Third Party Software
Third Party Software

If you’re a business owner, then you know that there are always risks involved in running a company. You might be wondering if there’s a way to help manage those risks, and if so, what that process would entail. Enter third party risk management software. This is a type of software that helps business owners identify and assess the risks associated with working with third parties.

By using this software, you can feel more confident in your decisions, knowing that you’re taking all possible risks into account. Of course, no software is perfect, and there is always the potential for something to go wrong.

However, by using third party risk management software, you’re doing everything in your power to minimize that risk. So, if you’re looking for a way to better protect your business, this is definitely something to consider.

10 Most Popularly Used Third Party Risk Management Software

Resolver

If you are a business owner, you know that risk is an inherent part of doing business. You may also be aware that third-party risk is a particularly significant type of risk, as it can impact your company in a number of ways, including financially, legally, and operationally.

Given the importance of managing third-party risk, it’s no surprise that there are a number of software solutions on the market designed to help businesses do just that. One such solution is Resolver’s TPRM Software.

Here are some of the key benefits of using Resolver’s Third Party Risk Management Software:

1) Automated risk assessment – The software automates the process of assessing risk, which saves time and ensures accuracy.

2) Easy to use – The software is easy to use, even for those who are not tech savvy.

3) Comprehensive coverage – The software covers a broad range of third-party risk areas, including financial, legal, and operational risk.

4) Collaboration tools – The software includes collaboration tools that allow businesses to share information and work together on assessing and managing risk.

5) 24/7 support – The software comes with

Central Inc.

Central Inc is a TPRM Software provider. Our solution provides a centralized view of all third-party relationships, including vendors, customers, and partners. This allows organizations to quickly identify and assess risk across their entire ecosystem.

The benefits of using Central Inc.:

– Reduced risk: By having a centralized view of all third-party relationships, organizations can quickly identify and assess risk across their entire ecosystem. This helps to reduce the overall risk for the organization.

– Improved compliance: Our platform helps organizations comply with regulations such as GDPR, PCI DSS, and HIPAA. It also helps them meet the requirements of the Federal Risk and Authorization Management Program (FedRAMP).

– Greater efficiency: The platform automates many of the manual tasks associated with third-party risk management. This helps organizations save time and resources.

If you’re looking for a solution to help you manage and mitigate your third-party risk, then Central Inc is the right provider for you

RiskRecon

RiskRecon is the market leader in Third-Party Risk Management software. We provide solutions that allow organizations to identify, assess, and manage the risk associated with their third-party relationships.

This software is used by some of the largest organizations in the world, including Fortune 100 companies, government agencies, and leading financial institutions. The RiskRecon platform is a SaaS solution that allows customers to identify and assess the risk associated with their third-party relationships.

The platform consists of a suite of tools that allow customers to collect data from their third-party partners, analyze that data, and generate reports detailing the risk level of each relationship.

The RiskRecon platform is designed to address two key challenges faced by organizations when managing third-party risk:

1. Lack of visibility into the risk posed by their third-party partners

2. Difficulty assessing the risk posed by complex supply chains The RiskRecon platform helps organizations overcome these challenges by providing them with a comprehensive view of the risk posed by their third-party partners, as well as actionable insights that allow them to mitigate that risk.

Vendor Risk

There are many software options on the market for risk management, but Vendor Risk stands out from the rest with its comprehensive and unique features. Vendor Risk was designed with the specific needs of risk managers in mind, and its powerful tools make it easy to identify and manage risks quickly and efficiently.

Vendor Risk’s key features include:

1. A comprehensive database of vendors, which makes it easy to identify and track all your suppliers.

2. A risk assessment tool that helps you quickly assess the risk associated with each supplier.

3. A vulnerability scanner that identifies potential security risks in your supplier’s network.

4. A contract management tool that helps you track supplier obligations and compliance.

5. A notification system that alerts you of any changes or updates to your supplier risk profile. These features make Vendor Risk the perfect solution for organisations that need a fast, easy way to manage their supplier risk profiles.

