Vendor Risk Management Software Evaluation Toolkit
With so many options, evaluating software for Third-Party Risk Management isn’t an easy process. To help you out, ProcessUnity developed a toolkit with resources you can use to build a program blueprint, secure budget, develop a shortlist and evaluate your top choices.
1. Build a Program Blueprint
Watch: Best Practices for Third-Party Risk Management
While there is no one right Third-Party Risk Management program model, there is a model right for you, and incorporating best practices into your processes can have an exponential effect on your results. Watch this on-demand webinar (or review the slide deck) and learn how to build a blueprint for a streamlined and repeatable Third-Party Risk Management program. Our experts discuss vendor onboarding, inherent risk calculations, scoping assessments, determining due diligence cadences and more.
2. Get Budget
Read: Building a Business Case for Third-Party Risk Management
Once you understand how automation can exponentially improve program results, you need to build a business case to justify the spend on a Third-Party Risk Management tool. ProcessUnity's step-by-step guide provides practical guidance on how to formulate a winning business case and justify an investment by quantifying the benefits of Third-Party Risk Management automation to your boss. Use the included calculator to plug in your metrics and model the benefits for your organization.
3. Make Your Shortlist
Review: Gartner Magic Quadrant for IT Vendor Risk Management Tools
The 2021 IT Vendor Risk Management Magic Quadrant report evaluates 17 solutions within the IT Vendor Risk Management (VRM) landscape, based on each vendor’s completeness of vision and ability to execute. This report can be utilized as a resource in your decision-making process to better understand the Vendor Risk Management landscape. Leverage Gartner's research to assist in building a shortlist of software providers that best fit your company's requirements.
4. Evaluate Candidates
Evaluate: ProcessUnity's Third-Party Risk Management RFP Template
Most organizations require some sort of RFx process before contracting with a vendor. More often than not, Third-Party Risk Management evaluation teams need help determining RFP requirements or constructing the RFP itself. Based on the hundreds of RFPs we have seen, our team of experts built an ultimate RFP for vendor risk software. Our RFP Starter Kit includes a standard questionnaire that outlines all the necessary questions to help determine which of your shortlist choices are the best for your program needs.