![]() Ten years later, BitSight has 32 patents and 40 million companies rated. Since its start in 2010, BitSight has become a dominant force in the budding security rating space. Leader (TPRM, 2020) Leader (Supplier Risk Platforms, 2020)Īlso read: MSPs with Data Protection Expertise Are in Demand BitSight Security Ratings Platform and TPRM Pricing/contract flexibility configurability expert consultation Vendor risk management features include intake of new vendors, automated risk assessments, due diligence for inherent risk, and off-boarding of clients. Today, the reputable SaaS-based supplier management vendor offers three product tiers for its Third-Party Management solution and additional compliance, performance management, and data privacy solutions. Aravo Third-Party ManagementĪ couple of decades ago, Aravo Solutions started to meet the need for enterprise supplier management. Here are our top picks for VRM tools based on product capabilities, vendor reputation, standards designations, user reviews and ratings, growth, and more. Channel Insider Methodology Top Vendor Risk Management (VRM) Tools.Buying Considerations for VRM Solutions.What is the Importance of Vendor Risk Management?.What are Vendor Risk Management (VRM) Solutions?.Vendor risk management can help fill the gap, so this article looks at some of the top VRM solutions and what buyers should consider before purchasing. ![]() Because digital systems are inherently vulnerable, a growing reliance on IT capabilities means MSPs, the IT vendors who supply them, and organizations at large must add due diligence, continued risk evaluations, and adequate termination of vendor relationships to their process stack.Īlso known as third-party risk management (TPRM), VRM goes beyond the general risk management (RM) and governance, risk, and compliance (GRC) solutions with risk management for organizations working with third parties.Ĭyberattacks like the Kaseya breach in July underscore the importance of addressing supply chain vulnerabilities, and organizations can no longer ignore vendor risks. As supply chains grow more complex, managed service providers and channel partners must prepare for a future where vendor risk management (VRM) is as automated as possible.įrom food and healthcare to software development, vendor risks can have severe consequences for industry supply chains. ![]()
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