Prevalent

Prevalent’s software is designed to help organizations identify, assess and manage the risks associated with their third-party relationships. It does this by providing detailed information on each partner, including their financial stability, compliance history and business practices. This allows businesses to make informed decisions about which partners to work with and how best to manage any risks they may pose.

In addition to helping organizations manage risk, Prevalent’s software can also improve efficiency and compliance. By automating the process of collecting and analyzing data on third-party partners, organizations can save time and money.

And by providing centralized access to this information, businesses can ensure that all employees are aware of the risks associated with each partner and are complying with any relevant compliance requirements.

SureCloud

SureaCloud is a great option for businesses looking for TPRM software. SureaCloud has a comprehensive TPRM software that can help businesses of all sizes assess and manage their third-party risk. The SureaCloud platform is easy to use and can be customized to meet the specific needs of your organization.

Additionally, SureaCloud offers a wide range of features that can help businesses reduce their third-party risk. These features include:

• Automated risk assessment – Automated risk assessment can help businesses quickly and easily identify the risks associated with working with a particular third party. The automated assessment tool scans through data from past transactions, public records, and other sources to identify potential risks.

• API access – The SureaCloud API gives businesses access to the SureaCloud platform so they can manage their risk data and reports on their own.

LogicManager

LogicManager is the leading Third Party Risk Management software. It is used to assess, manage and monitor the risk of third-party relationships. LogicManager is an essential tool for companies that want to mitigate the risk of a data breach or other security incident.

Third-party risk is a serious concern for businesses of all sizes. The recent data breaches at Target, Sony, and Home Depot were all caused by third-party vendors. These incidents have resulted in millions of dollars in damages and the loss of millions of customer records. LogicManager helps businesses protect themselves from these types of risks.

The software enables companies to assess the risk posed by their third-party partners, manage those risks, and monitor the security of those relationships.

The LogicManager Third Party Risk Management Software is essential for companies that want to: Mitigate the risk of a data breach or other security incident.

BitSight

BitSight has a Third Party Risk Management Software that is used to assess and monitor the security risk of third-party vendors. The software is unique because it offers features that allow organizations to assess and manage the security risk of their third-party vendors.

The software also includes a vendor rating system that rates the security risk of each vendor. This helps organizations to make informed decisions about which vendors to do business with. The BitSight TPRM Software is also unique because it offers an interactive visualization tool.

BitSight

This tool allows organizations to see how their third-party vendors interact with their systems. This helps organizations to identify any potential security risks that may exist. The BitSight Third Party Risk Management Software is also unique because it offers a notification system.

This system notifies organizations when there is a change in the security risk rating of one of their vendors. This allows organizations to quickly respond to any potential security threats.

Aravo

The Aravo software is a comprehensive system for managing third-party risk. It includes a database of registered and pre-screened suppliers, risk assessment tools, and workflow management features that allow organizations to track and manage the approval process for third-party contracts.

The Aravo software is designed to help organizations identify, assess, and manage the risks associated with their supply chains. The system includes detailed profiles of registered suppliers, including information on company size, financial stability, compliance history, and more.

The risk assessment tools allow organizations to quickly evaluate the potential risks associated with a proposed supplier relationship. The workflow management features allow organizations to track the progress of the approval process for third-party contracts, and ensure that all required approvals are obtained before a contract is executed.

The Aravo software is also designed to help organizations meet their compliance obligations. The system includes a comprehensive compliance database that tracks regulatory requirements for a wide range of industries. The compliance database can be used to create custom compliance profiles for each organization, and to identify any potential gaps in an organization’s compliance program.

Archer

Archer has a Third Party Risk Management Software that is unique in its features. It can help organizations manage and mitigate their third-party risk. The software offers a centralized view of all third-party relationships, as well as the associated risks. It also includes tools to help manage the risk assessment and mitigation process.

What Exactly is Third Party Risk Management Software?

Third party risk management software is a tool used to identify, assess and manage the risks associated with third-party relationships. It helps organizations to identify, evaluate and respond to potential risks posed by their third-party partners. Third-party risk management software can help organizations to:

1. Evaluate the risk posed by each third party

2. Mitigate any risks posed by third-party relationships

3. Respond quickly and effectively to any incidents that occur

4. Manage the overall risk to the organization from third-party relationships

Types of Third Party Risk Management Software

Third-party risk management software is a type of application software used to manage the risks associated with third-party vendors and business partners. It helps organizations to identify, assess, and manage the risks associated with their relationships with third-party entities.

