This checklist can help your purchasing process for third-party risk management (TPRM) technology platforms stay focused and systematic.
The search for the right technology platforms to support your organization’s third-party risk management (TPRM) program can be overwhelming. With so many third-party risk management technology solutions and providers available, it can be hard to know where to begin.
TPRM platforms, also known as vendor risk management software, can help your organization perform vendor risk assessments and mitigate third-party risks in a wide range of areas, including:
- Legal and regulatory risks that can lead to fines, penalties, and even criminal consequences
- Financial and reputational risks
- Operational risks that can affect your organization’s ability to function
- Cybersecurity risks and data breaches
- Supply chain vulnerabilities and disruptions
Often, organizations know they need to implement or upgrade their third-party risk management platforms, but stakeholders might not have compiled a detailed list of the capabilities that matter most. Third-party risk consultants can provide useful context for the selection of TPRM technology.
The following self-assessment checklist can help focus the search for the right technology platform.