Top 13 Supplier Risk Management Software [2024 Updated]

‍Choosing the right supplier risk management software is key to avoid potential risks and operational disruptions. This article explores the top 13 supplier risk management software options in detail.

Managing supplier risk is an important responsibility for IT managers. Working with unreliable suppliers can cause operational delays, financial losses, and even impact your company's reputation. 

Making sure your suppliers are reliable and meet compliance standards is a constant challenge. The challenge becomes even more difficult when you have to track multiple suppliers, monitor their performance, and assess risks. Without the right tools, this process can be time-consuming and prone to mistakes, leaving your company open to unexpected problems.

Moreover, these tools help simplify the process by automating risk assessments, tracking supplier performance, and offering real-time insights.

With these tools streamlining the process, now let's examine specific supplier risk management software options that can enhance your operations. Before exploring the tools, consider the below mentioned key features to look for.

Key Features to Look For in a Supplier Risk Management Software

Let's delve into the essential features to look for in a supplier risk management software.

• Risk Assessment: Look for software that helps you assess the risks of your external service providers. This includes checking their cybersecurity practices, data protection, regulatory compliance, and overall resilience.
• Continuous Monitoring: Choose software that monitors your suppliers' activities and performance in real-time. This helps you stay updated on any changes that might affect their security.
• Compliance Management: Ensure the software helps track and verify that your suppliers meet regulatory requirements. It should assist with compliance to industry regulations, data protection laws, and other standards.
• Issue Identification and Resolution: The software should quickly identify and address any risks or issues. This proactive approach helps reduce the impact of risks on your organization.
• Documentation and Reporting: Look for software that provides detailed documentation and reports on supplier activities and risk assessments. This is important for audits and understanding the effectiveness of your risk management.
• Performance Metrics: The software should allow you to set key performance indicators (KPIs) to measure your suppliers’ performance. It should provide metrics and analytics to help you evaluate supplier effectiveness.
• Automated Alerts and Notifications: Ensure the software has automated alert systems to notify you of any risks or changes in supplier profiles. Timely alerts are essential for managing potential issues quickly.

Apart from the supplier risk management, if you're looking to manage vendor risks then here is a solution - Zluri. Vendor risks are more focused with your end-product quality, compliance, and service delivery. In order to manage them efficiently, let's introduce you to Zluri.

0. Zluri

Zluri offers a SaaS management platform that makes your vendor risk management simpler and more efficient. With Zluri, you get a clear view of all your SaaS vendors and their relevant information in one place. This includes information on number of contracts, spending, and compliance standards. The easy-to-use interface helps you manage these aspects smoothly and effectively.

Let's see how Zluri helps with managing vendor risks in detail.

• Centralized Contract & Vendor Management

Zluri offers a centralized platform for managing all your SaaS contracts and vendors. Instead of juggling multiple tools or spreadsheets, you get a single, intuitive interface where you can view and handle all vendor-related information. This includes detailed contract data, spending patterns, and relevant information.

The below image shows the Zluri’s centralized view of contracts and vendors to manage them efficiently.

Having everything in one place makes it easier to track and manage your vendor relationships efficiently, ensuring you have quick access to vital details when you need them.

• Vendor Access Management

With Zluri, managing vendor access is straightforward and effective. The platform allows you to monitor and manage who has access to your applications and data. You can easily revoke access when necessary, such as during offboarding or when a contract ends.

Zluri provides a clear overview of all the applications vendors can access, which helps in maintaining security and preventing unauthorized data breaches. This proactive approach to access management ensures that your sensitive information remains protected.

• Compliance & Risk Mitigation

Zluri supports compliance and risk mitigation by keeping all contract and vendor information organized and up-to-date. It helps you stay on top of compliance requirements and reduces the risk of non-compliance by providing easy access to relevant documents and contract details.

In addition, the platform’s automated features, like data backup and contract renewal reminders, help minimize risks associated with vendor management. By streamlining these processes, Zluri helps ensure that your organization meets all necessary standards and avoids potential pitfalls.

Book a demo today to learn more!

13 Supplier Risk Management Software

Now, we will discuss the top 13 best supplier risk management software in detail.

