IT Vendor Risk Management
Measure Your Program Outcomes
reduction in vendor onboarding time
decrease in the time and costs to complete vendor assessments and identify risks
Effectively Manage IT Vendor Risks and Compliance
MetricStream IT Vendor Risk Management software provides comprehensive, real-time visibility into the vendor ecosystem, enabling organizations to manage vendor risks in a streamlined and consistent manner. Built on the MetricStream Platform, IT Vendor Risk Management supports and automates vendor information management, vendor onboarding, continuous monitoring, vendor risk, compliance and control assessments, and risk mitigation. An integrated and federated approach provides an in-depth view of the risks across vendor relationships, improving IT vendor management and driving mutual growth.
How Our IT Vendor Risk Management Software Helps You
Structured Information Management
Document and maintain information on IT vendors, including IT assets, key contacts, associated business units, products or services, contracts, spend, certifications, ongoing assessments, country, risk or compliance issues, due diligence status, and risk ratings. Leverage the intuitive vendor profile page to search for and find vendors and associated information based on multiple criteria. Allow identified vendors to edit their profile – submit, update, or upload relevant information – through a self-service page.
Simplified Onboarding and Due Diligence
Automate screening and onboarding processes for different types of IT vendors and simplify vendor intake. Evaluate risks for each IT vendor, define the frequency of periodic assessments, and mitigate risks before onboarding. In addition, validate vendor information and ratings with the help of alerts from reliable external sources.
Integration of Trusted Content Providers
Deepen visibility into IT vendor risks, including cyber, financial health data, anti-bribery and anti-corruption data, and ESG and security ratings, by incorporating relevant, authoritative intelligence from trusted sources such as Dow Jones, D&B, BitSight, Security Scorecard, and more.
Continuous Monitoring and Risk Assessment
Leverage feeds from industry content providers to automatically validate information on IT vendors, gaining insights into their risk and compliance status. Subscribe to vendor-related alerts based on the criticality of each IT vendor. Review the alerts, risk rate vendors, and trigger risk assessments accordingly. Log issues depending on the breach of pre-defined thresholds.
Periodic Due Diligence
Conduct structured risk and compliance assessments of IT vendors with pre-defined questionnaires. Enable ad-hoc assessments by leveraging risk intelligence from external sources, incidents, performance failures, or business insights. Based on the responses, automatically calculate and aggregate risk scores to determine the overall risk posture of IT vendors.
Improved Performance Management with Vendor KPI Scores
Evaluate and track key performance indicator (KPI) scores of IT vendors. Enrich the internal scores with relevant data from various internal systems and databases, results of audits, assessments and inspections, and content providers. Use scorecards to monitor the performance of IT vendors and identify potential points of failure in a proactive manner.
Streamlined Business Continuity Risk Assessment
Capture and track the business continuity plans of IT vendors and gain comprehensive visibility into the overall business continuity and cyber risk. Leverage integration with content providers to source information on potential and actual hazards due to geophysical events.
Systematic Audit Assessment
Enable onsite audits or online audit assessments of IT vendors. Adopt a systematic, end-to-end approach to the entire process from information gathering to fieldwork, to reporting, and to issue remediation. Alter/modify assessments for evaluating IT vendors depending on multiple parameters.
AI-Powered Intelligent Issue Management
Quickly identify issues based on relationship and recommend issue classification by leveraging AI/ML capabilities. Automate the creation, management, and monitoring of actions for identified issues and findings. Simplify vendor off-boarding with in-built workflows and checklists in case of a contract breach or expiration, as well as incidents of non-compliance or dissatisfaction.
Intuitive Dashboards and Reports
Leverage powerful reports, analytics, and business intelligence capabilities to strengthen decision-making based on an improved understanding of risks, compliance, and performance of IT vendors. Capture and compare vendor assessment scores for each product or service type and track how their performance is improving over time. Allow vendors to monitor their progress through graphical reports and dashboards.
How Our IT Vendor Risk Management Software Benefits Your Business
- Manage and mitigate risks throughout the vendor lifecycle, from onboarding through offboarding
- Prevent vendor risk incidents, especially cyber risk, and enable strong business resilience through quick and intelligent risk assessments
- Improve vendor consolidation, rationalization, and visibility across businesses, spend, and risk exposure, and accelerate responses to risk events
- Make well-informed sourcing and negotiation decisions by leveraging historical data on risks and performance of IT vendors
Trusted by Leading Brands
Frequently Asked Questions
IT vendors have become an important part of doing business in this digital era. You assume the risks of your IT vendors while doing business with them. For example, a data breach or other such adverse incidents at a vendor can have catastrophic reputational and financial consequences. With the growing complexity, scale, and scope of IT vendor relationships, assessing, managing, and monitoring the risk of your IT vendor relationships is critical to pre-empt risk and safeguard your business.
Yes. MetricStream’s IT Vendor Risk Management helps you assess your IT vendors for risk – right from their onboarding till termination and offboarding. The in-built intelligent dashboards and user-friendly interface enables you to conduct due diligence, risk assessments, and continuously monitor IT vendors.
Yes. With MetricStream, you can combine your internal data and scoring criteria with built-in scoring models and external content and intelligence (such as BitSight’s cybersecurity ratings) for comprehensive visibility into IT vendor risk. You can screen vendors for various types of risk, including security infrastructure, financial viability, anti-corruption, and other relevant criteria.
You can explore how MetricStream ConnectedGRC empowers organizations to manage both current and emerging risks across geopolitical, digital, strategic, third-party, cybersecurity, and compliance areas. To request a demo, click here.