What is vendor risk management?

Vendor risk management is an effort to single out, keep an eye on, and lessen the potential dangers that may happen due to third-party suppliers. These dangers may be compliance, financial, operational, and security-related ones. Vendor management software makes managing vendor risk more efficient through constant tracking.

Related Procurement FAQs

How much does vendor management software typically cost?

How does vendor management software measure vendor performance?

What KPIs can be tracked using VMS?

How does the system support vendor scorecards?

How does a VMS identify and monitor vendor risks?

Does the software support SLA tracking and reporting?

Is vendor management software suitable for small businesses?

How scalable is a vendor management system for growing companies?

What training is required to use a VMS?

How often should vendor data be updated in the system?