1. UpGuard

UpGuard is a pioneering third-party risk assessment solution. This tool will ensure the robust security of your organization's sensitive data. UpGuard Vendor Risk introduces a user-friendly dashboard, offering a comprehensive view of all your vendors categorized into tiers.

This innovative approach allows you to easily assess vendor security practices and evaluate their security posture, providing a powerful tool for safeguarding your organization against potential risks. It helps automate your third-party risk assessment workflows seamlessly and receive instant notifications regarding your vendors' security – all within a centralized dashboard. 

Key Features

• Efficient Monitoring and Evaluation: Simplify how you monitor and assess your vendor's security. UpGuard’s automation saves you time and lets you focus on strategic goals instead of tedious monitoring tasks.
• Instant Security Updates: Get real-time updates on your vendor's security status. Stay informed about changes and risks so you can act quickly to protect your organization.
• Seamless Vendor Lifecycle Management: It streamlines the entire process from onboarding to ongoing monitoring and assessment, improving overall efficiency.
• Comprehensive Reporting and Insights: Access in-depth reports and insights about your vendor ecosystem. UpGuard’s advanced reporting tools help you analyze data thoroughly, make informed decisions, and communicate security status to stakeholders.
• Tailored Insights through Reports Library: Quickly find customized reports with UpGuard’s Reports Library. Speed up decision-making and ensure relevant information is available for effective communication and planning.

Customer Ratings

• G2: 4.5/5

2. Sprinto

Sprinto offers an end-to-end vendor risk management tool that automates the discovery of new vendors and manages risks throughout the entire vendor lifecycle. This automation makes it easier for IT companies to keep a clear inventory of all vendors, breaking down organizational barriers that often make risk management difficult.

Sprinto equips your team with the capabilities that you need to assess and manage vendor risks effectively, offering a complete solution for vendor risk management.

Key Features

• Catalog Suppliers: Sprinto allows you to easily create and maintain a detailed catalog of all your suppliers. This feature helps you organize important supplier data in one place, making it easier to track and manage relationships. 
• Assess Risks: The risk assessment feature in Sprinto enables you to evaluate the risks associated with each supplier. It automatically collects data on supplier performance, compliance, and potential vulnerabilities. This helps your team in high-risk identification before issues arise, allowing you to make informed decisions and reduce the likelihood of disruptions.
• Monitor Supplier Performance: With Sprinto, you can continuously monitor supplier performance in real-time. The software tracks key metrics such as delivery timelines, quality standards, and compliance with regulations. 
• Remediate Issues: The software helps you quickly identify the root cause of problems and suggests actions to resolve them. With a structured remediation process, your team can address issues before they impact your business, ensuring that your supplier relationships remain strong and reliable.

Customer Rating

• G2: 4.8/5
• Capterra: 4.8/5

3. LogicManager

LogicManager stands out as a leading provider of third-party and vendor risk management solutions. Their Vendor Management System (VMS) empowers organizations to conduct standardized, quantitative risk assessments for each vendor. The platform incorporates automated workflows for efficiency and integrates built-in risk analysis to guide mitigation strategies.

The platform encompasses a diverse set of reporting tools, evaluating the criticality of each vendor's risks and aiding businesses in prioritizing remediation efforts. The Risk Analyzer AI tool also enhances efficiency by automatically extracting essential information from risk assessments, such as renewal dates and breach notifications.

Key Features

• Customizable Questionnaires for Vendor Risk Assessment: LogicManager’s Vendor Management System (VMS) offers customizable questionnaires tailored to your specific needs. This feature enables a thorough and targeted assessment of vendor risks, helping to identify which third parties have access to sensitive data and ensuring a focused evaluation.
• Recurring Assessments for Streamlined Re-assessment: The platform supports recurring assessments, making it easier to regularly re-evaluate vendor risks. By automating these periodic checks, organizations can maintain up-to-date risk data, supporting ongoing risk management and adapting to changes in business relationships.
• Cloud Deployment as a Scalable SaaS Platform: LogicManager's VMS is deployed in the cloud as a SaaS platform. This cloud-based model offers flexibility and scalability, making it ideal for mid-sized and larger organizations. It ensures easy access, efficient management, and the ability to scale as your business grows.
• Time-Sensitive Task Tracking: The platform includes features for tracking time-sensitive tasks, which helps manage and monitor tasks efficiently. Users can set and track deadlines for various tasks within the vendor management process, ensuring timely completion and enhancing the overall effectiveness of risk management workflows.

