Vendor Risk is being replaced by 3rd Party Vendor Risk Management?

[HusaN]

Good morning/afternoon,

I have quick question(QQ) Is vendor risk is being replaced by 3rd party Risk Management for Washington upgrade because functionality shared in the videos are completely different than what we have been using. I would like to know if someone else in the community experienced same issues.

[Towles21]

Hi, 

I believe the follow will change:

• Menu items will change from Vendor to Third Party
• ServiceNow did a lot of work to ensure that those moving from VRM to TPRM can retain and maintain what they have, but can then start to leverage the new pieces of TPRM.
• Added onboarding workflows, new capability mapping, new OOTB risk assessments and questionnaires.
• Licensing for TPRM is structured as a base charge for the module and then 1 license count for the third party during a billing cycle if there is any subsequent ‘managed activity’ beyond the initial onboarding and risk assessment of a third party and new engagement.

[Stephanie Rizzo]

Yes TPRM is the new product to help manage vendor risks and more.  Please work with your sales team to discuss upgrade paths!