- Free Version: Available for teams of up to 10
- Pricing: Premium plan $24/month (with a free 30-day trial period)
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
SafetyCulture (iAuditor)
Why use SafetyCulture?
Safety Culture is the go-to IT systems provider for assessing and managing risks concerning suppliers because of the numerous practical applications they offer. Because supply chain problems come in different shapes and sizes, they have come up with specific proactive solutions like on-the-spot incident reporting, which allows managers to quickly come up with resolutions without interrupting daily workflows.
Features:
- Create and customize risk assessment checklists and templates from their Public Library.
- Identify and evaluate risks and immediately assign control measures.
- Fully document findings using photos and videos for better context.
- Establish and maintain clear communication lines with suppliers and the other stakeholders in the supply chain with Heads Up.
- Fully integrate with other applications like quality management, supply chain, and ERP systems.
Why use MetricStream?
MetricStream strengthens governance, risk management, and compliance (GRC) with its systems, empowering companies to turn risks into something positive.
Features:
- Structured portal for third-party vendors
- Continuous risk assessment
- Performance management with KPIs
- Free Version: None
- Pricing: Available upon request
- Platforms supported: Web
Why use OneTrust?
Used by companies of all shapes and sizes, this supplier performance risk management software is proven to be reliable as it keeps organizations in shape by laying out clear and concise processes that employees and external suppliers can easily understand, follow, and trust.
Features:
- Complete vendor visibility
- Automated assessments
- Streamlined risk mitigation
- Free Version: Yes. Basic tools may be downloaded for free.
- Pricing: Available upon request (with a free 14-day trial period)
- Platforms supported: Web, iOS, Android
Why use Resolver?
Founded in 2000 and then acquired by Kroll Business in 2022, Resolver is a task-specific tool that works to reduce risk through automated workflows and advanced analytics. With this tool, everyone in the team can stay compliant in a rapidly changing landscape.
Features:
- Compliance tracking
- Incident management
- Archiving and retention
- Free Version: None
- Pricing: Available upon request
- Platforms supported: Web
Why use Vendor360?
Thanks to Vendor360’s centralized directory and practical workflows, the overall efficiency of third-party risk management is increased by 50%. Deployment is also quick with its easy-to-use templates that suppliers can also use.
Features:
- Single vendor directory
- Automated audits and monitoring
- Free access to vendors
- Free Version: None
- Pricing: Available upon request
- Platforms supported: Web
Why use MasterControl?
With over a thousand customers worldwide, MasterControl continues to help organizations minimize and mitigate risks by providing them with a clearer picture of their suppliers and deliverables through system automation and integration.
Features:
- Process uniformity
- Supply risk file management
- Comprehensive analytics
- Free Version: None
- Pricing: Available upon request
- Platforms supported: Web, iOS, Android
Why use Fusion Framework System?
Fusion’s supplier risk and performance management software allows companies to enlist products and services from a third-party contractor minus the usual risks throughout the vendor lifecycle. Because the Salesforce Lightning Platform is its foundation, the software can be accessed by anyone, anywhere, and at any time.
Features:
- Process management
- Supply chain management
- Relationship and risk management
- Free Version: None
- Pricing: Available upon request (with free trial)
- Platforms supported: Web, iOS, Android
Why use Synergi Life?
With comprehensive and customizable features, this Quality, Health, Safety, and Environment (QHSE) tool targets risks specific to organizations, provides tools for efficient monitoring and mitigation, and ensures compliance within teams at every step of the process.
Features:
- Modular and configurable
- Inclusive of over 15 modules
- Allows remote workflow processes
- Free Version: Yes. Some basic modules are free of charge.
- Pricing: Available upon request (with free trial)
- Platforms supported: Web, iOS, Android
Why use IRM Out of the Box?
Navex continues to “do the right things right” with its new offering IRM Out of the Box. With its numerous resources and functionalities, complex risk management processes are simplified, helping companies anticipate problems and respond proactively.