Customer Ratings

• G2: 4.5/5

4. Vanta

Vanta offers a robust solution designed to streamline and enhance supplier risk management. With Vanta, you can efficiently discover and onboard new vendors, ensuring that every supplier meets your organization's standards from the start.

Vanta’s platform simplifies risk assessment by automating the evaluation process, making it easier to identify potential risks and compliance issues. It also helps you gather crucial security information about your vendors, providing real-time insights into their practices and ensuring they align with your security requirements.

Key Features

• Discover & Onboard Vendors: Vanta automatically identifies potential suppliers and streamlines the onboarding process by gathering essential information quickly. This helps your team reduce the time spent on manual vendor sourcing, ensuring you have the right suppliers in place while keeping operations efficient and secure.
• Streamline Risk Assessment: With Vanta, risk assessments are made easier and more effective. The platform provides tools to evaluate each vendor’s potential risks, such as compliance issues, security vulnerabilities, and performance history. 
• Source Vendor Security Information: Vanta helps your team source and monitor critical vendor security information, ensuring that all suppliers meet your organization’s security standards. This feature allows you to gather real-time data on each vendor’s security practices, certifications, and compliance.

Customer Rating

• G2: 4.6/5
• Capterra: 4.7/5

5. SecureFrame

Secureframe's supplier risk management software revolutionizes how businesses handle evidence collection, vendor management, policy creation, and security training. Secureframe establishes itself as an indispensable partner in achieving resilient and streamlined compliance management. This software has played a pivotal role in guiding numerous businesses through compliance intricacies with unmatched simplicity.

Crafted for simplicity, Secureframe delivers a user-friendly platform that accommodates both compliance and non-security professionals. The intuitive interface guarantees accessibility for all users, irrespective of their expertise level.

Key Features

• Swift Compliance Implementation: Secureframe speeds up your path to compliance by managing over forty services, including AWS, GCP, and Azure. You can achieve compliance in just weeks, much faster than traditional methods.
• Comprehensive Service Monitoring: Secureframe goes beyond basic compliance by monitoring a wide range of services. It keeps a close watch on major cloud platforms like AWS, GCP, and Azure to ensure you meet all compliance requirements seamlessly.
• Automated Audit Data Collection: Secureframe simplifies compliance by automating the collection of audit data. It handles key tasks like vendor management and infrastructure monitoring, improving both efficiency and accuracy.
• Holistic Security Training: Secureframe offers thorough security training to ensure a complete approach to compliance. It provides all team members with the knowledge needed to maintain a secure and compliant environment.
• Efficient Policy Management: The platform makes it easy to create and enforce policies that meet compliance standards, streamlining the policy management process for your business.

Customer Ratings

• G2: 4.7/5

6. BitSight

BitSight is a leading provider of third-party risk management solutions. By employing advanced algorithms and delivering daily security ratings, BitSight's third-party risk management and security ratings platform empowers organizations to effectively handle and mitigate risks associated with third-party relationships.

Additionally, BitSight seamlessly integrates with other Vendor Risk Management (VRM) tools like ServiceNow and ProcessUnity, providing users with a comprehensive and optimal experience in the TPRM market.

Recognized for its extensive vendor intelligence network, BitSight offers users access to over 20,000 vendor profiles, further enhancing its standing as a trusted solution for organizations seeking proactive management and improving their third-party risk landscape.

Key Features

• Automated Vendor Onboarding Assessments: This feature automates the process of evaluating new vendors. It starts risk assessments quickly and consistently, making it easy to integrate new partners or suppliers into your existing system.
• Data-Driven Vendor Response Validation: The platform uses data-driven methods to check and verify vendor responses. This helps ensure that the information you get from vendors is reliable, so you can make informed decisions about your risk management.
• Real-Time Reporting: With real-time reporting, you get immediate updates on your vendor’s risk status. This feature lets you see the latest security information about your vendors, so you can respond quickly to any new threats or changes.
• Customizable Workflows for Vendor Assessment Prioritization: You can adjust workflows to focus on vendor assessments based on specific criteria or risk factors. This flexibility helps you manage vendor risks in a way that fits your organization’s priorities and risk management plans.

