Vendor Risk Management Software Checklist

Vendor Risk Management Software Checklist
Vendor Risk Management Software Checklist

Choosing the right vendor risk management software can help your organization navigate the often complex process of 3rd party risk management. As enterprises continue to outsource more aspects of their operations to third parties, they expose themselves to more shared risk. Vendor risk management can be a staggering responsibility. Most organizations understand the need to automate vendor risk management with software to keep up with increasing scope and scrutiny. Yet they struggle to identify and prioritize the key features their vendor risk management software must provide so they can make a significant impact quickly. To help we’ve provided a checklist which can serve as a guide. It outlines key features that you should look for in vendor risk management software.

Here are some requirements that will be reviewed in the vendor risk management software checklist

Vendor Risk Assessment Workflow

  • Vendor Onboarding and Centralized Vendor Inventory in the software
  • Out-of-the-Box Classification, Assessment, and Remediation Workflows
  • Out-of-the-Box vendor risk content
  • Corrective Action Plans

Risk Reporting Requirements

  • Dashboarding and Vendor Risk Reporting
  • Flexible Risk Categorization and Vendor Scoring
  • Document Registration
  • Ad-Hoc Risk Register
  • Continuous Monitoring

Architecture and Infrastructure

  • Flexibility to Adapt to Evolving Requirements
  • Software Integration with other Systems and 3rd Party Intelligence

Vendor risk management is getting more scrutiny. In a study from the Ponemon Institute and Shared Assessments, 70%  said third party risks in their company are increasing. Companies who were part of this  survey spent an average of $10M responding to security incidents caused by 3rd parties. Many vendor risk management programs have evolved over time. What began as a spreadsheet or two to track 3rd partyies can’t hold up to the ever-increasing scope and severity. Putting more people on the problem can quickly become a resource drain. Choosing the right vendor risk management software for your organization is a step in the right direction.

You can download the full checklist here