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Vendor Risk Management

Transform the way you manage vendor risk with automated assessments, transparent reporting, and consistent remediation of your supply chain.
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Vendor Risk Management
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Tier vendors as a first step

Vendor tiering

Managing vendor risk begins with establishing the appropriate frequency and assessment cycle determined through tiering.

Portfolio management eliminates manual vendor tracking

Portfolio management

Eliminate spreadsheets and manual tracking with a single database of vendors, the products and services they fulfill, contacts, and a self‑service portal for easy vendor updating.

Designer your own questionnaires for faster online assessment

Assessment management

Use built‑in SIG questionnaires or create one with the drag and drop designer. Online assessments for vendors or engagements result in faster response and better information.

Vendor portal

Vendor portal

Consolidate communication and collaboration with vendor stakeholders to improve efficiency, visibility into the status of assessments and issues, and keep a record of it all.

Issues and remediation

Issues and remediation

Automate issue generation, design remediation plans, and share them with vendors for faster closure. Use built‑in chat to respond and resolve vendor questions in real‑time.

Additional Vendor Risk Management features

 

Vendor hierarchies
Define parent-child relationships to appropriately represent and assess subsidiaries or fourth parties.

Aggregated risk scores
Up-to-date risk scores are calculated throughout the vendor hierarchy for a top-down and bottom-up view of risk.

Risk areas
Assess each engagement based on areas of risk—like  (ex. bankruptcy, delivery, security, as examples).

Single Sign On (SSO)
Improve security for vendor contacts while seamlessly authenticating into the Vendor Portal with SSO.

GRC integration
Integrate with other applications in the GRC portfolio for an extended enterprise view of risk.

Integration with Vendor Manager Workspace
Manage your vendor performance and risk in one destination with Vendor Manager Workspace integration.

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Feature details

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Aggregated risk scores
Up-to-date risk scores are calculated throughout the vendor hierarchy for a top-down and bottom-up view of risk.
Assessment management
Use built-in SIG questionnaires or design you own with the drag and drop designer. Online assessments result in faster response and better information.
GRC Integration
Integration with the other application in the GRC portfolio for an extended enterprise view of risk.
Integration with VMW
Manage your vendor performance and risk in one destination with Vendor Manager Workspace (VMW) integration.
Issues and remediation
Automate issue generation, then review and design remediation plans, and share the issues with vendors for faster closure.
Portfolio management
Eliminate spreadsheets and manual tracking of vendors.
Risk areas
Assess each engagement based on areas of risk—like bankruptcy, delivery, security, as examples.
Single sign on (SSO)
Improve security for vendor contacts while seamlessly authenticating into the Vendor Portal with SSO.
Vendor hierarchies
Define parent-child relationships to appropriately represent and assess subsidiaries or fourth parties
Vendor portal
Consolidate communication and collaboration to improve efficiency and keep a record of it all.
Vendor tiering
Managing vendor risk begins with establishing the appropriate frequency and assessment cycle determined through tiering.

Benefits of Vendor Risk Management

Calculate Value

Greater visibility

Gain transparency into the status of assessments, issues, and tasks across your vendor ecosystem.

Improved decision-making

Identify emerging risks using assessments and continuous monitoring with security ratings providers.

Increase performance

Improve collaboration while automating processes and consistent workflows across your vendor ecosystem.

Manage risk across your extended enterprise

Aggregated vendor risk scores and integration with the GRC portfolio afford a holistic view of risk.

Don’t just take our word for it

See how companies like yours use Vendor Risk Management to transform how you manage vendor risk.

Read Story
Case Study

Survey response times shrink by 66%

The city and county of Denver simplified and accelerated vendor risk management.

Read Story
Read Story
Case Study

Better managing third-party risk

Novartis relies on ServiceNow to facilitate the entire critical third-party management process.

Read Story

Resources

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Analyst Reports
Analyst Reports
Webinars
Webinars
Solution Briefs
Solution Briefs
Infographics
Infographics
How to get Vendor Risk Management

How to get Vendor Risk Management

Vendor Risk Management is part of the Governance, Risk, and Compliance (GRC) portfolio of applications.
Explore GRC
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Get answers to your questions and discover how ServiceNow can help you transform your business with modern digital workflows.

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