Risk management and cost saving.

There are a number of different types of third-party risk management software available, each with its own set of features and benefits. Some of the most common types include:

• Vulnerability assessment software: This type of software helps organizations to identify and assess the vulnerabilities present in their networks and systems. It can help to identify potential security risks posed by third-party vendors and partners.

• Contract management software: This type of software helps organizations to manage and track their contracts with third-party entities. It can help to ensure that all contractual obligations are met, and that any risks associated with the contracts are identified and managed.

• Threat intelligence software: This type of software helps organizations to stay informed about the latest threats and vulnerabilities affecting their industry or sector. It can help to identify potential threats posed by third-party vendors and partners.

Key Features to Look out for in a Third Party Risk Management Software

When it comes to third party risk management, there are a few key features you should look for in a software solution.

Here are four of the most important:

1. Risk assessment and scoring: A good third party risk management software will provide you with the ability to assess and score your third parties based on their risk levels. This will help you to quickly identify and prioritize which partners present the highest risk to your organization.

2. Automated monitoring and alerts: The best software solutions will automatically monitor your third parties and alert you of any changes or updates that occur. This will help you to stay on top of any potential risks in a timely manner.

3. Centralized management: A good third party risk management solution will provide you with a centralized view of all your third parties, their risk levels, and any associated risks. This will make it easier for you to track and manage your overall risk exposure.

4. Comprehensive reporting: The best software solutions will provide you with comprehensive reports on your third party risk exposure. This will help you to understand and track your organization’s overall risk level, as well as identify any areas where you may need to take action.

Also Read: The Best Partner Management Software for Business

Pros and Cons of Third Party Risk Management Software

There are a variety of third party risk management software options on the market, each with its own set of pros and cons. Before investing in any particular software, it is important to understand what these are.

The first pro of using third party risk management software is that

  • This Software can help organizations automate the process of assessing and managing risk. This automation can save time and improve accuracy, as well as ensure that all relevant risks are considered.
  • Another pro of using this type of software is that it can help organizations track and manage remediation efforts. In particular, it can help identify which risks have been mitigated and which still need attention. This information can be valuable in assessing overall progress and in planning future risk mitigation efforts.

Cons

This software can be expensive. However, there are a number of different options available, so it is possible to find one that fits within your budget.

  • Another potential con is that the software may not be compatible with your organization’s systems. It is important to test this before making a purchase to ensure that there are no compatibility issues.

Overall, third party risk management software can be a valuable tool for organizations looking to improve their risk.

What Type of Businesses and Users is Third Party Risk Management Software Suited for?

Third Party Risk Management Software is designed for organizations that outsource or rely on third-party vendors to provide essential services. The software helps businesses manage and mitigate the risks associated with these relationships by providing a centralized platform for assessing and tracking vendor risk.

This software is also well-suited for companies that are required to comply with regulations such as the Sarbanes-Oxley Act, which mandates that organizations implement controls to protect against fraud. The software can help businesses document and track their compliance efforts.

How does Third Party Risk Management Software work?

Third party risk management software is a type of software that is used to help organizations manage the risks associated with their third party relationships. This type of software can help organizations track and manage the risks associated with things like data sharing, joint ventures, and outsourcing agreements.

This software typically works by creating a centralized database of all of an organization’s third party relationships. This database can include information about the third parties themselves, as well as information about the risks associated with each relationship. The software then uses this information to create reports that can help organizations track and manage their risk exposure.

This software can be extremely helpful in managing the risks associated with third party relationships. By tracking and managing the risks associated with these relationships, organizations can help ensure that they are not taking on more risk than they are comfortable with.