Customer Ratings

• G2: 4.6/5

7. Logicgate Risk Cloud

LogicGate Risk Cloud is an advanced third-party risk mitigation tool providing a comprehensive suite of tools to effortlessly manage and mitigate diverse risks companies encounter. 

Taking a holistic approach, LogicGate offers in-depth insights into an enterprise's vulnerability and risk exposure, enabling users to enhance risk management and resilience. The platform's flexible pricing ensures organizations only pay for the features they need, maximizing cost-effectiveness in risk mitigation efforts.

Key Features

• Seamless Native Integrations with various apps: LogicGate stands out by effortlessly integrating with a growing number of applications. This ensures a cohesive and interconnected risk management ecosystem, adapting to the evolving needs of enterprises.
• Streamlined Compliance Processes through Automation: Simplify compliance management with LogicGate's automation capabilities. The platform facilitates efficient compliance processes, automating routine tasks and freeing up resources for more strategic risk management initiatives.
• Robust Enterprise Risk Management (ERM) Software: LogicGate's ERM software serves as a foundational element for effective risk management. This feature equips organizations with the necessary tools to identify, assess, and mitigate risks comprehensively, fostering a proactive risk management approach.
• Specialized IT Security Risk Management: Tackle IT vulnerabilities proactively with LogicGate's specialized IT security risk management capabilities. The scalable platform empowers organizations to systematically address IT vulnerabilities, ensuring a secure and resilient IT infrastructure.

Customer Ratings

• G2: 4.6/5

8. StandardFusion

StandardFusion, as a third-party risk mitigation tool, simplifies how you manage risks from external partners, making risk and compliance data easily accessible. Thus enhancing the efficiency of the vendor risk management program. Its unique interface strikes an optimal balance between power and simplicity, ensuring that third-party risk mitigation processes are effective and user-friendly.

Setting itself apart, this platform is committed to user empowerment, offering in-person training, technical assistance, and extensive product training. StandardFusion becomes the catalyst for organizations seeking accessible and effective 3rd party risk mitigation solutions. 

Key Features

• Personalized Support from Success Managers: StandardFusion exceeds traditional support by offering dedicated success managers. This collaborative platform support ensures businesses receive tailored guidance to overcome challenges, maximize efficiency, and succeed in supplier risk mitigation initiatives.
• Efficient Supplier Audit Management: Simplify the complexities of supplier audit management effortlessly with StandardFusion. The platform equips businesses with the necessary tools to streamline and enhance the audit process, promoting transparency and compliance in supplier risk mitigation efforts.
• Training and Guides for Users: It helps you enhance proficiency in supplier risk mitigation with StandardFusion through dedicated product training and user guides. This feature ensures that users possess the knowledge and skills to leverage the platform's full capabilities, optimizing supplier risk mitigation practices.

Customer Ratings

• G2: 4.8/5

9. SecurityScorecard

SecurityScorecard is a robust supplier risk management software designed to provide businesses with instantaneous insights into their Digital Supply Chain. This powerful tool enables users to swiftly detect and assess potential risks within their supply chain by delivering a comprehensive view of their vendor ecosystem.

With SecurityScorecard, organizations can evaluate the security posture of each vendor, obtaining detailed information on vulnerabilities and potential threats. Further, you can address cybersecurity vulnerabilities by utilizing immediate risk ratings aligned with the responses from vendor cybersecurity questionnaires.

The software further facilitates a private Supply Chain Risk Score, offering a holistic understanding of the overall risk profile of the entire ecosystem. This innovative solution empowers businesses to proactively manage and enhance the security of their supply chain by leveraging real-time assessments and actionable intelligence.

