14 Supplier Risk Management Software

Supplier risk management software (SRMS) is a platform that tracks, analyzes, and gives reports regarding risk factors to secure your organization.

Supplier risk management software helps you evaluate and identify current risks, prioritize them by probability and impact, ensure suppliers' quality, and review risks periodically in your organization.

To mitigate supplier risk in your organization, you need the best supplier risk management software. This article will help you to make a decision on which SRMS to choose for your organization.

1. Zluri

Zluri is a SaaS Management Platform widely used in organizations. Zluri uses its powerful discovery engine and discovers 100% SaaS applications. It tracks, monitors, and analyzes every app and alerts you of any threat and risk. It provides efficient supplier risk management.

It keeps track of all the shared data within or outside the organization. It monitors and reports to you regarding how the information is shared with other users. It shows you the risk levels to make you aware of any situation that can indulge the organization's security.

The risk can be low, medium, and high. The risk level is categorized into five levels from 1 to 5, where level 5 stands for high risk.

Not only apps, but it also shows you all the critical users causing risks in your apps.

Zluri provides multiple reports. Using these reports, you can take action against any risk. Zluri also checks for all the required compliances.

You can get detailed reports regarding such scenarios to protect your system from security breaches. You can take action according to such statements present in the dashboard. It shows all the critical apps and critical users in a single dashboard. You can get notifications of all the threats.

It defines scopes of threat in the organization. Scopes are several threats caused by applications.

If any application has scope 1 that means there is a single threat.

If any application has scope 3 that means there are three threats available.

It shows all compliances that the application follows. It shows all the compliances the app maintains and offers it to you in the dashboard. You can get the detailed test report in the dashboard. It shows the security risks at different levels as low, medium, and high according to the threat in the organization. 

Zluri takes care of all the compliances. You can get all the compliances required to do business properly worldwide in a single dashboard. It maintains all the security standards and builds trust between customers and organizations.

Pros

• It fully discovers your organization's SaaS apps. 

• It maintains a report about your subscriptions and renewal policies. 

• It removes duplicate apps and manages SaaS Sprawl. 

• It automates employee onboarding and offboarding. 

• It maintains audit readiness for government compliance and provides reports on users' application data usage.

Cons

• It doesn’t have a significant issue at this point, but if any issue arises Zluri team is fast to resolve it.

Customer Rating

• G2- 4.8/5

• Capterra-4.9/5

2. Scrut Automation

Scrut Automation is a compliance automation platform that unveiled risk management for mid-size SaaS and fintech companies. It is an advanced, easy-to-use product that aims to provide organization visibility into their risk to allow them to prioritize and manage their risk.

It manages suppliers with different levels of risk with security programs and tests your vendor's compliance with the information security standards. It audits and conducts security questionnaires through automation, tracks and collects responses, and identifies deviations from a single window. 

Create a faster, more efficient, and more effective way to assess, monitor, and manage your vendor risk with Scrut supplier risk management. With this module, gain actionable insights into how your vendors are performing and whether their security postures align with your compliance requirements or not.

It stores all your vendor security documentation, certifications, and audits in one place. Scrut assesses and monitors the security posture of all your vendors faster. You can use the dashboard to select which suppliers you want to do a security audit, and the entire process reduces >70% of the time otherwise spent on vendor risk assessment.

It provides prebuilt risk guides that help organizations to understand and identify risks. It is capable of identifying even the most minor overlooked risks in organizations.

It allows you to connect with applications using its purpose-built integrations that help identify potential risk areas. It provides a real-time risk register to monitor all the risks and take action against them using proper strategies to mitigate all the residual risks.

The tool has automated workflows for tracking the implementation of strategies and evidence collection for mitigating controls. The tools can generate risk assessment reports that are easily shareable with compliance audits for SOC 2, ISO 27001, GDPR, HIPAA, PCI DSS, and other infosec frameworks.

Pros

• It provides a planned roadmap for compliance-related engagements, which translates to faster customer acquisition.

• It provides a dedicated customer success team that helps you prioritize a compliance backlog, which also aligns with your product roadmap.

• It provides the Trust Vault feature that is designed to reduce your manual work while answering the customers' questions on Information security.

• It tracks all the data points that are necessary for compliance.

Cons

• The UI design changes, like checkboxes for selection, will enhance the product.

• Some repetitive tasks on the platform could have been avoided.

Customer Rating

• G2- 5/5

3. OneTrust

OneTrust is a supplier of risk management software that provides services to small or large companies with trust intelligent platform that connects data, teams, and processes to collaborate seamlessly and increase the potential of an organization.

