Risk Management Software

The Top 10 Vendor Management Solutions

Discover the best vendor management solutions that give you enhanced visibility and control over your relationships.

The Top 10 Vendor Management Solutions include:
  • 1. Archer
  • 2. AuditBoard
  • 3. Bitsight Vendor Risk Management
  • 4. Black Kite
  • 5. OneTrust Third-Party Risk Management
  • 6. ProcessUnity
  • 7. SAP Fieldglass
  • 8. SecurityScorecard
  • 9. ServiceNow Vendor Management Workspace
  • 10. UpGuard Vendor Risk

Vendor management solutions are software platforms or systems that help businesses effectively manage their relationships and interactions with external vendors, suppliers, and partners. These solutions typically provide functionalities such as vendor onboarding, performance tracking, contract management, communication tools, and risk assessment capabilities. By centralizing vendor-related information and processes, vendor management solutions enable businesses to streamline vendor management workflows, improve collaboration, mitigate risks, and optimize vendor performance.

The benefits of using vendor management solutions are significant. They help businesses enhance transparency and visibility into vendor relationships, ensuring that vendors meet contractual obligations on time and within budget. By providing insights into vendor performance, compliance, and risks, these tools enable businesses to make informed decisions, mitigate supply chain disruptions, and improve overall efficiency. Additionally, vendor management solutions foster stronger vendor relationships, promote accountability, and drive continuous improvement through data-driven insights and collaboration. 

In this article, we’ll explore the top 10 vendor management solutions, helping you to find the right solution for your use-case. Some of the solutions on this list are focused on managing third-party work forces, while others focus on services, or product delivery. As organizations interact with a large number of third-parties, the solutions featured in this list are broad and varied.

Archer Logo

Archer Third-Party Risk Management is a software platform designed to facilitate the handling of third-party risks throughout your entire vendor ecosystem. The platform helps to track third parties, supervising relationships, and detecting potential risks early. It also monitors their performance and addresses emerging issues swiftly.

Key features of the Archer platform include the ability to understand your third-party ecosystem through cataloging and assessing relationships and risks. It enables the consistent monitoring of vendor status, risk, and performance throughout the entire vendor management lifecycle. It provides the capability to consistently asses third-party risks and apply the necessary treatments and control measures. This can be aligned with your organization’s risk tolerance, ensuring that the solution is efficient, but also usable.

Archer’s Third-Party Risk Management tool offers advanced features that include third-party relationship documentation, third-party risk analysis, third-party engagement cataloguing, performance metrics tracking, and service level agreement metrics. Through a system of risk assessment questionnaires, Archer provides a deep understanding of the third parties’ internal controls and facilitates the collection of relevant supporting documentation for in-depth analysis.

In summary, Archer offers vital benefits such as understanding your organization’s third-party risk profile and tracking ESG performance of third parties. It provides a methodical and standardized approach to risk assessment and facilitates responding more quickly to emerging risks. With Archer, third-party incidents and losses, repeat audit and regulatory findings, as well as associated costs can be reduced, leading to a more streamlined and efficient risk management process.

Archer Logo
AuditBoard Logo

AuditBoard is a vendor risk management solution that is geared towards addressing potential third-party vulnerabilities. It simplifies the process of vendor management by automating onboarding, centralizing vendor profiles, and prioritization of third-party relationships.

AuditBoard features system integrations, risk assessments, and dynamic dashboards, alongside AI and automation to streamline and enhance vendor assessment processes. The platform conducts dynamic risk assessments and consistently monitors changes in vendor risk and control environments, providing timely updates to your management team.

Notably, AuditBoard collaborates with widely used applications like Microsoft Office and Google Drive to ensure smooth workflow. It also enables bespoke dashboards and advanced data analysis via external visualization tools like PowerBi or Tableau. The system leverages artificial intelligence, automation, and analytics to enhance operational efficiency and aid secure business growth.

In summary, AuditBoard is a multifunctional platform designed to fortify your vendor risk management program. With an integrated suite of tools to automate, monitor, and assess vendor risks, the solution aims to reduce potential vulnerabilities, boost productivity, and empower decision-making.

AuditBoard Logo
BitSight Logo

VRM (Vendor Risk Management) is a comprehensive solution, designed to simplify and optimize third-party vendor interactions. The tool offers a unified dashboard and audit trail to streamline vendor portfolios, even when there are hundreds or even thousands of third-party vendors to manage.

The VRM tool enhances visibility and simplify communication, ensuring that issues can be identified swiftly. This helps organizations to easily highlight their progress and risk mitigation initiatives, adding an additional layer of strength to the tool.