Key Features

• Comprehensive Ecosystem Visualization: SecurityScorecard offers clear, detailed graphics to visualize your entire vendor network. This feature helps you understand the risk landscape fully, making it easier to make informed decisions and manage risks effectively.
• Focused Discussions and Collaboration: SecurityScorecard supports effective collaboration with third parties, speeding up the risk mitigation process. This feature improves communication and teamwork to address and resolve potential threats efficiently.
• Efficient Workflow Streamlining: The software provides a dashboard that highlights strengths and weaknesses across all your vendors, including fourth-party vendors. This helps you quickly spot threats, prioritize actions, and improve your overall cybersecurity.

Customer Ratings

• G2: 4.3/5

10. Scrut Automation

Scrut, a comprehensive third-party risk mitigation tool, is an integrated solution that addresses compliance challenges. This automation platform operates tirelessly, monitoring an organization's security measures 24/7 and collecting evidence to simplify compliance processes, ensuring smooth audits.

The platform features a centralized database consolidating information on security compliance standards and internal Standard Operating Procedures (SOPs). Through automated data matching across various standards, it streamlines processes, eliminating redundancy and saving valuable time and resources. 

Key Features

• Centralized Data Repository: Scrut establishes a centralized database housing all essential information on information security compliance standards and internal SOPs. Its centralized management features enhance accessibility, fostering a comprehensive grasp of compliance requisites.
• Automated Data Alignment: The platform seamlessly aligns data with pertinent provisions across multiple standards through automated processes. This intelligent automation eradicates repetitive tasks, enhancing operational efficiency and minimizing the likelihood of errors.
• Structured Navigation for Engagements: Scrut provides a meticulously structured roadmap for compliance-related engagements, expediting the customer acquisition process. This organized framework ensures the efficient prioritization and execution of compliance tasks.
• Dedicated Customer Success Support: With Scrut, you gain access to a dedicated customer success team. This approach to supplier risk aids in prioritizing and managing items in your compliance backlog, tailoring an effective strategy to meet your unique compliance objectives.

Customer Ratings

• G2: 4.9/5

11. Metric Stream

MetricStream is a third-party risk management software tool. It empowers your organization to navigate the intricacies of supplier relationships with efficiency and precision. 

MetricStream offers a single platform that adapts functionalities to meet distinct user needs. This user-centric approach ensures a seamless and focused approach to managing enterprise and operational risk, policy and compliance, and other critical management tasks.

With robust IT threat and vulnerability management capabilities and efficient case and survey management, MetricStream provides a comprehensive solution for organizations seeking to enhance their supplier risk mitigation strategies.

Key Features

• Robust IT Threat and Vulnerability Management: Stay ahead of IT threats and vulnerabilities with MetricStream’s advanced management features. This tool helps you proactively find, assess, and address risks, ensuring a strong approach to managing IT threats.
• Tailored User Functionality: MetricStream offers features tailored to different roles, such as IT managers, auditors, or executives. This customization ensures that each user can effectively use the platform according to their specific needs.
• Efficient Case and Survey Management: MetricStream provides excellent tools for managing cases and surveys. It streamlines these processes, making it easy to handle cases and conduct surveys efficiently and accurately

Customer Ratings

• G2: 3.5/5

12. SAP Ariba

SAP Ariba offers a supplier risk management solution designed specifically for large enterprises aiming for optimum control and transparency. It enables comprehensive risk assessment and mitigation by offering a range of services.

SAP ensures seamless integration with an enterprise's core platform, allowing users to tailor their experience by selecting and paying for the specific capabilities they need. With in-memory data access, SAP supplier risk management software empowers users with big data capabilities and leverages predictive analytics to optimize risk management.

Key Features

• Supplier Audit Management and Planning: SAP Ariba is a top tool for managing supplier risk, offering strong features for audit management, planning, and performance. It provides everything you need to conduct, plan, and improve supplier audits, promoting transparency and compliance in your supplier relationships.
• Business Integrity Screening for Suppliers: This feature lets companies implement thorough screening processes for suppliers, ensuring business integrity and reducing risks from external partnerships.
• Supplier Process Control: SAP Ariba includes efficient process control features to monitor, streamline, and optimize supplier-related processes. This helps ensure compliance with standards and improves operational efficiency in managing supplier interactions.
• Global Supplier Trade Management: Manage global supplier trade processes effectively with SAP Ariba. It ensures compliance with international regulations and optimizes trade operations within your supplier network.
• Supplier Regulation Management: This feature helps organizations stay on top of regulatory requirements in supplier engagements, reducing compliance risks with external service providers.
• Threat Detection for Supplier Relationships: SAP Ariba provides tools to identify and address potential threats in supplier relationships, strengthening your organization's risk management strategy in the supplier ecosystem.

