Comparing Vendor Risk Management Platform Providers

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Vendor risk management is a critical discipline in the IT industry that focuses on identifying and mitigating risks associated with third-party suppliers. With the increasing complexity of IT systems and the growing number of data breaches, businesses need to have effective vendor risk management processes in place. In this article, we will compare and analyze six top vendor risk management platform providers to help you make an informed decision.

The Importance of Vendor Risk Management!

In today’s interconnected world, organizations rely on various vendors and service providers to support their operations. However, this reliance also exposes businesses to potential risks, such as data breaches, compliance violations, and service disruptions. Vendor risk management helps organizations identify and mitigate these risks through comprehensive assessments and ongoing monitoring of vendors’ security practices.

It’s crucial to understand that your company is legally responsible for the security of the data it holds, even if you outsource certain functions. This means that if a vendor experiences a data breach, your company may still face the consequences, including reputational damage, financial losses, and legal liabilities. Implementing a vendor risk management program allows you to proactively assess and address potential risks, protecting your business and its sensitive information.

Comparing Vendor Risk Management Platform Providers

In this section, we will compare and analyze six leading vendor risk management platform providers. Each provider offers unique features and capabilities that cater to different organizational needs. By understanding the strengths and weaknesses of each platform, you can choose the one that best aligns with your requirements.

OneTrust Vendorpedia Third-Party Risk Exchange

OneTrust Vendorpedia Third-Party Risk Exchange is a community-sourced database of risk evaluations on over 70,000 vendors. It provides up-to-date information on vendor risks, allowing organizations to make informed decisions. The platform offers the following key features:

  • Crowd-sourced data pool: The platform aggregates risk evaluations from various sources, providing a comprehensive view of vendor risks.
  • Commercial intel: It includes commercial data on vendors, such as financial stability and legal actions.
  • Records security failures: The platform highlights instances of data breaches and security failures associated with vendors.
  • Breaches categorized by data protection standard: Vendor breaches are categorized based on various data protection standards, including NIST, HIPAA, PCI DSS, GDPR, EBA, and CCPA.
  • Moderated by legal experts: The data entered into the platform is verified and moderated by legal experts, ensuring its accuracy and reliability.

Pros:

  • A definitive source of data breach information.
  • Identifies companies that failed data protection standards audits.
  • Relates to various data protection standards.
  • Database entries are verified by legal experts.

Cons:

  • Not a free service.

TrustArc Vendor Risk Management

TrustArc Vendor Risk Management is a comprehensive platform that combines automated processes, data-gathering frameworks, and human expertise. It offers a range of features to help organizations assess and manage vendor risks effectively. The platform includes the following key features:

  • A cloud-based system: The platform is accessible through any standard browser, providing flexibility and easy access for users.
  • Investigation forms: TrustArc provides assessment forms, known as SIGs (Standardized Information Gathering), to gather relevant information from vendors.
  • Legal research service: Legal experts working for TrustArc perform assessments of vendors and ensure compliance with data protection standards.
  • Vendor interviews: TrustArc consultants interview vendors to gather additional information and validate compliance claims.

Pros:

  • Mediates with vendors to gain compliance information.
  • Includes the services of consultants.
  • Verifies the compliance of software packages.
  • Checks certification and stores proof.

Cons:

  • Involves manual processes.

Resolver Vendor Risk Management Software

Resolver Vendor Risk Management Software is part of a Governance, Risk management, and Compliance (GRC) platform. It offers a cloud-based solution to assess vendor risks and ensure compliance with standards. The platform’s key features include:

  • Supplier assessment package: Resolver enables organizations to assess the risks associated with hardware, software, services, and applications provided by vendors.
  • Continuous monitoring: Once vendors and their suppliers are identified, Resolver continuously monitors their risk status to ensure ongoing compliance.
  • Alerts for new risk data: The platform provides alerts and notifications for any new risk data associated with vendors.

Pros:

  • Research into a given list of businesses.
  • Checks for evidence of data breaches or audit failures.
  • Acquires and stores accreditation certificates.

Cons:

  • No free trial.

CyberScore

CyberScore, provided by ComplyScore, is an online platform for vendor risk assessment. It operates on a questionnaire format, allowing organizations to assess vendor risks based on standardized frameworks. The platform offers the following key features:

  • Assessment framework: CyberScore provides a set of questionnaires to send to vendors during the acquisition process.
  • A library of questionnaires: The platform offers a library of questionnaires tailored to different standards and compliance requirements.
  • Ripples through the supply chain: CyberScore helps organizations identify and assess risks associated with suppliers down the supply chain.

Pros:

  • Provides a set of forms to send to suppliers.
  • Offers contract risk assessor package.
  • Examines the supply chain.

Cons:

  • Can be very expensive.

BWise Vendor Risk Management

BWise Vendor Risk Management is part of a wider GRC system offered by SAI Global. It provides a comprehensive solution for managing vendor risks and ensuring compliance. The platform’s key features include:

  • Corporate research: BWise allows organizations to perform in-depth research on vendors and their compliance status.
  • Vendor investigation: The platform offers an investigation framework to assess vendors’ risk profiles and compliance with standards.
  • Frequent rechecks: BWise enables organizations to regularly recheck vendors’ compliance status to ensure ongoing adherence to standards.

Pros:

  • Part of a GRC platform of modules.
  • Offers contract service level agreement tracking.
  • Provides an acquisition framework.

Cons:

  • Involves manual research.

SureCloud

SureCloud is a governance and compliance platform that includes a vendor risk management module. It offers a range of features to help organizations assess and manage vendor risks efficiently. The platform’s key features include:

  • Form-based assessments: SureCloud allows organizations to conduct assessments using standardized forms tailored to various compliance standards.
  • Risk assessment feed: The platform provides an instant risk assessment of vendors through its integration with BitSight, a security rating agency.
  • Vendor verification service: SureCloud enables organizations to verify vendors’ compliance claims, ensuring their adherence to standards.

Pros:

  • A data set of corporate issues that could block compliance certification.
  • A framework for manual investigation.
  • A questionnaire library to promote communication with vendors.

Cons:

  • No free trial.

Thus, vendor risk management is a crucial aspect of modern business operations, helping organizations identify and mitigate risks associated with third-party vendors. By comparing and analyzing different vendor risk management platform providers, you can choose the one that best suits your organization’s needs and ensures compliance with data protection standards. Consider the features, pros, and cons of each platform to make an informed decision and protect your business from potential risks. Remember, investing in a robust vendor risk management system is an investment in the security and success of your organization.