Third-Party Risk Management Software

Today’s organizations rely on a network of vendors, suppliers, and contractors to deliver their services while monitoring the 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 third-party risk management should be considered a priority as part of their broader risk framework.

To effectively manage vendor risk, you will need a cloud-based integrated third-party risk management platform to monitor vendor performance, detect risk, and report on key metrics, including third party risk scores.