset Management: Secure cloud assets and public workloads with real-time tracking and classification of vulnerability instances. 
    • Prioritize Remediation: Automatically target critical vulnerabilities first with the Threat Protections module’s Live Threat Intelligence Feed. 
    • Compliance: Investigate applications, operating systems and network devices for compliance failure and configuration drift. Streamline the organization’s compliance assessments with preconfigured policies using CIS Benchmarks. Create technology-specific custom controls and run reports for risk managers, auditors and executives. 
    • Account Security: Maintain a holistic view of cloud accounts, assets and services with its Cloud Inventory module. Safeguard against misconfigurations, non-standard deployments and security breaches with the Cloud Security Assessment extension. 
  • Web Application Security: Leverage web application scanning and firewall capabilities to scan and defend against external threats like OWASP Top 10 attacks. Patch and remedy vulnerabilities in real time. 
    • Visibility: Monitor both approved and unapproved web applications with custom labels. Automatically update inventory with applications hosted on local, mobile, IoT or cloud architectures. 
    • Vulnerability Detection: Continuously scan all connected web applications for critical vulnerabilities and misconfigurations. Smart scanning covers all SOAP and REST-based APIs and prepares custom security reports. 
    • Application Testing: Perform test runs of web applications on remote and mobile devices, cloud environments and internal networks. Run complex scans throughout the development and quality analysis stages. Supports processes like DevOps, Agile and Continuous Delivery. 
    • Malware Protection: Use the dashboard to scan, detect and eliminate malware. Run remediation and blacklist infected websites. 
    • Block Web Server Attacks: The Web App Firewall module creates virtual patches and remediation responses on the go. Detect and patch vulnerabilities with security templates and establish custom rules for the firewall. 
  • Endpoint Security: Maintain a continuous inventory of all connected endpoint devices including PCs, laptops, tablets, smartphones and more. Detect suspicious activity and vulnerability in real time with complete visibility of networked endpoints. Eliminate critical misconfigurations and breaches with multi-vector threat contextualization, data visualizations and forensic analysis. 
    • Compliance: Automatically ensure compliance of endpoint devices with IT policies and mandates like PCI, GDPR and HIPAA. 
  • DevOps: Get dedicated support throughout the application development lifecycle with bug and misconfiguration testing, compliance audits and security checks. 
    • Integration: Streamline the development process with popular tools and plugins including Puppet, Bamboo, Jenkins ServiceNow and more. Create appropriate integrations with REST-based APIs. Visit the vendor’s Github repository to access the sample code. 
    • Track Progress: Run reports with data consolidated from integrated applications and internal processes. Run reports directly from the dashboard and compare performance against industry benchmarks and standards. 
    • Container Security: Securely build and develop container-native applications without disrupting integration and deployment pipelines. Scan container images for vulnerabilities and compliance failures. Automatically detect runtime errors and behavioral anomalies in applications deployed on AWS ECR, Fargate and EKS. 
  • Compliance Solutions: Ensure the organization’s practices, assets, endpoint devices and applications are in compliance with industry standards and regulations. Generate reports on compliance data and manage third-party risks like contractors, partners and vendors. 
    • IT Compliance: Oversee compliance of IT assets. Automate the verification process with custom controls and configuration requirements. 
    • PCI Compliance: Comply with Payment Card Industry Data Security Standard (PCI DSS) guidelines. Patch vulnerabilities and submit compliance reports to relevant banks. 
    • Third-Party Risk: Automate third-party risk management with purpose-built notifications, deadlines, workflows, templates and more. 
  • Public Cloud Platforms Integration: The vendor provides security and compliance services for Microsoft Azure, Google Cloud and AWS. 
Workiva
Workiva
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Workiva

Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform.

However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

Pros & Cons

  • Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.
  • Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.
  • Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.
  • Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.
  • Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.
  • Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.
  • Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.
  • Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.

Key Features

  • Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions. 
    • Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first. 
    • Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more. 
    • Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information. 
    • Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk. 
  • Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks. 
    • Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions. 
    • Templates: Process audits faster with over 3,000 purpose-built AuditNet templates. 
    • Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details. 
    • Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action. 
  • Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures. 
    • Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes. 
    • Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits. 
    • Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content. 
    • Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes. 
  • Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency. 
    • Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts. 
    • Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response. 
    • Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders. 
    • Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection. 
  • FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60). 
  • SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services. 
  • Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows. 
    • Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports. 
    • Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access. 

    • Limitations

    At the time of this review, these are the limitations according to user feedback:

    •  Users located outside the US can experience latency issues in the SOX module. 
    •  The NextGen platform has a few incomplete features and bugs. 
    •  Involves a steep learning curve. 
    •  High subscription charges. 

    Suite Support

    Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

    mail_outlineEmail: [email protected].
    phonePhone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.
    schoolTraining: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.
    local_offerTickets: Visit the vendor’s website to submit a support ticket.
Resolver
Resolver
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Resolver

Resolver provides enterprise risk management, incident management, and security and investigation modules in a stable and easy-to-use package. It offers a high degree of flexibility and customizability to ensure seamless scaling with changes and requirements. The ability to create custom reports further adds to its price to performance value. However, the platform’s lengthy implementation process can negatively impact time to market.

All things considered, Resolver offers excellent functionalities for this price range as long as you don’t have to compromise on integration options important to your business.

Pros & Cons

  • Functionality: The solution offers multiple features for governance, risk and compliance management, according to 88% of users who reviewed this aspect.
  • Ease of Use: According to 72% of users reviewing this element, the platform’s intuitive UI and customizability make it easy to use.
  • Speed and Performance: 67% of users who mentioned the platform’s performance said it’s fast and reliable.
  • Reporting: Regarding this feature, 75% of reviewers expressed satisfaction with flexible and highly customizable reports.
  • Service and Support: 89% of users who reviewed the customer support said it’s friendly and useful with great incident management skills.
  • Integrations: The platform needs wider and better integration options, according to 100% of users who reviewed this aspect.
  • Implementation and Setup: All the users who mentioned this element said the implementation process is time-consuming.

