Leaders

High Performers

Contenders

Niche

Market Presence

Satisfaction

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G2 Grid® Scoring

Third Party & Supplier Risk Management Software Definition

Third party & supplier risk management software gathers and manages vendor risk data to protect companies from issues such as data breaches or noncompliance. This type of software assesses, monitors, and mitigates all risks that may have a negative impact on the relationship between a company and its suppliers. Third party & supplier risk management software is typically used by compliance officers or by managers from departments such as quality management, supply chain, or manufacturing. Compliance officers use third party & supplier risk management software to ensure compliance with internal policies and governmental regulations such as FFIEC, CFPB, or HIPAA. Department managers benefit from using this type of software as it helps reduce the risk of disruption caused by unreliable suppliers.

A third party & supplier risk management tool is usually implemented as part of a broader governance, risk, and compliance initiative, but the software can also be delivered as a standalone product. When provided separately, third party & supplier risk management solutions need to integrate with other software tools such as supply chain suites, quality management software, ERP systems, and governance, risk, and compliance software.

To qualify for inclusion in the Third Party & Supplier Risk Management category, a product must:

• Include standard workflows and templates to assess and evaluate supplier risk
• Provide a 360-degree view of suppliers which can be shared internally and externally
• Ensure compliance with internal policies and regulations for supplier risk
• Deliver processes and templates for supplier risk control and oversight
• Offer self-service portals for suppliers to provide information and documents
• Include standard reports on risk monitoring and risk exposure
• Monitor vendor performance and any supplier risk changes

Third Party & Supplier Risk Management Grid® Scoring Description

• Products in the Leader quadrant are rated highly by G2 users and have substantial Market Presence scores. Leaders include: UpGuard, Sprinto, Descartes Denied Party Screening, D&B Risk Analytics, SAP Ariba, Secureframe, Vanta, AuditBoard, OneTrust GRC and Security Assurance Cloud, and Venminder
• High Performing products have high customer Satisfaction scores and low Market Presence compared to the rest of the category. High Performers include: Scrut Automation, myCOI, Risk Ledger, Gatekeeper, Strike Graph, and ProcessBolt
• Contender products have relatively low customer Satisfaction scores and high Market Presence compared to the rest of the category. While they may have positive reviews, they do not have enough reviews to validate those ratings. Contenders include: Bitsight, IBM OpenPages, SecurityScorecard, ProcessUnity, LogicGate Risk Cloud, NAVEX One, and osapiens
• Niche products have relatively low Satisfaction scores and low Market Presence compared to the rest of the category. While they may have positive reviews, they do not have enough reviews to validate those ratings. Niche products include: CyberGRX, Ncontracts, Certa, Whistic, Onspring, LogicManager, Prevalent, StandardFusion, Fusion Framework System, SAI360, RiskOptics ZenGRC, Ostendio, MyComplianceOffice, FullCircl, C1Risk, Diligent One Platform, formerly HighBond, Acuity Risk Management, and SureCloud