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Building a Toolkit for Vendor Risk Management Software Evaluations

September 16th, 2021
Hannah Tichansky

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When making a large purchase decision, like shopping for a car, you would generally read expert and consumer reviews to ensure the purchase is a good fit for the requirements important to you.

When you’re considering a tool to help your organization better manage third party and vendor risks, expert analyst reports, together with peer reviews, are an important part of the process. In addition, gathering other expert resources, attending demos, reviewing RFPs, and other steps help to ensure the platform best meets your organization’s needs. Gathering together a toolkit for reviewing your vendor options is critical to making these important decisions.

The Best Analyst Reports on IT Vendor Risk Management, TPRM, and SRPM

When managing your third-party universe, taking a holistic view is important. There are lots of cracks that risks can hide in, and the complex nature of supply chains adds to the wide range of risks a company needs to be able to manage effectively. This is further complicated by the need to manage not only the risks of your third-party vendors, but also your fourth parties, and beyond.

Due to this, it is important to also think holistically when it comes time to choose vendor risk management (VRM) software. Expert analyst reports are designed to provide thorough, unbiased perspectives into your vendor options, and there are a number of recommended analyst reports to help you in choosing IT VRM software.

New! 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools

Explore this report to learn how to sort through vendors in a crowded IT VRM market, key areas to consider, and strengths and cautions keep in mind prior to purchasing a software solution. 

2021 Chartis Research RiskTech Quadrant® for Third-Party Risk Management (3PRM) Solutions

This report provides expert analyst assessments of the third-party risk management space, including tools for assessing TPRM technology requirements, leading practices, and benefits of pre-built, enhanced due-diligence applications.

The Forrester Wave™: Third-Party Risk Management Platforms, Q4 2020

Download this report to find the right TPRM software for your organization through a comprehensive evaluation and comparison of 11 TPRM software solutions across 23 criteria.

The Forrester Wave™: Supplier Risk and Performance Management Platforms, Q3 2020

This report analyzes how SRPM platforms replace ineffective custom applications, which solutions productize domain-specific content and functionality, and which solutions use natural language processing and machine learning to perform SPRM tasks.

These reports provide insights into the market trends analysts are observing, how to sort through vendors in a crowded market, and key capabilities to consider. Aravo is unique as we are the only provider to be positioned as a LEADER in all of these reports.

The Importance of Establishing a Vendor Risk Management Baseline

There are a range of other tools and content designed to help you in your evaluation, but establishing a baseline is a critical step before making a purchase. A maturity calculator, such as one that Aravo hosts is a great way to determine where your TPRM program currently stands. With this information (and the custom report that’s included) you can then find out what first steps to take first, where to prioritize resources and time, and how to move forward towards VRM resiliency.

In addition to maturity calculators, RFPs are another resource that help companies make determinations on what solution is best for them. A ready-made RFP Template provides a library of best-practice questions to draw from across a broad range of categories including:

  • Company information
  • Third-party lifecycle
  • Reporting and analytics
  • Workflow and communications
  • Architecture and technology
  • Services and support
  • Pricing

Find Out What Your Peers are Saying

Another important point of reference in any evaluation is how a provider’s current clients would rate them, what they particularly like about the solution, and how they can improve.

We recommend Gartner Peer Insights for this, as they provide trusted, comprehensive reviews by practitioners utilizing these types of software. When looking at a review, pay attention to the star rating, but also details like the percentage of reviewers that would recommend this vendor.

One example of Aravo’s Gartner Peer Insights is from one of our clients in the financial services industry:

From the Flintstones to the Jetsons:

Before we moved to Aravo we had an internally developed tool along with emails, spreadsheets, documents and folders to manage our Third-Party Risk. Moving to Aravo moved us from the Flintstones to the Jetsons in light-speed. 

Vendor Risk Management Demos: The Importance of Test Drives

Finally, when you’re shopping for a car there’s nothing quite like a ‘test drive’ to support your decision. It’s the same for vendor risk management technology. You will want to see the technology in action to understand how it can support and mature your program. Scheduling a demo with an expert team allows you to discuss business objectives and program requirements. Demos also allow you to spend time with experts who will listen to your requirements and walk you through capabilities such as:

  • Onboarding new third parties faster
  • Automating inherent risk assessments, segmenting and scoring
  • Tracking issues and corrective actions to mitigate risk
  • Capturing a complete audit trail of adherence to appropriate risk controls
  • Dynamic dashboards and reporting
  • How AI can support your decision making

Benefits to scheduling a demo with Aravo include:

  • Speak experts directly- there’s nothing like talking with another human who understands your needs!
  • See how our software can work for you
  • Take a test drive and see what fits
  • Learn how leading organizations in your industry drive efficiency
  • Learn what sets us apart

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