This solution’s key functionality is its automated collection of vendor data which is vital for accomplishing audit tasks. It also serves as a centralized resource for carrying out precise risk assessments, thereby enhancing the control and transparency over third-party risk management.

Overall, VRM offers an efficient, straightforward solution for dealing with third-party vendors. It automates data collection, simplifies risk assessment, and enhances visibility, establishing itself as a vital tool for organizations seeking effective vendor risk management.

BitSight Logo
Black Kite Logo

Black Kite offers a robust solution designed to identify and manage supply chain risk. It focuses on highlighting vulnerabilities within your supply chain caused by weak points in your suppliers’ security. This helps to tackle potential attacks or issues before they impact your operations.

Key features of Black Kite include the ability to automatically detect 3rd, 4th, and 5th-party suppliers and their interconnected relationships. This enables organizations to monitor potential risks more thoroughly. Its VendorMap feature allows you to understand complex interdependencies between vendors, ensuring that you can gain a comprehensive understanding of risk. The Pivot Company filter feature allows customers to gain a clearer understanding of the cyber hygiene within these chains.

The product goes beyond traditional supply chain analysis by providing a real-time assessment of potential cascading impact from attacks on suppliers. Its enhanced intelligence highlights suppliers, software products, and geographical areas that may pose increased risk due to potential attacks. In addition, Black Kite’s FocusTags feature allows users to identify victimized parties and assess how this could affect their organization.

In summary, Black Kite offers proactive and comprehensive way of monitoring and addressing supply chain risks. Its focus on the interconnected nature of modern supply chains, coupled with its extensive intelligence, makes it a vital tool for organizations seeking to protect their operations from potential cascading threats within their supply chains.

Black Kite Logo
OneTrust Logo

OneTrust’s Third-Party Risk Management is designed to streamline and automate all stages of your third-party lifecycle. At its core, it supports automating workflows for third-party onboarding, assessment, risk mitigation, reporting, monitoring, and offboarding. It delivers the ability to construct an extensive inventory of third parties and track relevant data, as well as automating vendor assessments based on preferred control frameworks.

Integral to the solution’s functionality is the capacity to improve accountability and automate risk mitigation. It offers predefined mitigation recommendations and workflows as well as allowing you to create your own customized ones. System-driven triggers initiate workflows and assign risks to appropriate owners, facilitating speedy response. OneTrust provides a comprehensive network of integrations, facilitating workflow automation and system-wide information exchange.

The OneTrust solution further affords continuous third-party performance monitoring, enabled by real-time third-party change awareness and automated rules to trigger actions, alongside alerts for new risks or vulnerabilities. Compliance risk is mitigated via automated recordkeeping and robust reporting, allowing you to customize dashboards based on user roles and preferences for efficient metric tracking.

In summary, OneTrust’s Third-Party Risk Management solution is a comprehensive platform for managing third-party risk, offering automated solutions for risk assessment, mitigation, and continuous monitoring. Its capabilities extend to improving accountability, maintaining compliance records, and offering robust reporting, making it a useful tool for any IT management team.

OneTrust Logo
ProcessUnity Logo

ProcessUnity Third-Party Risk Management (TPRM) Platform is an advanced cybersecurity solution that is focused on managing third-party risks to your organization. As an integral part of ProcessUnity’s comprehensive risk management strategy, it operates alongside Universal Data Core, Global Risk Exchange, and AI-Powered teams to ensure a proactive approach to risk prevention.

This platform simplifies vendor onboarding through an automated process, monitor’s vendors’ performance continuously, provides meticulous oversight of your entire third-party ecosystem, and offers real-time reporting. Its no-code configuration allows easy configuration, and its hands-free automation significantly minimizes manual intervention. The platform integrates with your existing enterprise systems for seamless operations. ProcessUnity

Overall, the ProcessUnity Third-Party Risk Management Platform provides an efficient and robust tool for managing third-party risk, allowing businesses to better protect themselves against potential cyber threats and disruptions. Its ability to streamline operations and improve risk visibility makes it particularly beneficial for IT managers, developers, and CISOs.

ProcessUnity Logo
SAP Logo

SAP Fieldglass delivers effective management of external workforce, offering real-time connectivity to qualified service providers and contingent workers. The platform allows businesses to optimize their workforce, manage key metrics, enhance outcomes, and increase productivity. It integrates with ERP, HR, and procurement solutions to enhance efficiency and savings, while also providing comprehensive security features for global-regulations compliance and access tracking.

