Top 7 Vendor Risk Management Software (VRM)

Third-party relationships can drive efficiency and innovation but can also expose organisations to significant risks. Vendor Risk Management (VRM) software provides the tools and automation necessary to identify, assess, and monitor vendor-related risks—from cybersecurity threats to compliance breaches.

In a landscape where supply chain dependencies are increasingly complex, understanding and managing third-party risk has become an essential function for governance, compliance, and business continuity. The right VRM software not only centralises vendor data but also automates risk assessments, reporting, and monitoring, allowing teams to focus on strategic initiatives rather than manual tracking.

In this article, we will explore what Vendor Risk Management software is, its key features, and the top platforms to consider in 2025.

What Is Vendor Risk Management Software?

Vendor Risk Management (VRM) software helps organisations evaluate and monitor the risks posed by third-party vendors, suppliers, and service providers. These tools enable teams to manage vendor onboarding, risk assessment, due diligence, contract tracking, and ongoing performance monitoring.

A strong VRM system consolidates information from multiple sources to provide a clear picture of vendor performance and compliance posture. It assists in identifying potential risks before they materialise—such as data breaches, operational failures, or non-compliance with industry standards.

Ultimately, VRM software helps organisations maintain oversight and accountability across the entire vendor lifecycle, reducing exposure to risk and supporting regulatory compliance.

Key Features of Vendor Risk Management Software You Should Look For

Selecting the right VRM platform requires understanding which features are essential for effectively managing third-party risk.

Automated Vendor Assessments

Automated assessments streamline the process of collecting and analysing vendor data. Questionnaires, risk scoring, and follow-up workflows can be automated to save time and ensure consistency.

Continuous Monitoring

Continuous monitoring provides real-time insights into a vendor’s security and compliance status. It helps detect emerging threats or incidents that may affect business operations.

Centralised Vendor Database

A single repository for all vendor data, including contacts, contracts, compliance documents, and assessments, simplifies management and enhances visibility across departments.

Risk Scoring and Analytics

Dynamic risk scoring tools evaluate vendor performance based on pre-defined criteria and real-world data. Dashboards and analytics support data-driven decision-making and quick identification of high-risk vendors.

Integration Capabilities

Integration with other systems, such as procurement, GRC, and ITSM tools, ensures a seamless exchange of information and a holistic view of vendor risk across the organisation.

Reporting and Audit Trails

Comprehensive reporting and audit trails provide evidence for regulatory compliance and internal audits, improving transparency and accountability.

7 Best Vendor Risk Management Software

1. Continuity2

Continuity2’s VRM module within the Meridian platform offers an industry-leading approach to managing vendor risk across the entire lifecycle. Its intelligent automation and analytics capabilities help organisations streamline onboarding, risk assessment, and monitoring processes within a unified resilience framework.

Key Features:

• Automated Risk Assessments: Customisable workflows evaluate vendor risk levels with minimal manual intervention.
• Integrated Compliance Tracking: Ensures that all vendors meet internal and external regulatory requirements.
• Dynamic Reporting: Provides real-time visibility into vendor performance and compliance metrics.

Best for: Enterprises seeking a fully integrated resilience and risk management system combining vendor risk, business continuity, and operational resilience within a single platform.

2. OneTrust

OneTrust’s Third-Party Risk Management platform automates vendor onboarding and risk evaluation while aligning with global regulatory standards such as GDPR, ISO 27001, and SOC 2.

Key Features:

• Risk Exchange Network: Leverages shared vendor risk data from a global ecosystem.
• Assessment Automation: Streamlines questionnaire management and vendor due diligence.
• Compliance Mapping: Maps vendor risks against key regulatory frameworks.

Best for: Organisations prioritising regulatory compliance and data privacy in third-party relationships.

3. ProcessUnity

ProcessUnity offers a comprehensive vendor risk management solution designed for centralised oversight and automation. It provides full visibility into vendor relationships and their associated risks.

Key Features:

• Centralised Risk Repository: Consolidates all vendor information and assessments in one location.
• Workflow Automation: Reduces manual effort in onboarding and reassessment.
• Risk Mitigation Planning: Tracks remediation actions through completion.

Best for: Mid-to-large organisations needing detailed oversight of vendor risk and compliance workflows.

4. UpGuard

UpGuard combines VRM with cybersecurity ratings to deliver continuous visibility into vendor security posture.

Key Features:

• Security Ratings: Assigns risk scores based on ongoing scans and threat intelligence.
• Third-Party Monitoring: Tracks vendor vulnerabilities and data exposure in real time.
• Automated Questionnaires: Simplifies security review processes.

Best for: Security-conscious organisations focusing on cyber risk monitoring.

5. Venminder

Venminder specialises in vendor lifecycle management, offering tools for onboarding, monitoring, and reporting with a strong compliance orientation.

Key Features:

• Due Diligence Support: Access to pre-built assessment templates.
• Task Automation: Automates periodic reviews and document collection.
• Compliance Reporting: Simplifies reporting to auditors and regulators.

Best for: Financial institutions and regulated industries requiring strict due diligence processes.

6. SecurityScorecard

SecurityScorecard delivers cyber risk ratings and insights for managing third-party security. It continuously evaluates vendors using external data sources.

Key Features:

• Cyber Risk Ratings: Provides an easy-to-understand score for each vendor.
• Breach Monitoring: Alerts users to vendor breaches and emerging vulnerabilities.
• Integrations: Connects with GRC and SIEM systems for extended risk visibility.

Best for: Businesses seeking continuous cyber risk intelligence across their supply chain.

7. Prevalent

Prevalent offers a mature third-party risk management platform with automated assessments and vendor intelligence.

Key Features:

• Centralised Vendor Network: Access to a shared library of pre-completed assessments.
• Automated Risk Workflows: Tracks and manages all stages of vendor engagement.
• Comprehensive Reporting: Enables clear communication with stakeholders.

Best for: Organisations seeking a scalable VRM solution with extensive assessment libraries.

Benefits of Vendor Risk Management Software

Vendor management software empowers organisations to proactively identify, assess, and mitigate third-party risks while improving efficiency, compliance, and resilience.

Enhanced Risk Visibility

A centralised platform provides a single view of all vendor-related risks, enabling better prioritisation and mitigation efforts.

Regulatory Compliance

VRM software ensures documentation and audit readiness for various compliance frameworks, reducing the risk of penalties.

Improved Efficiency

Automated workflows eliminate manual processes and accelerate vendor onboarding, monitoring, and reporting.

Data-Driven Decision-Making

With real-time analytics and dashboards, organisations can make informed decisions based on risk trends and performance indicators.

Strengthened Business Continuity

Monitoring vendor resilience helps ensure critical services remain available, even when external partners face disruptions.

Strengthening Resilience Through Vendor Oversight

Vendor risk management is no longer a back-office compliance function—it’s a strategic pillar of operational resilience. Organisations that integrate vendor risk insights into their continuity and resilience frameworks can better anticipate disruptions, safeguard compliance, and maintain business stability even under pressure.

Book a Demo with Continuity2 to see how our Meridian platform helps you automate vendor oversight, strengthen supply chain resilience, and enhance enterprise-wide continuity planning.