Key Features

  • Incident Management: Simplify the organization’s incident reporting process. Automate incident remediation with artificial intelligence. Track root causes, location, trends and charts to prevent future occurrences. 
    • Intelligent Triage: Leverage artificial intelligence algorithms to tag corporate incidents and prioritize remediation. 
    • Customization: Create, customize and define data fields, forms and workflows in a low-code environment. 
    • Geo-Mapping: Track specific elements within incident reports to create a geo-map and visualize possible connections and associations. 
    • Data Warehouse, Analytics & Reporting: Run reports on investigative efficiency, incident volumes, high-risk assets and more. Analyze the organization’s data to generate predictive models. 
  • Investigation Management: Drill down into investigation reports to link evidence, narratives, losses, incident properties, persons of interest, logs, attachments, recoveries and more. Get a holistic view of the organization’s security risks. 
    • Integrate with Incident Management: Interact directly with the incident management module to supply context for investigations. 
    • Automation: Streamline the investigation process with custom workflows. Automate incident reporting, investigation, approval and triage. 
    • Data Collection: Provide context to investigations with incident-specific data on locations, assets, individuals and more. Collect evidence with an unbroken chain of custody. 
    • Investigation Insights: Get detailed insights on performance metrics including unresolved investigations, expenses, time per investigation and more. Improve future investigations with reports on failed controls and gaps in remediation. 
    • Management and Resolution: Find connections between related incidents with forensic data analysis. Group related incidents and investigations together to streamline case management. 
  • Risk Management: Optimize enterprise security risk management with integrated incident reporting capabilities. Perform audits securely and analyze audit scores. Prepare effective security policies and automate submission, approval and remediation processes. 
    • Location-Based Asset Planning: Prepare custom controls and security measures tailored to protect critical assets present in different locations. 
    • Track Assets & Risks: Create an inventory, track actual and perceived values and identify critical assets. Maintain a real-time risk register with incident metrics and live KPIs to predict future risks. 
    • Manage Corrective Actions: Monitor issues from identification to remediation, all from the same platform. 
    • Risk Prioritization: Maximize return on investment with automated risk prioritization. 
    • Data Storage: Create and keep track of all security incidents in a central database. 
Building Engines
Building Engines
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Work Orders: Track all existing and pending work orders. Manage deliveries, employee workloads, pickups and order prioritization directly from the dashboard. 
    • Delivery Feedback: Automatically request and log tenant feedback for service deliveries. 
    • Visibility: Allow tenants and engineers to have complete visibility over business processes; including status updates, comments, pictures and labor and material costs. 
    • Billing: Directly bill tenants for all labor and material costs. 
  • Space Management: Manage the organization’s spatial requirements with stackable floor plans. Allow engineers to share floorplans, pins, equipment locations and asset inventory. Improve agent collaboration to process deals and multiple scenarios faster. 
    • Floor Plan Library: Maintain a cloud-based centralized floor plan library. Provide self-updating tools to manage master drawing and what-if scenarios. 
    • Key Asset Annotation: Mark and annotate critical equipment on the floor plan. Automatically update key asset information in the central library. 
    • Work Order Pins: Track work orders by marking multiple locations on the floor plan with pins. Decrease operating expenses and improve tenant relations with faster resolution. 
  • Preventive Maintenance: Set up standard preventive maintenance tasks across the organization. Prepare custom schedules and procedures for different asset classes. Automate all maintenance-related paperwork. Monitor equipment health with preconfigured tolerance levels for meter readings. Maintain detailed maintenance history and service records for each individual asset. Attach photos, notes, pictures and instructions to tasks for more granular details. 
  • Real-Time Access: Provide real-time access to floor plans, diagrams, scenarios and procedures from the same dashboard. Visualize square footage spillage by building, floor and tenant and comply with Building Measurement Standards. 
    • Space Management: Encourage collaboration across managers, brokers and landlords with end-to-end portfolio management. Manage rentable square footage (RSF), vacancy and revenue from the same dashboard. 
    • Digital Interface: Track accounts, scenarios and tenant activities with interactive floor plans, dynamic stacks and drawing capabilities. 
    • Data Connections: Connect the organization’s accounting information with floor plans, EAP/FPP documents, leasing documents and marketing plans. 
  • Communications Management: Streamline communication with tenants via phone, email and Slack. Prepare tailored messages via preconfigured templates and clone texts. Add images, notes and other relevant content with simple drag-and-drop functionality. 
    • Bengie: Create multiple channels and custom contact groups with Bengie, the virtual assistant. Provide tenants with multiple options for communication channels. 
  • Visitor Access: Improve tenant security standards with automated visitor registration, check-in and data entry. Allow building security to have complete visibility over visitation. Tenants can use the Visitor Access module to register visitors over multiple devices. Attach names and photos to visitor entries for greater security. Directly interacts with building access control systems. Ensure occupant security with greater collaboration between the two domains. 
  • Insurance: Identify and mitigate tenant risk and compliance with the in-house Prism Insurance extension. Manage third-party risk, COI requirements and insurance certificates directly from the dashboard. Automatically declare subrogation waivers and update critical insurance information like additional insureds. 
  • Self-Service Resources: Simplify daily activities with multiple self-service resources. Tenants can access the online service portal to reserve common areas, request amenities and register visitors. Building administrators can create billables, track time and automatically approve tenant requests. 
    • Interactive Calendar: Track the availability, cost, description and images of shared resources via the interactive calendar. 
    • Enforceable Management Policies: Provide tenants with preconfigured request forms following the organization’s cancellation rules, policies and reservations. 
  • Inspections: Perform preventive inspections across all the organization’s properties. Allow inspection teams to track status updates, upload photo attachments and include completion percentages and professional summaries. Leverage custom templates to standardize the inspection process. 
    • Mobile Inspection: Perform inspections in offline mode without losing any data. 
    • Historical Data: Benchmark current performance, work orders, historical details and inspection statuses against previous inspection records. 
  • HVAC Management: Maintain complete visibility over HVAC inventory including details like make, model, service records, life expectancy, tonnage, warranty and more. Run automated reports to comply with triple-net lease obligations and maintenance regulations. Prepare the annual budget based on assets’ service records. 
    • HVAC Vendor Network: Request procurement, maintenance and repair of HVAC equipment via the vendor network. 
    • Capital Asset Reporting: Integrate ASHRAE life expectancy scores with the organization’s asset service records. Track tenant compliance for all building-related service commitments. 
  • Bid Management: Automate vendor approval, communication and follow up with the Comparative Matrix tool and RFP templates. Automatically maintain vendor records, correspondence and bids. 
  • Mobile App: Allow tenants, building administrators and engineers to perform a full range of activities through the Prism Mobile application. 
MasterControl
MasterControl
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Risk Tolerance Thresholds: Set up custom risk tolerance levels or use standard organizational thresholds when monitoring enterprise risk. 
  • Automated Systems: Administrators can automate the review and approval of enterprise and third-party risks. Process risks faster with preconfigured workflows and e-signatures. 
  • Risk Assessment: Initiate risk assessment procedures for multiple activities and operations. Create individual analysis profiles for different categories of risk. 
  • Reporting Tools: Get detailed insights on operational risks, third-party risks and assessment reports with robust reporting tools and intelligent threshold rules. 
  • Risk Analysis: Mitigate system vulnerabilities, long-term product risks and exploitative processes with intelligent risk analysis. 
  • Connected Processes: Monitor risk assessment and remediation across multiple domains and departments from the same system. 
NAVEX Global
NAVEX Global
Start Price
$2,600
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked NAVEX Global

Navex Global offers integrated risk management solutions for all business sectors. The EthicsPoint reporting hotline makes it the gold standard for ethics and compliance solutions. On top of that, it has an impressive knowledge base. Its reliable uptime provides real-time access to all your data.

