#thirdpartymanagementsoftware

Our vendor management software is designed and developed by a team of business and risk management professionals to help you with both the workflow/business processes of third parties as well as address various aspects of TPRM.

While Vendor Risk Management (VRM) and Third Party Risk Management (TPRM) are often used interchangeably, they’re not always the same thing. And what about Enterprise Risk Management (ERM)?

Security and compliance professionals agree that third-party cybersecurity risk management is vital to organizations. Without having the right security policies and procedures in place, your organization could be vulnerable to third-party data breaches. This could spell disaster, both in terms of loss of customer trust as well as hefty compliance penalties.

In my experience building vendor risk management programs at several companies, there are five categories of “gotchas” that risk management teams must look out for. These gotchas include everything from not having simple vendor contact information, to not presenting the right risk metrics to the board.