The SAP Fieldglass platform includes various applications, making it a versatile tool for businesses. It delivers a workforce management feature that simplifies the process of finding, engaging, and managing temporary workers and freelancers. Its capabilities also extend to covering procurement applications, streamlining the process of adding and managing contractors and service workers. There’s also a worker profile management application for managing non-payroll workers efficiently. The Assignment management solution helps deploy and manage service providers for complex tasks.

With embedded analytics powered by SAP Analytics Cloud, SAP Fieldglass allows businesses to capture, compare, and collaborate on critical information about their non-payroll labor. It offers vital intelligence on cost savings, performance indicators, supplier relationships, and the value of procurement, making it a robust tool for managing an external workforce. Overall, SAP Fieldglass is a comprehensive platform that reduces risk, improves process efficiency, and strengthens workforce management.

SAP Logo
Security Scorecard Logo

SecurityScorecard is a risk management solution that provides a comprehensive view of potential vulnerabilities in your third-party ecosystem. This solution utilizes AI and advanced techniques to identify unknown third-party vendors and the associated risks they might pose. It grants overarching visibility into potential weak links in your extended supply chain that attackers might exploit.

Key features include the capability to identify risks across the extended supply chain by scoring vendors using easy to understand A-F ratings. It also uncovers the varying tech stacks utilized by your third-party and Nth party vendors, giving you a deeper insight into potential concentration risks. The option for enhanced illumination affords more visibility across the open and deep web, allowing you to understand the severity of potential vulnerabilities.

Additionally, SecurityScorecard offers an elegant user experience with features such as portfolio addition for vendors, the capability to search for specific products, and 3rd and 4th party vendor rating views. It comes equipped with in-built features for efficient and scalable monitoring, reporting, and collaboration on extended supply chain cyber risks.

Overall, SecurityScorecard is a robust tool that offers unparalleled risk visibility and asset protection in your tech environment. It not only identifies new vulnerabilities and associations, but it provides efficient management of complex vendor relationships, ensuring you are equipped to mitigate cyber threats in a timely and cost-effective manner.

Security Scorecard Logo
ServiceNow Logo

ServiceNow Vendor Management Workspace is a comprehensive platform that centralizes all third-party vendor information, giving you a space to track performance and stay on top of each relationship. This centralised visibility allows you to carryout informed decision-making in relation to third-party contracts.

The solution provides a consolidated view of vendor relationships, offering real-time updates on performance through data captured on the Now Platform. It standardizes performance metrics, removing guesswork from performance assessments. Additionally, it prioritizes cost efficiency by identifying duplicate services across multiple vendors, leading to streamlined and more efficient systems.

In addition to these features, the solution also offers vendor landing pages that consolidate vendor scores, costs, and essential details. Vendor profiles offer an in-depth view of vendor contact information, overall scores, and performance metrics. It validates vendors against SLAs and contractual obligations, integrates risk data, and calculates refunds owed due to the vendor’s underperformance.

ServiceNow Vendor Management Workspace effectively facilitates rigorous vendor management, cutting through the clutter of disparate information. Its performance tracking, risk management features, combined with real-time updates and refund calculation make it a powerful tool for delivering better service experiences and enhancing decision-making processes.

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UpGuard Logo

UpGuard Vendor Risk is a comprehensive third-party risk management platform. It provides holistic evaluations and vendor insights, allowing organizations to understand the risks that vendors pose them. Alongside this, it offers efficient workflows within a centralized ecosystem, ensuring an accurate and complete visibility relationships.

Key features of UpGuard Vendor Risk include its critical security ratings which aids in understanding vendors’ security profiles quickly and confidently. The platform automatically identifies vendors and their products in use on your assets, resulting in a streamlined evaluation and monitoring process. In addition, the tool enhances risk assessments through well-defined end-to-end workflows, and facilitates communication amongst vendor and teams via a unified trackable platform.

Additional capability comes from UpGuard’s automation features; these reduce manual labor, resulting in faster processing of vendor assessments. A wide-ranging library of questionnaires allows for further simplification of data collection processes. UpGuard also delivers a robust remediation process, aided by built-in workflows to oversee triage, communication, and tracking. After completion, vendors can be quickly reassessed to gauge impact and significance.

Overall, UpGuard Vendor Risk is an all-inclusive solution for simplified vendor risk management. It’s smart automation, robust assessment tools, and efficient communication platform improve the efficacy of vendor risk evaluations, thereby ensuring robust data security.

UpGuard Logo
The Top 10 Vendor Management Solutions