Third Party Risk Management Software
What is Third Party Risk Management Software?
Third Party Risk Management software, or Vendor Risk Management software, provides organizations the ability to assess and manage the additional risk that is inherited when working with third party vendors. This software will help you rank and quantify the level of risk during the procurement process, as well as provide ongoing monitoring and management of existing third party relationships and contracts. Companies will want to leverage this software during all phases of the vendor relationship from onboarding to offboarding to ensure regulatory and internal compliance is always being upheld.
Common Features
- Vendor Risk Assessments
- Risk Scoring
- Risk Monitoring
- Reporting and Dashboards
- Self Service Portal
- Compliance Monitoring
- GRC Integration
- Hierarchy Management
- Contract Management
- Vendor Onboarding
- Collaboration
- Alerts/Notifications
- Process Library
- Flexible Workflow Development
- Mapping
- Data & Process Visualization
- Quantitative Analysis and Assessment
- Remediation management
- Correlated Insights
- Third Party Inventory
- Business Impact Score
Our Methodology
Composite Score
Vendors are ranked by the composite score, which is comprised of feature, capability, relationship, and overall satisfaction scores while factoring in the volume and recency of reviews.
CX Score
The CX score is comprised of the emotional footprint metrics, balanced by metrics related to the overall value of the software, while factoring in the volume and recency of reviews.
Data Quadrant
SoftwareReviews collects user insights that help organizations more effectively choose software that meets their needs, measure business value, and improve selection.
Rankings, results, and positioning on SoftwareReviews reports is based entirely on end-user feedback solicited from a proprietary online survey engine.
Leaders
Products that resonate strongest in the market, balancing features with a great user experience.
Product Innovators
Products that emphasize product features, gaining strong recommendations from their customers.
Service Stars
Products that emphasize a good user experience and build strong relationships with customers.
Challengers
Products that are strong performers in some areas and trail in others. Often up-and-coming vendors.
Emotional Footprint
SoftwareReviews collects user insights that help organizations more effectively choose software that meets their needs, measure business value, and improve selection.
Rankings, results, and positioning on SoftwareReviews reports is based entirely on end-user feedback solicited by a proprietary online survey engine.
Champions
Products that resonate highly with users at an emotional level. Users have specific emotional views towards these products like love, trust, and effectiveness.
Relationship Builders
Products that are bulletproof and focus on fulfilling core needs with steady support, not the latest feature.
Value Players
Products that succeed on cost and service effectiveness with users.
Contenders
Products seen as good in some areas and trailing in others. Users look to these for innovation at the edge but aren't fully committed.
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