However, the customer service is unflattering. Subscription charges are expensive, and contract negotiations are long and difficult. Navex Global makes sense as an acquisition if you need an ethics and compliance management solution, but better risk management systems are available with a superior price to performance ratio.

Pros & Cons

  • Functionality: All the users who reviewed this aspect were satisfied with the platform’s functionalities, especially the EthicsPoint reporting hotline.
  • Ease of Use: According to 63% of users who reviewed this element, the system's intuitive UI makes it easy to navigate.
  • Performance: 71% of reviewers mentioning this aspect expressed satisfaction with the platform’s performance and uptime.
  • Training Resources: Regarding this feature, 92% of reviewers said that the training material has high-quality content.
  • Data Management: 80% of users who reviewed this feature were pleased with data management capabilities, particularly data organization, storage and search functions.
  • Service and Support: Customer support is rigid, unfriendly and unprofessional, according to 85% of reviewers talking about this element.
  • Cost: 100% of users who mentioned this aspect said the licensing charges are unflinchingly high.

Key Features

  • IT Risk Management: Maintain a complete inventory of all IT assets. Get contextual insights into IT risks, exploits and vulnerabilities. Prioritize investigation and triage responses based on estimated impact on business processes. 
    • Monitor Performance: Use the dashboard to track daily activities and risk assessment programs. Monitor program performance based on KPIs and KRIs. 
    • Streamlined Data: Categorize all internal and external data into actionable information. Automatically consolidate, correlate and deduplicate data to improve threat response rate. 
    • Business Protection: Implement best practice strategies to predict and debilitate future breaches. Analyze the impact of disruptions on different departments and create recovery plans to ensure continuity. 
    • Constant Security: Monitor risks in real time with continuous evaluation of risk profiles, strategies, compliance posture, remediation processes and obligations. 
    • Compliance: Use the compliance program to continuously check for changes in contractual obligations, certification laws, industry standards and regulatory requirements. Automate data entry for all compliance-related activities. 
  • Health and Safety: Address health and safety concerns with a compliance program designed to follow multiple regulations. Catalog all work-related incidents to process reports faster and mitigate the risk of future occurrences. Improve visibility into hazardous incidents by collaborating across various departments and units. 
  • Third-Party Risk Management: Maintain complete visibility over third-party risks by centralizing vendor information and risk assessment data. Automate risk investigation and remediation with preconfigured frameworks and controls. 
    • Third-Party Compliance: Prepare and issue policies for third parties. Check vendor compliance posture with regular tests. 
  • Business Continuity Management: Test key assets to study the impact of potential disruptions and breaches on business continuity. Benchmark the effectiveness of preventive programs and scan the system for disruptive changes. 
    • Templates: Streamline the organization’s resilience and recovery program with best-practice templates and contextual reports. 
  • Privacy, Risk and Compliance Management: Create a privacy program to identify and manage compliance requirements like CCPA, HIPAA, GLBA and more. Safeguard client data with time-tested security frameworks and policies. 
    • Privacy Objectives: Clearly define the organization’s data privacy standards. Track data processing activities and analyze the potential impact of privacy breaches. 
  • Operational Risk Management: Ensure continuity of operations with a contextual understanding of business processes. Get a 360-degree view of enterprise risk with the centralization of all regulatory information and risk data. Monitor for changes in the risk and compliance environment and adapt the risk profile accordingly. 
Origami Risk
Origami Risk
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Origami Risk

Unfold the possibilities of risk management with Origami Risk: This software is like a Swiss Army knife for risk professionals, offering a comprehensive suite of tools to tackle even the most complex challenges. Users rave about its ease of use, highlighting the intuitive interface and streamlined workflows that make it a breeze to navigate. Origami Risk's flexibility is another major plus, allowing businesses to customize the platform to fit their specific needs like a glove. From risk assessment and mitigation to claims administration and reporting, it covers all the bases, leaving no stone unturned.

However, no software is perfect, and Origami Risk has its quirks. Some users find the price tag a bit steep, especially for smaller businesses. Integration with other systems can also be a bit clunky at times, requiring some extra effort to get everything playing nicely together. Despite these minor drawbacks, Origami Risk remains a top choice for organizations seeking a robust and user-friendly risk management solution. Its ability to streamline processes, improve data-driven decision-making, and enhance collaboration across departments makes it a valuable asset for businesses of all sizes. Whether you're a seasoned risk pro or just starting out, Origami Risk can help you fold risk management into a work of art.

Pros & Cons

  • Highly Configurable: Origami Risk offers extensive customization options, allowing users to tailor the platform to their specific workflows and risk management requirements. This adaptability ensures a good fit for diverse organizational needs.
  • User-Friendly Interface: The platform's intuitive design and navigation make it easy for users to access and manage risk-related data efficiently. This user-friendliness contributes to a positive user experience and streamlines risk management processes.
  • Comprehensive Reporting: Origami Risk provides robust reporting capabilities, enabling users to generate insightful reports and analytics on risk data. These reports facilitate informed decision-making and support effective risk mitigation strategies.
  • Strong Data Security: The platform prioritizes data security with advanced features such as encryption and access controls. This focus on security ensures the confidentiality and integrity of sensitive risk information.
  • Steep Learning Curve: The platform's interface can be overwhelming for new users due to its extensive features and functionalities. Navigating through the various modules and understanding the underlying data structure often requires significant training and experience.
  • Customization Challenges: While Origami Risk offers a high degree of configurability, implementing custom workflows or reports can be complex and time-consuming. Organizations with unique risk management requirements may find it challenging to adapt the platform to their specific needs without extensive technical expertise or assistance from Origami's support team.
  • Performance Issues: Some users have reported performance issues, particularly when dealing with large datasets or complex reports. Slow loading times and system lags can hinder productivity and user experience, especially for organizations with high data volumes or concurrent users.

