IT vendor risk management (VRM) software, also known as third-party or supplier risk management software, are solutions that help to mitigate against cyberattacks that affect IT service providers and suppliers causing disruption to your organization.
As a company’s supplier and third-party network becomes more extensive and complex, managing the risk to each of these becomes more and more difficult. The need for a robust risk management solution increase. If a provider in your network suffers a data breach, or is hit by a ransomware attack, it can have knock-on effects for your organization. There is the risk of your data becoming compromised, your operations being disrupted, financial penalties from regulatory bodies, and reputational damage.
IT vendor risk management solutions mitigate these risks, with key features including risk identification and assessment, compliance documentation, ongoing monitoring of risk levels, and incident response planning.
In this article, we’ll cover the top ten IT vendor risk management solutions. We’ll look at the key features offered, pricing where available, and give our recommendations on the best fit for your organization.