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Published 29 May 2023 | By Eunice Arcilla Caburao, Leon Altomonte
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
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:
Why use MetricStream?
MetricStream strengthens governance, risk management, and compliance (GRC) with its systems, empowering companies to turn risks into something positive.
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.
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.
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.
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.
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.
Pricing: Available upon request (with free trial)
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.
Free version: Yes. Some basic modules are free of charge.
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.
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.
Pricing: Contact LogicManager for pricing
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.
Pricing: Contact ProcessMAP for pricing info
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.
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:
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:
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 2023:
*billed annually
Eunice Arcilla Caburao
Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.
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