Key Features

  • Risk Management: Adopt a holistic view of enterprise risk by documenting and correlating data breaches, workplace incidents, exploitations, controls, regulations, processes and more. Automate risk alerts and choose from tried and tested remediation practices. Track KRIs and KPIs of critical business processes and follow up on potential threats. 
    • Multi-factor Scoring: Create customizable risk ratings and scores based on the organization’s preferences. Analyze incident and loss data to spot risk trends. 
    • Scalable Security: Automatically check for changes in risk profiles. Update remediation responses to safeguard against constantly evolving threats. 
    • Risk InsightsRisk Insights: Use the customizable dashboard to run reports when specific risk tolerance thresholds are reached. Drill deeper into risk reports to generate contextual data. 
  • Compliance Management: Ensure the organization complies with state and federal regulations like ISO 27001, GDPR, HIPAA, SOX, COBIT, COSO and more. Follow up on validation reports and configure custom compliance ratings. Issue automated alerts for changes in compliance posture. 
    • Insights: Run regular compliance audits and report results to all stakeholders. Create tasks to follow up on corrective activities. 
    • Integration: Connect frameworks, controls and regulations to risk ratings for contextual awareness of compliance obligations. 
  • Internal Controls: Create internal controls for operational, financial and IT assets. Automatically calculate control test scores and communicate results via notifications. 
  • Business Continuity: Gauge the impact of disruptions on business processes. Prepare, test and execute continuity plans for all organizational operations, departments, locations and more. 
  • Internal Audit: Standardize internal audits with custom templates. Follow up on active audits, work papers, findings and recommendations. Integrate audits with risks, regulations and controls and automate report generation. 
  • Dashboards and Reporting: Choose from a variety of widgets and reporting templates. Categorize risks by location, framework or business unit and implement role-based dashboard access permissions. 
Reval
Reval
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Key Features

  • Hedge Accounting and Compliance: Use the industry-specific accounting module to comply with federal and state regulations, including IFRS 9, IFRS 7, ASC 815, ASC 820, IAS 39 and more. 
  • TRM Assessment: Reconfigure risk and treasury management workflows to streamline business activities. 
  • Centralization: Centrally store all bank statements and transaction records to maintain visibility over financial data. 
  • Liquidity Management: Streamline liquidity management with integrated liquidity planning, cash management, cash pooling, investment management and in-house banking. 
    • Cash Pooling: Navigate global cash positions to liquidate assets productively. 
  • Multi-asset Risk Management: Manage derivatives, credits, commodities, interest rates and more for the organization’s assets. 
  • Analysis and Reporting: Leverage the customizable dashboard to run best practice reports on banks, currencies, locations and business units. 
  • Integrations: Seamlessly integrate third-party applications into workflows. Process money market funds, trade executions and confirmations from the same platform. 
  • Corporate Incentives: Conceive product designs and incentive plans for corporate partners. 
RSA Archer
RSA Archer
Start Price
$14,000
Annually
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Why We Picked RSA Archer

RSA Archer is frequently lauded for its comprehensive approach to risk management. It provides a centralized platform where organizations can identify, assess, and mitigate risks across various domains, including IT, finance, and operations. Users appreciate the ability to consolidate risk information from different sources, creating a holistic view of their risk landscape. This comprehensive approach is particularly valuable for organizations with complex risk profiles or those operating in highly regulated industries. Additionally, RSA Archer's scalability allows it to adapt to the needs of organizations of all sizes, making it a versatile solution for growing businesses.

However, some users note that RSA Archer's extensive features can lead to a steeper learning curve compared to simpler risk management tools. Implementing and customizing the platform may require dedicated resources and expertise. While RSA Archer offers robust capabilities, its strength can also be its weakness for organizations seeking a more straightforward solution. Despite this, RSA Archer remains a top choice for organizations that prioritize a comprehensive and scalable risk management approach. Its ability to provide a centralized view of risk, automate workflows, and facilitate compliance makes it well-suited for businesses seeking to mature their risk management programs and navigate the complexities of today's ever-evolving risk landscape.

Pros & Cons

  • Centralized Risk Management: Provides a single platform to manage various types of risks, including IT, operational, third-party, and compliance risks, offering a holistic view of an organization's risk landscape.
  • Flexibility and Customization: Caters to diverse risk management needs with its flexible framework and customizable features, allowing organizations to tailor the platform to their specific requirements and workflows.
  • Advanced Reporting and Analytics: Offers robust reporting and analytics capabilities, enabling organizations to gain insights into their risk data, identify trends, and make data-driven decisions to mitigate risks effectively.
  • Compliance Management: Supports compliance with various industry regulations and standards by providing tools for managing policies, controls, and assessments, helping organizations meet their compliance obligations.
  • Integration Capabilities: Integrates with other business systems and applications, such as GRC platforms, vulnerability scanners, and threat intelligence feeds, to streamline risk management processes and improve data accuracy.
  • Usability Challenges: Users frequently mention a steep learning curve due to the platform's complexity and lack of intuitive design, leading to frustration and decreased efficiency. Archer's interface can feel clunky and outdated, hindering user adoption and requiring extensive training for new team members.
  • Reporting Limitations: Generating reports can be cumbersome and time-consuming, often requiring manual data manipulation or custom scripting. While Archer offers reporting capabilities, they may not meet the specific needs of all organizations, leading to reliance on external tools or workarounds.
  • Customization Complexities: Tailoring Archer to specific workflows and requirements can be challenging and may necessitate specialized technical expertise. The platform's flexibility can be a double-edged sword, as extensive customization can introduce complexity and increase maintenance overhead.
  • Performance Concerns: Some users report performance issues, particularly with large data sets or complex configurations, leading to slow response times and decreased productivity. As the volume of data and users grows, Archer's performance may become a bottleneck for risk management operations.

Key Features

  • Application Builder: Build custom applications via simple point-and-click setup. Streamline workflows, implement controls, automate operations, run reports and do more, according to the organization’s methodologies and business objectives. 
  • Dashboard and Reports: Customize the dashboard interface and run reports with preconfigured templates. Use keyword search to review risk and compliance ratings. 
  • Business Workflow: Automatically manage tasks, reviews, approvals and statuses. Create custom workflows to assign tasks based on the administration’s obligation, prioritization and escalation policies. Use the advanced workflow engine to define processes as flowcharts. 
  • Role-Based Controls: Implementing role-based controls to limit access to application, system, record and field data. 
  • Integration: Integrate with various third-party applications to manage governance, risk and compliance from within the same platform. The Archer GRC Community provides access to multiple pre-configured applications and integrations. 
  • Data Visualization: Run reports to find hidden connections between risks and incidents. Visualize relationships to predict future risks and make data-driven decisions. 
  • Global Support: Process multiple languages with double-byte character support. Deploy the platform in numerous regions and languages. 
SmartLinx
SmartLinx
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Key Features

  • Schedule Optimizer:  Ensure that staff with the necessary skills are scheduled for the correct functions. The system can also help managers ensure that they are always properly staffed, never over or understaffed. 
  • Employee Self-Service:  Managers can use the system to post shifts as soon as they become open, allowing employees to pick up shifts. The platform automatically updates to reflect these changes in real time so users always have an accurate picture of schedules. 
  • Notifications:  Automatically send alerts to employees to notify them of schedule changes. Managers can also send alerts when a shift becomes available or is filled to fill the shift quickly and confirm that the employee is aware of the update. 
  • Quick Post:  Managers can post open shifts with a single click, saving time and freeing them up to focus on other HR tasks that can’t be automated. 
  • Time and Attendance Integration:  By integrating with the SmartLinx time and attendance platform, the schedule optimizer is able to track and predict employee hours to ensure compliance with industry regulations and avoid costly overtime, which can eat away at the business’ bottom line. 