It enables privacy by design with a comprehensive privacy management platform that complies with CCPA, GDPR, and other privacy laws and data protection frameworks. 

It improves your data quality and simplifies business decision-making, ensuring data quality, usability, and integrity are critical factors in building trust in your organization. It discovers and facilitates everyday access to data and implements your data governance framework. 

It centralizes the policy lifecycle, simplifies collaboration, and tracks policy effectively to streamline policy development. It accesses a policy gallery and leverages templates. It launches attestation campaigns, manages policy exceptions, and puts policy maintenance on autopilot. 

It scales your IT risk management programs. Mitigating IT risk and enforcing security protocols requires operationalizing your risk management programs. It streamlines your risk assessment and mitigation practices and prepares for incident responses.

Pros

• It provides portability and access controls. It is capable of keeping up with changes in privacy laws.

• Its audit log has the self-service capability that views and reports for audit and compliance teams. 

• You can manage cookies, assets, assessments, and other features using Onetrust, as it is a complete platform for managing risk, compliance, privacy, and different essential roles inside the company. 

Cons

• It is hard to set up AB Testing reporting issues.

• It is hard work to integrate Onetrust with other systems. It is also difficult to perform tasks such as cookie scanning, and the translations of the tenant are not automatic.

Customer Rating

• G2- 4.3/5

• Capterra- 4.2/5

4. Ncontracts

Nrisk is an online risk management software (a product of Ncontracts) that provides secure and control assessment in organizations in real-time to improve exam readiness and reinforces strategic planning.

It provides extensive control and risk libraries in organizations. It offers customized risk ratings and reporting for up to 12 dimensions of risk. It gives organized task management. It provides automation for accurate, streamlined risk management.

You can evaluate your current program from a strategic, operational, and tactical perspective. You can use an enterprise risk management (ERM) plan that provides a program that aligns with your FI's goals.

It provides unlimited support and training for data conversion/import, installation, configuration, and implementation. It improves exam readiness. It provides automation for processes and procedures. Continuously measures and manages inherent and residual risk.

Individualized services to enhance your existing program provide risk control and process assessments. It gives "What If" analysis and reporting. Board and executive reporting. It provides an evaluation of KRIs and/or KPIs.

Pros

• It is easy to use and has integration points between the various software applications.

Cons

•  It lacks custom report writing options available to the administrator.

• It is difficult to update information and print the final Business Continuity Plan.

Customer Rating

• G2- 4.6/5 

• Capterra-  4.8/5 

5. LogicGate Risk Cloud

It provides enterprise risk management, third-party, and IT risk management. It monitors and manages business risks across your organization and turns them into opportunities.

Using its analysis, it can identify the risks and thus can provide proper suggestions to overcome those to provide risk management in your organization. You can use risk assessments to check the maturity of the risk and can take action against it to secure it.

It mitigates its risk and provides security for organizations using its proper techniques. It monitors all the risks and provides accurate data reports and analytics. It provides all data reports and the risk that can create damage to the security.

Pros

• It's perfect for smaller or large corporate environments with easy-to-use, flexible, and efficient features.

• This tool allows you to adopt and bring simple processes from your convenience of working with workflows. It develops your strategies over time and gives you the tools to be in control of it.

Cons

• Some features need improvement, for instance, back-end changes that can affect open items in those current steps and development.

• It creates a steep learning curve to understanding how to begin building initially. The online help center articles do not provide enough detail for understanding how to utilize different functions.

Customer Rating

• G2- 4.6/5

• Capterra- 4.7/5

6. Tugboat Logic

It builds and manages an entire unique infosec program that defines security policies, responds to RFPsand provides proof of compliance. Its prebuilt library with 40 policies helps startups to create a credible infoSec policy.

It provides an automated risk recommendation library and strategic objectives to scale your organization. It provides an automated mapping of mitigating controls to risks and frameworks such as SSOC2, ISO 27001, PCI DSS, and NIST CSF.

It provides interactive dashboards to monitor risks and provide actionable insights for remediation.

Pros 

• Policies, controls, procedures, and evidence are linked together and organized well to navigate.

• It provides an easy system to do all the management tasks. It offers many integrations to reduce manual work.

Cons

• It doesn't have any process to manage company assets.

• Task management needs improvement to be a little more user-friendly.

Customer Rating

• G2- 4.6/5 

• Capterra- 4.6/5

7. SecureFrame

It is a famous supplier of risk management software for organizations. Startups to enterprises use this SRMS to automate their SOC 2, ISO 27–1, PCI DSS, and HIPAA compliance.

