ServiceNow Vendor Risk Management (VRM) helps organizations continuously monitor critical vendors so businesses can evaluate, mitigate, and remediate risks.
Vendor Risk Management This app is now called Third-party Risk Management. Visit New Page
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Benefits of Vendor Risk Management Improve visibility View the status of assessments, issues, and tasks across your third-party ecosystem. Make better decisions Identify emerging risks using assessments and continuous monitoring. Boost efficiency Improve collaboration while automating processes and consistent workflows across your third parties. Manage risk across the enterprise See a holistic view of risk that includes third-party risk scores and IRM portfolio integration.
Features of Vendor Risk Management Read Brief Tiering management Tier third parties accurately to determine assessment frequency and define the scope of questions. Monitoring framework Use scores and ratings from content providers to supplement risk assessment data. Assessment management Use online assessments for faster, higher-quality responses. Supplier portal Connect and collaborate with vendors in a single home for all exchanges.
Additional Features Portfolio management Eliminate spreadsheets with a single database of third-party product info and a self-service portal. Issues and remediation Automate issue generation, design remediation plans, and chat in real-time to resolve issues fast. Third-party hierarchies Define parent-child relationships to appropriately represent and assess subsidiaries. Aggregated risk scores Calculate risk scores throughout the hierarchy for an up-to-date, top-down, and bottom-up view of risk. Risk areas Assess each engagement based on areas of risk, such as bankruptcy, delivery, and security. Single Sign On (SSO) Improve security for third-party contacts while seamlessly authenticating into the Supplier Portal. IRM integration Integrate with other applications in the GRC portfolio for an extended enterprise view of risk. Integration with Vendor Manager Workspace Manage third-party performance and risk in one destination with Vendor Manager Workspace integration.
Resources See All Resources Analyst Reports The Forrester Wave™: Third-Party Risk Management Platforms, Q2 2022 Case Studies Novartis Eliminates Complexity by Consolidating IT Systems
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Vendor Risk Management is available with Governance, Risk, and Compliance. Manage risk and resilience in real time.

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You might also be interested in… Risk Management Enable fine-grained business impact analysis to appropriately prioritize and respond to risks. Policy and Compliance Management Automate and manage policy lifecycles and continuously monitor for compliance. Business Continuity Management Plan, exercise, and recover from disasters effectively and efficiently. Vendor Manager Workspace Continuously monitor, detect, assess, mitigate, and remediate risks in vendor ecosystems.
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