COMPARE THE BEST Vendor Risk Management Software

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Score
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SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Vendor Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
Qualys
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Qualys
Workiva
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Workiva
Resolver
$10,000
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Resolver
Building Engines
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Building Engines
MasterControl
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
MasterControl
NAVEX Global
$2,600
Monthly
No
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Cloud On-Premise
Mac Windows Linux Chromebook Android
NAVEX Global
Origami Risk
Undisclosed
No
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Cloud On-Premise
Mac Windows Linux Chromebook Android
Origami Risk
Reval
Still gathering data
No
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Cloud On-Premise
Mac Windows Linux Chromebook Android
Reval
RSA Archer
$14,000
Annually
Yes
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Cloud On-Premise
Mac Windows Linux Chromebook Android
RSA Archer
SmartLinx
Still gathering data
No
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Mac Windows Linux Chromebook Android
SmartLinx

All Vendor Risk Management Software (24 found)

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Qualys

by Qualys, Inc.
Qualys
The Qualys Cloud Platform integrates IT, security and compliance into one vulnerability management solution. It provides organizations with global continuous, end-to-end threat detection in real time. A constant, system-wide analysis of every connected device’s security and compliance status allows it to prevent, detect, and immediately respond to threats whenever required. Comes with advanced security data indexing that allows for almost instantaneous finding and quarantining of compromised data. Provides users with a customizable and dynamic dashboard that can monitor the IT, security and compliance conditions of the entire environment in one workspace. Having all-in-one infrastructure security, web app security, cloud security and endpoint security allow organizations to synchronize all teams. The built-in threat prioritization and automated response modules for all categorized system assets provide comprehensive security.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
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Workiva

by Workiva
Workiva
Workiva is a cloud-based reporting platform that globally connects an organization’s workforce with its data sets and data sources. It combines all user data under a single digital roof to remove any errors and ensure complete transparency. Provides automatic and secure scheduling of repetitive tasks and recycles redundant data and reports into functional assets. It allows users to visualize data relating to ERP, consolidation, compliance, security, budgeting and more by connecting everything under one secure reporting module. A live-updating dashboard with a code-free interface allows for easy analysis and data reporting. It auto-updates linked cross-organizational data for a seamless reporting experience.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Resolver

by Resolver Inc.
Resolver
Resolver provides organizations with a single enterprise solution to manage corporate security, system governance, information security, governance, risk and compliance. Its dynamic approach to individual user requirements makes data transformation and sharing more accessible and efficient. Allows users to access all the data securely within a single interface for better reporting and analytics. Features automated system-wide investigation, response and reports on vulnerabilities and data breaches to provide complete security.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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Building Engines

by Building Engines
Building Engines
Building Engines is a platform to manage commercial real estate (CRE) building operations. It connects all CRE tech stack elements under a single, open, user-friendly interface. Provides modules to manage building communications, work orders, preventive maintenance, space allocation, insurance, HVAC status, inspection, and more to help real estate managers maximize revenue and profitability while maintaining tenant satisfaction. Provides real-time analysis and reporting of security and compliance through every point of building operations. Organizations can use it to automate day-to-day operations and pinpoint critical improvement areas. Tenants can access it to utilize tenant services like broadcast messaging and vendor contact information.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
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MasterControl

by MasterControl
MasterControl
MasterControl is a cloud-based platform that supervises an organization’s security, compliance and quality standards. It brings all clinical data under one roof to comprehensively analyze and correct data breaches, consumer complaints, production deficits and quality deviations. Provides automated and user-friendly methods to manage different phases throughout the product development life cycle. Users can access the complete set of integrated modules to manage documentation, application, audits and suppliers. Automated training modules educate new users while the Corrective and Protective Actions (CAPA) module handles threat response protocols.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
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NAVEX Global

by NAVEX Global
NAVEX Global
Navex Global provides integrated security and compliance management solutions that handle a full range of risk assessments and response protocols. Its reporting and analysis modules track people risk, regulatory risk, business risk and environment, social and governance (ESG) risk. Feedback-driven reporting increases the visibility of opportunities and achievements. Automatically secures users against data breaches, workplace hazards, vendor compliance failures, production disruptions, regulation compliance failures and more with its highly configurable interface. It compares resource, third-party, performance and corporate data to generate sustainability reports. Provides legally vetted compliance, cybersecurity and ethical training for employees.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$1,000 or more
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Origami Risk

by Origami Risk LLC
Origami Risk
Origami Risk provides organizations with highly configurable security, insurance, risk and compliance solutions under a single, cloud-based interface. It helps users manage Environment Health and Safety (EHS), P C Claims Administration, Governance, Risk and Compliance (GRC), Healthcare Risk Safety and more. Its reporting and analytics modules secure all data under one roof to optimize workflows and make data visualization simpler. It operates within Amazon Web Services and places all users on the same code to ensure scalability, reliability, system integrity and flexibility. Provides real-time data security through transit and at rest. Its cloud-based storage facility securely backs up data in a controlled environment.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$500 - $1,000
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Reval

by ION Group
Reval
Reval provides cloud treasury and risk management (TRM) solutions to help organizations manage cash and liquidity, hedge accounting and compliance, financial risk and bank connectivity. Its flexible dashboard and reporting and analytics modules allow users to share and visualize data across multiple banks, countries and currencies. Automated real-time data collection and analysis increases visibility and risk detection. It provides automated centralization of all financial data to recommend unique TRM configurations for individual users. Its hedge accounting module helps organizations keep up with local and global compliance, including ASC 815, ASC 820, ASC 820-10, IAS 39, IFRS 9, IFRS 7, IFRS 13 and more.
Cost Breakdown
$100 - $500
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RSA Archer

by EMC (RSA Aveksa)
RSA Archer
RSA Archer provides enterprise solutions to manage governance, policies, deficiencies, risk and compliance. Its interface allows even entry-level users to integrate external technologies , explore a broad range of functions, automate business processes, streamline critical workflows and configure the interface for better data visualization, reporting and analytics. Organizations can automate task ownerships, escalate essential issues and control user access at various escalating levels. Supports on-premise deployment or a SaaS model with localized multilingual support for global use. It provides seamless data integration for collaboration across different teams and environments.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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SmartLinx