Features:
- Numerous plug-and-play personas
- Ready-to-use dashboards
- Notification and policy template
- Free Version: None
- Pricing: Available upon request
- Platforms supported: Web
Why use LogicManager?
LogicManager is an enterprise-level risk management software that’s completely data drive. The app allows you to gather all the data you need on supplier risks and apply appropriate controls to manage and mitigate the risks.
Features:
- Risk mitigation
- Risk management
- Vendor management
- Free Version: None
- Pricing: Contact LogicManager for pricing
- Platforms supported: Web
Why use ProcessMAP?
ProcessMAP allows organizations to track, report, and manage different risks that may arise with suppliers. This gives businesses certain protections against the many risks of working with multiple suppliers. With features such as reporting, dashboards, and real-time metrics, the app makes it much easier to assess and manage supplier risks.
Features:
- Real-time data and metrics
- Comprehensive risk and incident dashboards
- Corrective and preventive actions
- Free Version: None
- Pricing: Contact ProcessMAP for pricing info
- Platforms supported: Web, iOS, Android
What is Supplier Risk Management Software?
Supplier risk management software is a digital tool that allows companies to identify, assess, monitor, and mitigate risks that involve suppliers. This app ensures fulfillment of contractual obligations, ascertains orderly and undisturbed operations, and improves financial health and reputation.
This software lets businesses track and manage all their suppliers and even conduct audits of different operations. That way, they can always catch issues before they become major problems while ensuring that all operations are safe and compliant with relevant regulations.
Importance
A lot of companies, whether big or small, rely heavily on external suppliers for both materials and services. Even a home-based baker, for instance, still needs to purchase ingredients from a third-party vendor or hire logistics for the delivery of large batches of goods.
If certain risks are overlooked, you might put your business in a delicate situation. Supplier risks can end up costing your business a lot, which is why you need to put in the effort to reduce those risks and protect your business.
This is why third-party & supplier risk management software, even the most basic version of it, is a must-have if you want fully protect your business interests. Read more on why this should be high up on your priorities list:
- Get complete visibility of the supply chain – Many of these applications allow constant monitoring of vendors, letting you see a possible risk and deal with it proactively.
- Act fast with risk alerts – If you’re too busy with operations, properly set up supplier risk management software that can notify you when issues arise.
- Gain deeper insights – Thanks to data analytics, you do not need lengthy investigation or research about these risks. With the in-depth information provided, your managers can go straight to figuring out corrective measures or ways to improve.
- Drive compliance with contracts and regulations – Checklists and templates may serve as reminders so your suppliers will always follow best practices.
- Improve collaboration with suppliers – You and your third-party vendors will have clearer communication lines. Better coordination strengthens teamwork and guarantees higher revenues for everyone.
Key Features
Outfitting your workforce with good supplier risk management software is not as challenging as it used to be, thanks to the numerous apps available in the market. But you need to make sure that your final choice has the following:
- Supplier screening and procurement
- Centralized digital data
- Standardized workflows
- Customizable templates and checklists
- Issues reporting with media documentation
- Assigned corrective action
- Real-time collaboration
- Compliance assurance
Selecting the Right Supplier Risk Management Software
The ten aforementioned apps have all the salient functionalities that can support any organization’s processes in managing supplier risk. Here’s a quick look at the best of 2024:
| App Name | Free Version | Paid Plan | Mobile App |
| SafetyCulture | Yes | $24/user/month* | Yes |
| MetricStream | No | Available upon request | No |
| OneTrust | Yes | Available upon request | Yes |
| Resolver | No | Available upon request | No |
| Vendor360 | No | Available upon request | No |
| MasterControl | No | Available upon request | Yes |
| Fusion Framework System | No | Available upon request | Yes |
| Synergi Life | Yes | Available upon request | Yes |
| IRM Out of the Box | No | Available upon request | No |
| LogicManager | No | Contact for pricing | No |
| ProcessMAP | No | Contact for pricing | No |
*billed annually
