Most companies require the assistance of other entities for particular services that the other companies do not have. These other entities are what we call the third party, which provides the supplies and services you requested and purchased. As businesses should be, you will need to perform supply risk assessments for your third-party suppliers to ensure you meet your supply management objectives. Luckily, you have options of third-party & suppliers risk management software to use.
24+ Third Party & Supplier Risk Management Software
3. LogicGate Risk Cloud
5. Tugboat Logic
14. Intelex EHSQ
18. Fusion Framework System
25. BitSight Security Ratings
What is Third-Party & Supplier Risk Management Software?
Third-party & supplier risk management software is a technological tool you need to evaluate supplier management and ensure compliance and secured data from other entities. Third-party & supplier risk management software provides features and functionalities you can rely upon to review and read a statistical analysis of your third-party compliance and supply operations. Non-compliance, supply chain disruptions, and data breaches are common in businesses causing so much trouble and time, leading to unhealthy company operations. With third-party & supplier risk management software, you can see a dashboard that demonstrates strong and weak points and suppliers that complied and performed their part of the agreement. With such a tool, you can ensure quality assurance and an improved supply chain.
Third-party & supplier risk management provides numerous benefits and advantages to your company. Supplier risk management is a process where you evaluate and examine your supplier’s operations if they met the goals you are expecting. Since manually doing the procedure is time-consuming and a lot of work, professionals, developed software to help you acquire answers and generate accurate action plans to eradicate possible challenges.
Every technology firm that developed third-party & supplier risk management software provides various features and functionalities that can give impressive contributions and results to your supplier inspection and management. Since they may offer free basic features, premium advanced features, and free trial over a certain period and gives different price ranges. It would be a wise choice to research and test them out first before actually purchasing the software. Some platforms offer weak features but expensive membership, which is a big no-no for your business. Following are examples of features you should consider:
- Legal Risk Management
- Safety Management
- Continuous Backup
- Predictive Analytics
Top 10 Third-Party & Supplier Management Software
OneTrust software presents features including automated routing, compliance management, data mapping, and many more. OneTrust has annual revenue of $221.4 million and 1,894 employees.
SecurityScorecard presents AI/machine learning, IT risk management, risk assessment, audit trail, and many more features. SecurityScorecard has annual revenue of $76.1 million and 373 employees.
3. LogicGate Risk Cloud
LogicGate Risk Cloud developed by LogicGate includes features such as approval process control, attestation, asset tracking, business process control, and many more. LogicGate has annual revenue of $31.2 million and 215 employees.
ZenGRC, developed by RECIPROCITY, provides features such as controls audit, HIPAA complaint, internal controls management, issue management, and many more. RECIPROCITY has annual revenue of $25.4 million and 175 employees.
Venminder has annual revenue of $20.7 million and 159 employees. Venminder includes an audit trail, performance metrics, a self-service portal, sourcing management, and many more features.
6. Tugboat Logic
Tugboat Logic provides features such as collaboration tools, content management, dashboard, audit planning, and many more. Tugboat Logic has annual revenue of $20.6 million and 101 employees.
Duedil has annual revenue of $19.8 million and 98 employees. DueDil assists businesses in making data-driven decisions with features such as collaboration tools, business dashboards, data management, and many more.
Prevalent includes features such as offboarding, exceptions management, internal controls management, predictive analytics, corrective and preventive actions (CAPA), and many more. Prevalent has annual revenue of $17.4 million and 120 employees.
Whistic has annual revenue of $15.5 million and 76 employees. Whistic includes policy management, transaction history, performance metrics, and many more valuable features for improved risk management.
Onspring improves risk management with features, including backup scheduling, change management, IT incident management, response management, and more advanced features. Onspring has annual revenue of $5.1 million and 35 employees.
What is third-party vendor management?
At the moment you sign the agreement between your company and the third-party vendor, the third-party vendor has access to your company data. Since irresponsibly handling and breaches of data is common in businesses, firms execute high-quality and improving third-party vendor management to examine compliance, supply operations, cyber, and data security. Such a process helps you achieve the security and supply objectives you are aimed.
What exactly is a third-party company?
A third party, in simple terms, is called the vendor of your company. It is an external entity you agreed to via contracts. To help you market your products, increase sales and profits in cost-effective methods. Third-party vendors are whom you entrusted to provide the services and products to your customers on your behalf.
What exactly is a vendor risk management program?
Vendor risk management is a critical process you need to perform to analyze your vendors’ movements. Non-compliance, supply chain disruptions, and data breaches are a few possible factors that may put your company in a tough position. Aside from that, what your vendors do can also affect your company’s reputation. That is why high-quality vendor risk management is essential to ensure the prevention of these contingencies.
Non-compliance, supply chain disruptions, data breaches, etc., can greatly affect your company if not handled properly. Great costs will be lost, leading to a more problematic series of events. With these sorts of problems, the worst scenario will be bankruptcy. Fortunately, since it is the technology era, you can now use conventional methods, accurate budgeting and forecasting, and improved third-party supply chain management. Supply risk is always a present problem to every business; it may never be eliminated, but at least can be reduced. Choose the best software for your organization.
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