by SmartLinx Solutions
SmartLinx
With a range of HR products, SmartLinx provides users with capabilities that can either function individually or integrate to work together as a full suite. By focusing on people management, it helps users to optimize workflows and boost workplace productivity and efficiency. Some of its capabilities include time and attendance, payroll and scheduling. It also offers reporting and analytics, giving users insight into their workforce’s productivity and performance.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 or less
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Assetworks

by AssetWorks
Assetworks
AssetWorks helps users manage assets like vehicles, buildings, infrastructure, facilities and more. Its offerings include management of fleets and fuel, enterprise risks and assets, surplus assets and more. It streamlines processes and improves operations through better facility staffing, machinery management and workflows. It helps users handle consumables, equipment and properties efficiently and cost-effectively. Leveraging multiple modules enable companies to improve ROI, promote data transparency and reduce operating costs.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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Riskonnect

by Riskonnect Inc.
Riskonnect
Riskonnect is a cloud-based solution to manage enterprise risk, improve efficiency and boost performance. Its reporting and analytics modules integrate insurable and non-insurable risks to correlate their associations and prevent future occurrences. Users can automate routine processes, break down information silos, drive cross-platform collaboration and coordinate risk mitigation. Provides intuitive data visualizations to propel data-driven decisions and transformation.It compiles all data securely under one roof and provides detection, analysis and response modules against third-party risk, enterprise risk and health and safety risk. Users can monitor the administration of claims, handle legal and corporate compliance, and manage audits and healthcare from one interface.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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NICE Actimize

by Nice Actimize
NICE Actimize
NICE Actimize provides organizations with a single centralized view of enterprise risk to manage fraud, money laundering and compliance deviations. Users get real-time access to fraud prevention, anti-money laundering, and trade and market surveillance to boost operational efficiency. Its reporting and analysis modules correlate and consolidate the centralized data to provide customer lifecycle management. Its artificial intelligence generates actionable insights designed to streamline critical workflows, assign tasks, ensure oversight, lower compliance expenses and update regulatory guidelines.It uses AI and biometrics to screen parties and payments for global sanctions to secure international trade. Machine learning provides predictive models for understanding and detecting customer risk.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
Company Size
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Emailage

by Emailage
Emailage
LexisNexis Risk (formerly Emailage) provides organizations with a fraud prevention solution powered by email intelligence. Its risk detection modules perform consumer identity verifications and threat evaluations at multiple stages like account formation, account configuration and online transactions. It uses emails as a core risk identifier to evaluate metadata information like domain details, email details and other biometric data if available. Users can access the transaction history and behavioral patterns of email addresses to protect genuine customers and act against accounts with high email risk scores.It combines digital and traditional data with dynamic fraud signals and access to the vendor’s extensive network to reduce false positives and consumer risk. Provides predictive models through artificial intelligence and machine learning to prevent fraudulent online transactions and auto-approve genuine consumers. Its email risk score helps identify fraudsters while increasing top-line revenue and improving overall customer satisfaction.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
Company Size
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MetricStream

by MetricStream Inc.
MetricStream
MetricStream leverages a purpose-built platform to help organizations manage enterprise risk, cybersecurity, compliance and audits across various industries. Its AI generates deep domain expertise and actionable insights by analyzing embedded content and integrated data. Machine learning ensures its adaptability and scalability to future obligations. Its advanced reporting and analytics modules analyze business and market trends to generate practical, topical and real-time intelligence for agile business decisions and better stakeholder engagement.It centralizes all data under one environment in a federated data model to remove information silos and enable data correlation and visualization. Users can create new APIs or integrate third-party ones through its intuitive dashboard. Provides predictive models for more intelligent threat detection. It automates incident evidence collection, document generation and corporate hierarchy mapping for streamlined task ownership and accountability.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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LogicManager

by LogicManager, Inc
LogicManager
LogicManager is a fully integrated governance, risk and compliance (GRC) solution. Users can easily incorporate its taxonomy infrastructure into any department, ensuring scalability and adaptability. It stockpiles all data centrally under one secure repository to assess bank risks, location-specific risks, third-party risks, regulatory risks and gaps in control processes. Provides ready-made libraries to house risks, standards and regulatory documentation for intuitive tracking of compliance obligations, claims, internal audits and risk assessments. Compliant with ISO, NIST, COBIT, GDPR CCPA and more frameworks and regulations.Its intuitive dashboard and advanced analytics modules provide risk-intelligent reporting of vulnerability assessments with configurable data visualizations. Taxonomy technology links regulations, risk and controls across departments, uncovering correlational data and dependencies for higher operational efficiency. Users can automate task assignments, threat remediation plans, document generation, alerts, reminders and more.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Enablon

by Enablon
Enablon
The Enablon platform helps organizations manage critical operational risk and compliance, security, engineering operations, environmental health safety, quality and sustainability. Users can track global and local regulatory requirements, internal policies and procedures, and manage any audits or claims with reporting and analytics. It standardizes enterprise risk detection and response methodologies with a consistent and automated assessment of KRIs and KPIs. Its interactive dashboard eliminates information silos and allows users to keep track of risks, audits and regulatory compliance under one roof. Provides secure centralization of all document workflow processes with internal controls to track changes, increase data visualizations and limit user access across various levels. Its multi-device interface allows users to manage threats and audits globally. Automated notifications keep organizations informed of upcoming regulatory, compliance and licensing issues. Compliant with the ISO 31000 Risk Management guidelines.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
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ServiceNow GRC

by ServiceNow
ServiceNow GRC
ServiceNow GRC integrates governance, risk and compliance management into a single end-to-end vulnerability resilience solution. It provides real-time insights into an organization’s compliance posture and risk exposure. The risk management module protects against potential disruptions to maintain business continuity. Monitor corporate policies, vendors and third-party assets for any sign of operational risks.The privacy management functionality prioritizes the security of the company’s people, processes and facilities. The different modules interact with each other to work out the best possible remediation strategies. It helps build a culture of resilience and stability for everyone involved.
Cost Breakdown
$1,000 or more
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OpenPages

by IBM
OpenPages
OpenPages is a sophisticated software solution designed to streamline Governance, Risk, and Compliance (GRC) management, as well as security compliance tasks. It is particularly well-suited for industries such as finance, healthcare, and manufacturing, where regulatory compliance and risk management are critical. The platform offers unique benefits like integrated risk management, real-time analytics, and customizable dashboards, which empower organizations to make informed decisions and maintain compliance with ease. Users appreciate its robust features, including automated workflows and comprehensive reporting capabilities, which enhance operational efficiency. Compared to similar products, OpenPages is often praised for its scalability and user-friendly interface, making it a preferred choice for large enterprises. Pricing details are not readily available, so it is advisable for potential users to contact SelectHub for a tailored quote based on their specific requirements. This ensures that organizations can align the software's capabilities with their budget and operational needs.
Cost Breakdown
$500 - $1,000
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SAP GRC

by SAP, Inc.
SAP GRC
SAP governance, risk and compliance (GRC) provides organizations with a suite of integrated, automated and embedded solutions to manage enterprise risk. Its reporting and analytics modules combine with artificial intelligence to secure against identity theft, cyber threats, international trade oversight and compliance failure. It monitors data continuously in real time to enable faster, risk-aware decisions. It connects all data centrally under a single environment to simplify incident assessments, evidence documentation and risk remediation. Users can generate automated reports globally to streamline internal audits and compliance efforts. Provides predictive models and configurable rule sets to study large amounts of transactional data for fraud, irregularities or policy violations. It allows users to streamline international trade by automating document generation and order validation against border regulations. Its intuitive dashboard simplifies data visualization while allowing admins to control employee access across different levels. Users can automate task assignments, employee role management, periodic certifications and scan users and applications for vulnerabilities.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
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Buyer's Guide

