Annual Vendor Risk Assessment Software

Relying on third-party vendors is a major component of most organization’s daily operations. At LogicManager, we preach that you can outsource the work, but you can’t outsource the risk. Ensure that your vendors are keeping up their end of the bargain with our vendor risk assessments. This will allow you to measure the level of criticality each vendor has to your organization and quantify the level of risk on an objective scoring criteria. This will not only uncover which relationships require resources to mitigate any risks, but allow you to report on the status of your third-party relationships to management, stakeholders, and the board.

Request a Demo

This application can be achieved through:

Annual Vendor Risk Assessment Solution

Here’s what you can expect with LogicManager’s vendor risk assessment:

  • LogicManager’s Relationships Taxonomy gives you the ability to determine the criticality of all of your vendors and categorize them accordingly. To help you get started, we’ll provide 7 criteria to measure these vendors against out of the box.
  • Recurring tasks can help streamline your reassessment process for each vendor. Ultimately, staying up to date on their potential risks will help you determine if a more granular assessment needs to be conducted within the Plans area of the system.
  • Leverage our Vendor Risk Assessment Template for your most critical vendors to get as granular as possible. Copy this assessment from plan to plan to ensure consistency across all assessments, or pull from our centralized risk library to add more unique risks to that particular vendor assessment. 
  • Use a variety of reporting tools to get the most out of your vendor risk assessments, including but not limited to a Risk Control Matrix, Risk Assessment Dashboard, Vendor Narrative Report and Vendor Dashboard.

Learn How LogicManager Can Transform Your Vendor Risk Management Program


Seamlessly Manage Vendor Risks Across The Enterprise

Maintain a formal vendor repository

Having quick insights into the organizations you depend on most is a common best practice for various business purposes, from IT security to BCP and beyond. It’s also a common regulatory requirement and makes it easy to report to auditors, boards and stakeholders.

Gain critical insights

Using LogicManager’s vendor risk assessment solution for ERM, you can get as granular as you need to understand how each vendor impacts your business. Through configurable questionnaires, you can easily identify which vendors have access to sensitive information, who outsources their processes and much more. Furthermore, these assessments will remain completely objective, providing you with consistently accurate information.

New Vendor Onboarding Workflow in LogicManager

Identify common risks

It’s only natural that many of your vendors share prevalent risks. Leveraging LogicManager’s Taxonomy Insights AI technology, you can easily identify these common risks and eliminate duplicative efforts.

Easily adapt to changes

Your relationships with vendors are dynamic, so it’s important to ensure that you’re reassessing and creating new assessments for vendors as their risk levels inevitably change. Whether their scope of services has expanded, their business model has shifted or their modes of operations have evolved, it’s critical to be able to adapt the way you assess their risks.

Frequently Asked QuestionsFoundations of Vendor Risk Assessments

Not everything in life is black and white, and people and relationships are most certainly filled with grey areas. Given the complexities of humans, evaluating business relationships must involve an extensive, formalized process. While these evaluations should be complex, they shouldn’t be complicated. LogicManager’s vendor risk assessments solution is built into our robust ERM software, meaning complexities are streamlined and your job is made easier.

Risks are everywhere, and if you’re not taking a risk-based approach to assessing your vendors, you’re vulnerable to all of the risks associated with your vendors. Let’s say one of your vendors falls victim to a data breach; so does your business and your valued customers. On top of financial losses for your customers (and ultimately your business as you may be held responsible for making up for those losses) this can result in severe reputational damage.

In the case of a vendor-related scandal, without comprehensive software, it will be difficult to prove that you were not negligent. This can result in regulatory fines and penalties, along with lost jobs and shareholder value decline.

Related PackagesYou May Also Like…

Request a DemoLearn How LogicManager’s Vendor Risk Assessments Can Transform Your Risk Management Program

Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.

Businesswoman with ERM Software Dashboards

Request a Demo

You may also like…