Also Read: The Best Risk Management Software

System Requirements for Running Third Party Risk Management Software

To run a third-party risk management software, your computer needs to meet the following system requirements:

-An Internet connection

-A web browser

-Adobe Reader or another PDF reader In order to get the most out of your third-party risk management software, we recommend the following system requirements:

-A desktop or laptop computer with a processor that is 1 GHz or faster

-2 GB of RAM or more

-Windows XP Service Pack 3, Windows Vista, Windows 7, Windows 8, or Mac OS X 10.6 or later

-1024 x 768 resolution or higher

Average Prices of Third Party Risk Management Software

When it comes to third-party risk management (TPRM), there is no “one size fits all” software solution. The right TPRM software for your organization will depend on your specific needs and business requirements.

That said, there are some common features and functionality that you can expect to find in most TPRM software solutions. The following are average prices for some of the more popular TPRM software solutions on the market today:

  • Oracle TPRM: $250,000 – $1,000,000
  • Microsoft TPRM: $25,000 – $50,000
  • Salesforce TPRM: $5,000 – $10,000
  • IBM TPRM: $50,000 – $100,000

Statistical Data of Businesses Using Third Party Risk Management Software

When it comes to third-party risk management (TPRM), businesses have a few different options. One of those options is to use software to help manage the risk. But, what does the data say about businesses that use TPRM software? According to a study by Ponemon Institute, businesses that use TPRM software are more likely to experience a data breach.

In fact, the study found that those businesses are 50% more likely to experience a data breach than businesses that don’t use TPRM software. There are several possible explanations for this increased risk. First, the TPRM software might not be effective at identifying and managing risk.

Second, the software might introduce new risks into the system. Finally, the software might simply be used as a Band-Aid for a larger problem that hasn’t been addressed. Whatever the reason, it’s clear that businesses need to be careful when choosing TPRM software. The wrong choice could lead to a data breach and significant financial losses.

Also Read: The Best Time and Attendance Software

Average ROI When Using Third Party Risk Management Software in your operation

This software is a critical tool for any organization looking to protect itself from the potential risks associated with third-party relationships. By using such software, organizations can automate the process of assessing and monitoring the riskiness of their partners, improving their overall security posture.

The return on investment (ROI) for using third-party risk management software can be significant. Organizations that have implemented such software have seen a reduction in the number of security incidents, as well as a decrease in the time and resources required to manage third-party risk.

In addition, by using this software, organizations can improve their compliance posture, making it easier to meet regulatory requirements. The bottom line is that using this software can be a wise investment for any organization looking to improve its security posture and reduce its exposure to risk.

Future Landscape of Third Party Risk Management Software

TPRM software market is growing rapidly as companies become more aware of the need to manage the risks associated with their relationships with third parties. The market for TPRM software is expected to grow from $1.5 billion in 2015 to $3.5 billion by 2020, according to a report by MarketsandMarkets.

The TPRM software market is growing because more organizations are realizing the importance of managing their third-party relationships. Third-party relationships can expose companies to a wide variety of risks, including financial risks, compliance risks, and reputation risks. TPRM software helps organizations manage these risks by providing tools for assessing and managing the risk associated with each third-party relationship.

Professional Training and Certification of Third Party Risk Management Software

There are various software programs used to assess and mitigate third-party risk. The software can be used by organizations to identify and assess risks posed by their third-party partners, including business partners, suppliers, and customers. The software can also be used to help manage and mitigate those risks.

When looking for a TPRM software program, it is important to consider the features and capabilities of the program. The program should be able to identify and assess the risks posed by third-party relationships, as well as help manage and mitigate those risks.

Average Salary and Income of Professionals in Third Party Risk Management Software

The average salary and income of professionals in TPRM Software can vary depending on a number of factors. One of the most important factors influencing salary is experience. Generally speaking, the more experience a professional has in the field, the higher their salary will be.

Another important factor is location. Different parts of the country pay different rates for similar jobs. Finally, company size can also play a role in salary levels. Larger companies typically pay their employees more than smaller companies. That said, the average salary and income for a professional in TPRM software can range from around $50,000 to $100,000 per year.

This includes both salaried and hourly employees. Income can also vary greatly depending on bonuses, commissions, and other forms of compensation.

Conclusion

In conclusion, third party risk management software is an important tool for business owners looking to protect their company. By using this software, you can identify and assess the risks associated with working with third parties. While no software is perfect, this tool can help you minimize potential risks.