Vendor Risk Management Software Is All About Reducing Risk From Third-Party Vendors and Suppliers

By Nidhi Choraria, Technical Content Writer at SelectHub

Vendor Risk Management Software BG Intro

In today's fast-paced era, collaborating with third-party vendors has become necessary for growth and success. However, this opens the door to new risks threatening your company's reputation and financial well-being. That’s where vendor risk management software comes into play!

This tool combines cutting-edge automation and purpose-built workflows, enabling you to monitor vendors right from the onboarding stage. In this article, we’ll explore the vital role of VRM software, its benefits and tips to enhance vendor relationships in the face of uncertainty.

Executive Summary

  • Vendor risk management software helps businesses assess, monitor and mitigate risks associated with third-party vendors and suppliers.
  • It offers optimized vendor sourcing, risk scoring, risk assessment and reporting capabilities.
  • The system provides a specialized platform to manage vendor contracts and address potential issues.
  • When considering a purchase, be sure to ask potential vendors about the software's scalability, data security measures and customer support.
What This Guide Covers:

What Is Vendor Risk Management Software?

Vendor risk management software is a specialized solution that helps address and minimize third-party risks. With the risk landscape growing more complex, organizations need elegant solutions to conduc due diligence on new vendors effectively. With VRM solutions, you can gain control over vendor assessments, compliance checks and regulatory requirements.

With the right vendor risk management software, you can monitor existing vendors in real time, manage issues, track remediation, conduct audits, predict consumer trends and more. You can get maximum value from your vendors and suppliers while insulating the company against any financial risk, disruption, political fallout or cybersecurity risk.

Regular reporting and KPI scores will keep you apprised of how your vendors perform compared to your competitors. Having excellent visibility across the vendor lifecycle allows you to leverage historical data and predict risk trends. It also helps the risk management team to mitigate issues quickly.

Related Categories

Primary Benefits

SVendor risk management software has multiple benefits that go well beyond streamlined vendor governance and compliance experience. In this section, we’ll discuss some of these benefits and how they might apply to your organization:

Vendor Risk Management Software Benefits

Improve Visibility Into Third and Fourth-Party Risks

Vendor risk management software tracks all vendors, including third-party suppliers and contractors, providing you with real-time risk intelligence. An integrated and proactive approach to third-party risk minimizes disruptions and facilitates faster issue resolution.

The centralized dashboard consolidates vendor information to identify failing controls, disruptions, delays and expiring licenses to notify relevant parties in time. With holistic reporting tools, you can drill deeper into potential vulnerabilities and address action items in order of their severity and potential impact.

Streamline Vendor Management Processes

You can structure information methodically to easily perform risk assessments and assign risk scores. Access all crucial data, including certifications, contracts, due diligence reports, licenses, compliance status and more, in a single centralized directory. This centralized database streamlines the screening of third-party information during vendor onboarding and renewal processes.

Source Vendors Responsibly and Transparently

Leverage external cybersecurity sources to assess vendor credentials in advance. It allows you to conduct initial due diligence, highlighting potential issues in financial data, procurement practices, anti-money laundering compliance and negative news feeds. Access to trusted content sources helps identify trustworthy vendors and simplifies risk assessment procedures.

Track Vendor Performance in Real Time

Combine historical and risk data from internal sources and content providers to prepare KPI scores and performance scorecards. With access to a comprehensive evaluation framework, compare the performance of vendor, product type and service to identify potential areas of improvement. An early warning system ensures sufficient time to collaborate with vendors, develop proper controls and address any issues proactively.

Save Time and Money

Artificial intelligence and machine learning let you predict risk behavior and automate issue identification and remediation to a large extent. Automated workflows can create tickets, recommend multiple remediation strategies and track issue resolution in real time. You can even implement chatbots in your vendor portal to engage with vendor queries and answer doubts.

In addition, AI/ML can automatically track licenses, compliance and workplace incidents and manage onboarding and offboarding processes. All these procedures would otherwise take up a considerable chunk of your company’s time and resources.

Key Features & Functionality

Risk Assessments & Scoring

Evaluate potential vendors with a standardized and consistent vetting process using configurable surveys and questionnaires. You can choose from built-in templates like SIG, VSAQ and AITEC-AIMA DDQ to gather the right information effectively.

Check for vendor criticality, confidentiality risks, potential conflicts, non-compliance and expiring licenses at the pre-contract level.

You can evaluate risk assessment results by assigning risk scores and designating approval and review tasks to team members based on required scrutiny.
Vendor Onboarding

Set up automated workflows to conduct due diligence and organize potential vendor candidates according to preliminary vetting results. Not every vendor requires the same level of scrutiny or has access to confidential information.

Allow the platform to prep potential candidates for approval and categorize them according to risk assessment results. Having all the information on hand simplifies the onboarding process for your risk management department.
Performance Management

Routinely check service level agreements (SLAs) and vendor performance to align with your standards. Document KPIs, perform cross-vendor comparisons, set acceptable thresholds, create trend reports and record risk ratings.

Quality assurance and compliance checks ensure that third-party partnerships benefit your organization. You can locate historical data with deep search capabilities to access and analyze records efficiently, enhancing decision-making and risk management processes.
Issue Management

As you navigate vendor assessment, onboarding and performance management, issues may arise. This feature lets you create, document and track issues with ease. You can monitor progress on action items, develop action plans and collaborate with third parties to quickly resolve any problems.
Compliance Monitoring

You can proactively track and manage vendor compliance, mitigating potential risks and maintaining a strong reputation in the market. Also, set up automated checks to validate vendors' adherence to regulations and contractual obligations. It provides real-time alerts and notifications for non-compliant activities or deviations from agreed-upon terms.
Document Management

Organize vendor documents like contracts, agreements, certifications and communications in a centralized repository for smooth operations. You can upload, store and categorize all relevant files in a user-friendly interface. With secure access controls and permissions, your sensitive documents are accessible to authorized personnel only.
Integrations

You can seamlessly integrate the system with existing software like ERP, case management, accounting and more. It also offers pre-built integrations or APIs to customize your connections based on specific requirements.

