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Top 8 IT Vendor Risk Management

RSA ArcherSecurityScorecardOneTrust GRCBitSightMetricStreamSearchInform Risk MonitorTenable LuminAmazon Inspector
  1. leader badge
    RSA Archer's best features are advanced workflow, reports, dashboards, and notifications.The last project was for an investment group that was using Excel. Shifting their records from one position to another took approximately 15 minutes. In Archer, we created a workflow for them to leverage it, and they could send the single record with one click to one person within seconds. The whole process went from 15 minutes to two minutes to get the approval for the records. The main purpose of Archer is to just make it easy.
  2. With its automated approach, nothing is missed on the IPs your organization is related to.
  3. Buyer's Guide
    RSA Archer vs. Tenable Lumin
    July 2022
    Find out what your peers are saying about RSA Archer vs. Tenable Lumin and other solutions. Updated: July 2022.
    621,703 professionals have used our research since 2012.
  4. One of the valuable features of this solution is it has the ability to review fourth and fifth parties to the nth degree.Vendors can be assessed and rated out of the tool, and assessments can be scheduled for updates at certain intervals.
  5. The interface is mobile-friendly and it is getting a good response from our customers.Key features are usability and ease of configuration. It allows us to have all the information in a single place and provide real-time indicators and information for our executives.
  6. In general, the presence of a system disciplines employees and contributes to labor efficiency.
  7. report
    Use our free recommendation engine to learn which IT Vendor Risk Management solutions are best for your needs.
    621,703 professionals have used our research since 2012.
  8. The stability of this solution is appropriate. You can sleep well at night, if you have this solution implemented in your environment.Tenable Lumin is very good because it helps organizations look for solutions and profit. It also helps organizations save time because it displays market data well.
  9. The vulnerability discovery is valuable, and they also rank those vulnerabilities for you. So, you could rapidly attack some of the higher, severe vulnerabilities as they pop up, if they do pop up.

Advice From The Community

Read answers to top IT Vendor Risk Management questions. 621,703 professionals have gotten help from our community of experts.
Netanya Carmi - PeerSpot reviewer
Netanya Carmi
Content Manager
PeerSpot (formerly IT Central Station)

IT Vendor Risk Management Topics

What are the types of vendor risk?

There are many vendor risks that third parties can bring to your organization. Below are some of the types of vendor risks to be aware of in order to keep your enterprise safe.

  • Reputational risk: A big part of third-party vendor risk management is based on reputation. It is imperative that an organization does a thorough due diligence investigation before starting a relationship with any third-party vendor. You want to be able to establish a solid reputation for maintaining the integrity and security of any shared data. The damage to your company that could be caused by a data breach could cause irreparable harm to your organization's reputation.

  • Financial risk: You want to ensure your new potential third party is solvent and has solid financial stability. If a situation arises where the third party becomes unable to satisfy their contractual obligations in providing services, products, or supplies, this could in turn transfer an even greater financial burden to your organization.
  • Legal risk: There are numerous risks involved when sharing any information with third parties. Personal identifiable information (PII), such as personal identification numbers, banking records, financial statements, and medical information has significant compliance regulations that must be closely followed, accurately maintained, and thoroughly documented. It is imperative if your organization handles any type of PII that you have a clearly defined service level agreement (SLA) with the third-party vendor. Additionally, your organization should only partner with a vendor that is thoroughly qualified and certified to handle such information and is capable of keeping the data files safe.
  • Information security risk: If the vendor does not have effective controls in place, this could result in a data breach or cyberattack on your organization. The vendor should be able to provide a consistent audit trail of data control compliance and prove that data in their control has never been used in an unauthorized or illegal manner
Why is vendor risk management important?

Vendor risk management is important because failure to appropriately acknowledge the risk vendors can potentially bring to your organization is irresponsible. An ineffective vendor could expose your organization to cyberattacks and data breaches that could potentially harm your organization’s reputation and financial standing tremendously. There are processes taking place today to make vendor risk management a requirement in the very near future.

What is vendor risk management software?

Vendor risk management software is a type of business enterprise software that helps companies safely and securely manage the risk of vendor relationships. Although some of these solutions can be analytical, using existing data to help decision-makers identify risks and make adjustments to avoid possible threat scenarios, there are other options. Some solutions will offer audit trails, monitoring, assessment, and reporting to ensure all active parties are using their access to the organization’s data correctly and that no inappropriate activity is taking place.

Benefits of IT Vendor Risk Management Solutions

The benefits of IT vendor risk management solutions include: 

  • Improve the vendor responsibility: A highly-regarded IT vendor risk management (VRM) solution will oversee the vendor activity across the organization, make adjustments to potential risk activity, and immediately respond to potential and actual risk threats.
  • Improve risk management: A value-added IT VRM solution will facilitate the management and minimization of risk during the entire vendor relationship, from start to finish.
  • Prevent risk incidents: The IT VRM will always be monitoring the network for any risk incidents, including cyber risk events potentially caused by the vendor relationship. The IT VRM will help your organization to stay resilient with continuous thorough, intelligent, and immediate risk assessments.
  • Vendor Screening: The IT VRM has the capacity to help your organization make intelligent, educated recruiting and negotiating decisions by utilizing historical information on risk, past and current performance of potential IT vendor partners.
Features of IT Vendor Risk Management Solutions

Look for the following features when choosing an IT vendor risk management solution:

  • Onboarding and due diligence made easy: The IT VRM solution should have a way to automate the screening and onboarding process for every potential type of vendor relationship within your organization. The solution should be able to evaluate the risk for each IT vendor, establish a schedule of regular assessments, and mitigate any risks prior to the onboarding process. Additionally, the solution should also be able to validate all vendor information from internal or external sources.

  • Consistent risk assessment and monitoring: Your chosen IT VRM should be able to regularly provide vendor-related alerts based on the level of importance or access to critical data within your organization. The solution should also be aware of the vendor's reputation, risk, and compliance standards gained from other industry content providers. All issues should be logged and rated depending on the potential risk mitigated. There should be continual on-site or online audit assessments for evaluating the IT vendor relationship, and performance improvements should be issued when required.

  • Artificial intelligence (AI) and machine learning (ML) capabilities: AI/ML is an industry standard in today’s marketplace. The ability to automate the monitoring and management of IT vendor relationships regarding activities, alerts, and discoveries is critical. Additionally AI/ML can help simply workflows, administer checklists, and send alerts and notifications of contract expiration or contract violations.
  • Intuitive reports and dashboards: The vendor relationship can be tracked and scored for each service type. IT VRM solutions Allow shareholders to visualize performance and project status at all times through graphical reporting with a user-friendly GUI and dashboard.
Buyer's Guide
RSA Archer vs. Tenable Lumin
July 2022
Find out what your peers are saying about RSA Archer vs. Tenable Lumin and other solutions. Updated: July 2022.
621,703 professionals have used our research since 2012.