It gets you compliant with SOC 2, ISO 27001, HIPAA, or PCI DSS for your organization. Maintaining compliance can take time and eliminate manual tasks time using automation. It provides security when new contractors, employees, customers, and vendors require more controls.

It streamlines the entire compliance process, from supplier management to ongoing evidence collection. The controls and workflows fit your needs as you scale your organization securely.

Pros

• Customer service is efficient, with a dedicated team to solve your problems.

• It streamlines the evidence collection process, vendor management, policy creation, and security awareness training.

Cons

• It requires much time to set up for the team.

• Some workflows are manually created, but the team is working on the automation process.

Customer Rating

• G2- 4.3/5

• Capterra- 4.3/5

8. UpGuard

UpGuard is a new standard in third-party risk and attack surface management as it can secure your organization's sensitive data. Its security ratings engine monitors companies' data points every day.

It provides data-driven, objective, and dynamic security ratings to understand your supplier's security posture. These security ratings are generated by analyzing trusted commercial, open-source, and proprietary threat intelligence feeds and non-intrusive data collection methods.

You don't need to use lengthy error-prone spreadsheet-based risk assessments. Using this, you can create a free account to answer questionnaires, complete risk assessments, and share supplier profiles.

You can get insights using a prebuilt executive reporting suite. You can manage the average supplier's security ratings and 12-month history with access to your data.

Pros 

• It provides an easy interface to use.

• It provides a detailed summary of detections that they report on the portal.

Cons

• It needs improvement to be a little more open about how they rate risks and vulnerabilities.

• It has vulnerabilities identified concerning application security. 

Customer Rating

• G2- 4.2/5

• Capterra- 5/5

9. SecurityScorecard

It provides cybersecurity risk management for tech companies. It proactively builds secure ecosystems that mitigate cyber risks, eliminate vulnerabilities, and meet compliance standards, regardless of your industry.

You can collaborate with ScoreCards subject matter experts to evaluate the maturity of the risk of your supplier's risk management program to support your company's strategic initiatives.

You can get a detailed roadmap to assess your company's risk management program to take proper steps to mitigate them. You can evaluate your risk management program to design how to realign your program by removing redundancy and reducing costs strategically.

You can assign a SecurityScorecard supplier resource to help identify critical suppliers, execute questionnaires, track remediation, and report progress.

Pros

• It provides a vulnerability report that includes all aspects of security, such as application, IT Infrastructure, and signature reflecting malware.

• It determines such vulnerabilities from outside footprinting without authenticated scan. The report shows all the information which a hacker can check.

Cons 

• Some assessments produce misleading reports. The grade/score appears to be arbitrary and not so trustworthy. 

• Client Support is not so efficient. Price structure is a bit complicated to understand.

Customer Rating

• G2- 4.6/5

• Capterra- 5/5

10. LogicManager

Its governance area and point solution packages are built on a taxonomy platform that can integrate into any department and support you throughout your organization's risk journey. 

When you sign on with LogicManager, you sign on to a team of thought leaders and risk management consultants to get you exactly where you need to be with your Governance, Risk & Compliance.

LogicManager's integrated risk management software makes connections between departments and centralizes your information. It develops, improves, and reports.

LogicManager's insurance risk management software collects data related to insurance policies, claims, renewals, and physical assets to accelerate your insurance and safety program.

LogicManager's prebuilt & configurable departmental risk assessments solution package identifies weak spots, assesses holistically, mitigates more efficiently, monitors consistently, and connects your risks.

LogicManager's all-in-one bank branch risk assessment solution package assesses risks across each of your enterprise's branches. LogicManager's new project risk assessment solution package assesses unknown potential risks when a new project starts ahead of time the right way.

LogicManager's comprehensive e-Banking risk assessment solution packages to keep on top of risks coming from all conceivable angles keep you stay ahead of online banking risks.

LogicManager's research-backed, standardized assessment: the Risk Maturity Model (RMM), assesses the actual effectiveness and adequacy of your ERM program. LogicManager's compliance risk assessment solution package helps you to operate your business under the highest standards of honesty and integrity.

Pros

• It enables automation and workflow capabilities that create processes requiring little to no manual intervention outside assigned tasks.

• Automation provides a centralized vendor management space and a dedicated analyst for guidance.

• It provides easy direct integration with other software to share data with other systems.

Cons

• The reporting module needs improvement as it is not user-friendly and difficult to use.

• It cannot assign documents to multiple areas throughout the platform, and document storage is limited.

Customer Rating

• G2- 4.4 /5

• GetApp- 4.6/5

11. Intelex EHSQ

It provides global environmental, health & safety, and quality management software solutions. It knows about health & safety, quality, and sustainability/ESG that can preserve lives, manage risk and protect the planet.