This flexibility helps adapt the platform to your unique workflows and enhance overall efficiency. Also, you can ensure seamless collaboration among different teams to optimize vendor relationships.
Contract Management

By centralizing contract data, you can easily access contracts, track key milestones and set up alerts for critical deadlines. It also generates customizable reports to provide valuable insights into your contract portfolio.

You can capture contract metadata, including signatures, expiry dates, contact information and values, to autofill forms and questionnaires and fast-track the process.

Software Comparison Strategy

Here are a few points of comparison you need to be aware of before working on your software comparison strategy:

Mode of Deployment

Your preferred deployment mode will primarily dictate how the software interacts with your company. An on-premise platform offers more flexibility and customizability as opposed to a cloud-delivered model. However, the latter is less expensive and easier to implement.

Remote Accessibility

If you have a lot of employees working from outside the office, you should consider vendors that can provide remote accessibility. In the absence of remote access, a robust mobile app can also get the job done.

Regulations and Compliance

Depending on your industry, relevant regulations can vary wildly. So before you commit to any particular vendor risk management software, ensure that it can track compliance for vendors in your specific area of practice.

Suppose you want to work together with your vendors to map controls and minimize non-compliance. In that case, you should identify solutions that allow organizations to share access with vendors, preferably at no extra cost.

Supported Integrations

If you have any existing subscriptions with third-party apps, ensure the vendor risk management software can support these integrations.

Cost & Pricing Considerations

When it comes to vendor risk management software, various factors can influence the pricing, making it essential to understand what contributes to the final cost.

  • Subscription Model vs. Upfront Cost: The software comes with flexible payment options. You can opt for a subscription model with regular payments or choose to pay an upfront cost to secure long-term usage.
  • Multiple Users: Consider the number of users who’ll access the software, as some vendors may charge based on user count.
  • Data Migration: If you're transitioning to vendor risk management software, you may need to migrate your existing data. This process may incur additional costs, so it's essential to factor it into your budget.
  • Customizations: Each business has unique requirements. Customizing the software to fit your specific needs may involve extra charges for changes to the user interface, reports or workflows.
  • Maintenance: Consider ongoing maintenance costs, including software updates, bug fixes and technical support.
  • Third-Party Integrations: If you plan to integrate the platform with other tools or services, there might be additional charges. Be sure to inquire about any integration costs during the evaluation process.
  • Customer Support: The level of customer support can vary across different software providers. Verify the availability of phone, email or chat support and ask about any associated costs, such as extended support or training fees.

The Most Popular Vendor Risk Management Software

Vendors have different specializations and requirements, depending on the industry of choice. It’ll also dictate the regulatory stance, onboarding procedure, integrations, risk exposure and more. Therefore, we’ve prepared a list of the most popular software in this category:

RSA Archer

RSA Archer is comprehensive governance, risk and compliance (GRC) software with specialized vendor management capabilities. You can use the built-in application builder to develop custom apps for your vendor network. Create custom apps with unique vendor needs and watch how the advanced workflow engine automates operational tasks. Assign vendor-related tasks to your risk management team and set up role-based controls for better security and ownership.

The interactive dashboard lets you track potential and developing vendor risks in real time. You can use configurable reports and data visualization tools to get advanced insights on risk incidents. The centralized risk database helps locate vendor information and implement a common risk language.

RSA Archer

Get real-time updates on active vendor risk incidents. Source

MetricStream

MetricStream is an all-purpose enterprise risk management (ERM) software with advanced AI and machine learning tools. You can use AppStudio and OpenAPI to repurpose the flexible platform for vendor management without significant effort. With its centralized database serving as a vendor information repository, you can facilitate fast and easy access to relevant data. Real-time risk monitoring, analytics and reporting provide a 360-degree view of vendor risks, allowing you to stay ahead of potential hazards.

Combined with hierarchy mapping, you can develop and implement custom role-based controls for vendor issues. Perform risk assessments to assign risk scores based on inherent risks and potential impact. Plan for “what if” scenarios, document roles, and define tasks and responsibilities in advance to insulate your organization against unpredictable incidents.

MetricStream

Never miss a beat on potential compliance issues. Source

SAI360

SAI360 is versatile integrated risk management (IRM) software that excels in risk detection and remediation in multiple categories. It combines real-time risk intelligence and automated workflows to detect and mitigate risk incidents. The risk database lets you access vendor information remotely from any authorized device. The platform can handle all types of vendor-related risks, compliance issues, cybersecurity and privacy concerns, and third-party risks.

The environment, health and safety (EHS) module keeps your company’s operations transparent, sustainable and ethical and ensures your vendors follow suit. You can access a live feed of regulatory changes, run internal audits and prepare business continuity plans.

SAI360

Use questionnaires to run vendor risk assessments.

 

 

Questions To Ask

Questions make your requirements list more defined; they make things easier for both you and the vendor. So don’t be afraid to lay it on thick.

Here are a few internal questions to get the ball rolling:

  • What’s the size and scope of our vendor network?
  • What are the problems we're facing in our processes?
  • What features are essential for our organization's success?
  • How many employees will use the software? What level of support and training will they need to use the software?
  • What kind of regulations do we need to comply with?

Vendor Risk Management Software Key Questions To Ask

These questions will help you get the conversation started with potential vendors:

  • Which industry does the software specialize in?
  • How many years of experience do you have in the industry?
  • Is the system customizable to specific business needs?
  • Do you provide regular software updates?
  • To what extent can the platform automate repetitive tasks?

Next Steps

The right vendor risk management software can facilitate easier communication between your organization and vendors and streamline all vendor management procedures. It has the potential to unleash your company’s efficiency in terms of productivity and profitability.

While the task may look daunting, the hard part is already over. All that’s left is to talk to your peers in the industry and prepare your requirements list. Then, thoroughly evaluate potential vendors, considering factors such as customer support, data security and integrations to make an informed decision.

If you're ready to take the next step in optimizing your vendor risk management processes, you can use our free comparison report to explore top software leaders and find the best fit for your organization.

Product Comparisons

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Shauvik
By Shauvik Roy
Technical Content Writer
Shauvik Roy is a Market Analyst at Selecthub. He writes content for the insurance, risk management and legal domains. Hailing from the city of Kolkata, he has a Master's Degree in English from the University of Hyderabad. When he's not busy pitting one software against another, you will find him playing video games, reading sci-fi books or tinkering with his PC.
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Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
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