Customer Ratings

• G2: 4.1/5

13. OneTrust

OneTrust is one of the popular supplier risk management software. It provides a solution to centralize your third-party inventory, making it easier to track and manage all your suppliers in one place.

OneTrust simplifies the risk management process by automating risk mitigation strategies, helping you quickly address potential issues. It also offers continuous monitoring of third-party performance, allowing you to stay informed about how well your suppliers are meeting their obligations.

Key features

• Centralize Your Third-Party Inventory: OneTrust allows you to centralize all your third-party vendor information in one place. This feature helps you keep a comprehensive view of all suppliers, making it easier to track and manage vendor relationships. 
• Automate Risk Mitigation: The platform helps you identify potential risks and automatically implements predefined risk management strategies. This automation reduces manual effort and ensures that risks are addressed promptly and consistently, helping protect your organization from potential disruptions.
• Monitor Third-Party Performance: OneTrust enables continuous monitoring of third-party performance. You can track key performance indicators (KPIs) and assess how well your suppliers are meeting agreed-upon standards. This ongoing oversight helps you identify any performance issues early and ensures that your suppliers remain compliant with your requirements.
• Track Key Metrics: The platform provides tools to track critical metrics related to supplier risk management. This actionable insight helps in making informed decisions and enhances your ability to manage supplier-related risks effectively.
• Maintain Records for Compliance: The platform ensures that all relevant documentation and evidence related to supplier management are securely stored and easily accessible. This key feature supports your efforts to meet regulatory requirements and simplifies the process of demonstrating compliance during audits.

Customer Ratings

• G2: 4.3/5
• Capterra: 4.2/5

Choosing The Ideal Third-Party & Supplier Risk Management Software

Once we have explored the top 13 supplier risk management software solutions, it's clear that effective supplier risk management is crucial for maintaining a resilient and secure supply chain. However, when selecting the best solution for your needs, consider the specific features that align with your risk management strategy.

Look for tools that offer comprehensive risk assessment capabilities, real-time monitoring, and integration with your existing systems. A solution that is easy to use and provides actionable insights will streamline your risk management efforts and enhance your overall operational efficiency.

Frequently Asked Questions (FAQs)

1. What is vendor risk management software?

Vendor risk management (VRM) software aims at identifying and reducing risks linked to vendors. VRM software helps companies understand their vendors better, how they interact with them, and whether the vendors have strong security measures in place. This visibility ensures that companies can effectively manage and mitigate potential risks associated with their suppliers.

2. How does Vendor Risk Management Software differ from traditional risk management practices?

Vendor Risk Management Software simplifies and automates the process of evaluating and tracking risks related to third-party suppliers. Unlike traditional methods, it delivers real-time insights, detailed reports, and automation features. This allows businesses to manage and reduce risks more effectively and efficiently.

3. How do you manage risk with suppliers?

To reduce risk, consider working with multiple suppliers for the same product or service. This way, if one supplier encounters issues, you're not completely dependent on them. Additionally, having backup systems ensures that if one supplier fails, you can quickly switch to another without disruption.

4. What is supply chain risk management?

Supply chain risk management (SCRM) involves identifying and addressing potential weaknesses in a company's supply chain. The goal of SCRM is to reduce the impact of these risks on the company's operations, reputation, and financial health.

5. Is supplier risk management software suitable for businesses of all sizes?

Yes, Supplier Risk Management Software is scalable and can be adapted to businesses of all sizes. Whether you are a small to mid-sized enterprise or a large corporation, implementing such software can be tailored to meet your supply chain's specific needs and complexities, enhancing risk management practices across the board.

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