Third-Party Risk Management Software

Today’s organizations rely on a network of third parties, suppliers, and contractors to deliver their services exposing them to third-party risk. Failing to effectively manage third-party risks can severely impact operations. Unexpected failures by supply chains and support vendors have the potential to cause irreversible damage to an organization’s reputation and erode trust with both existing and prospective customers, highlighting the need for effective risk mitigation strategies.

Consequently, there is increased pressure on governance, risk, and compliance professionals to demonstrate to executive teams that (TPRM) should be considered a priority as part of their broader risk framework. To effectively manage risk posed by third parties posed by third parties, you will need a cloud-based integrated risk management platform to monitor vendor performance, detect risk, and report on key metrics, including third party risk scores.