Intelex provides out-of-the-box solutions to companies to achieve their health and safety program goals quickly and easily. Its applications are easily customized with unique business processes and non-standard health and safety requirements.

It provides real-time insights into your organization's health and safety programs. Intelex's dashboards, reports, and analytics optimize health and safety toolkits.

You can use Intelex health and safety applications on any mobile device. It gives your workers access to the tools to stay safe and engaged. It provides offline capabilities enabling unconnected users to capture data and sync when they regain connectivity.

Pros

• The baseline application is adaptable to most clients' business needs with minimal to moderate effort.

•  The tool provides real-time global visibility that allows you to make critical business decisions faster. 

Cons

• Users get frustrated as it takes many clicks to save the task completion in each section.

• It is potentially bureaucratic with notifications, especially where this is a culture of minimizing emails for efficiency.

Customer Rating

• G2- 4/5 

• Capterra- 4.5/5

12. ZenGRC

Effective compliance is a catalyst for developing a proactive risk management program by providing adequate controls and tools that assess, manage and monitor risk. That's why when ZenGRC is paired with Reciprocity Risk Intellect. You can unlock cyber risk insights using the existing compliance data from ZenGRC.

ZenComply eliminates uncertainty, provides a fast audit outcome, and delivers quick wins. ZenComply provides the range you need to be compliant with. It comes with a pre-loaded library of over 20 regulatory and statutory frameworks. You will get up-to-date content maintained by GRC Experts.

You can use prebuilt integrations and APIs, and evidence requests can be fully automated, eliminating manual work and streamlining the process. 

Real-time reporting provides a real-time report on an audit overview. Operational dashboards provide insight on evidence collection requests, control effectiveness, findings, and other metrics to keep work progressing and communicate your compliance posture.

ZenComply provides immediate insight into compliance activities impacting your residual risk posture. A risk posture dashboard gives sense from a risk assessment that strengthens compliance and maximizes risk reduction.

Pros

• The ease of use and administration is well balanced with the functionality of a GRC tool. 

• The product is flexible. It can be applied for various use cases when your apps are matured and reporting becomes streamlined.

Cons

• The tool needs some improvement and bug fixes to add more customer value.

• The audit manager is not able to choose the request template based on the different types of audit frameworks.

Customer Rating

• G2- 4.4/5

• Capterra- 4.4/5 

13. Onspring

With Offspring's risk management enterprise solution, you can do it all, building greater clarity, responsiveness, and control into your risk management program. Offspring's risk management software saves time, increases visibility, and centralizes risk data for incredible efficiency.

 It conducts risk assessments to evaluate impact, assigns ownership, categorizes controls & ties each to processes. It auto-assigned risk findings by criticality & tasks for appropriate risk remediation in organizations.

It shares interactive risk dashboards with heat maps & risk modeling, integrating reports with other business units & third-party data feeds.

Pros

• The product is flexible. Once your apps mature, reporting becomes streamlined, and it can be applied for various use cases.

• It is easy to deploy and use with minimal training.

Cons

• It misses some of the logic functions that are present in advanced platforms.

• It needs more dashboard elements and burndown charts, and the metrics need to change accordingly with the selection in the report.

Customer Rating

• G2- 4.7/5

• Capterra- 4.7/5

14. SAI 360 

You can automate your EHS&S processes and achieve operational excellence with innovative and easy-to-use technologies with SAI360.

There are modules to fit every need, and the system is easy to customize. It is the best product for documenting the activities of a robust compliance program and allows you to workflow just about any item.

It provides multiple configuration options, including risk dimensions, impact, and likelihood scales, to summarize the risk profile for a business unit or organization.

Its streamlined management of action plans using automated and configurable workflows triggers emails, escalations, management sign-off, and reports to ensure resolution stays on track.

It provides advanced workflows, including capture, notification, routing & escalation, investigations, and root cause analysis of failures and incidents. It captures and reports on KRIs, defines thresholds that trigger actions, and quickly recognizes trends with KRI management.

It provides real-time configurable reports and dashboards, including visualization options, drill-down heat maps, risk trends, and top risks with overviews and relevant details.

Pros

• It has a robust configuration ability for organizational access management at a low cost.

• It provides great dashboards with precise and usable reports with an excellent user-friendly interface.

Cons

• The internal audit module does not accommodate the creation of an audit report within the system.

• The standard modules sometimes become difficult to re-configure or adjust for customized purposes.

Customer Rating

• G2- 4/5

• Gartner- 3.7/5