What are Supplier Risk Management Softwares?

Supplier risk management software is a specialized tool that gathers and manages data about potential risks associated with vendors. The main objective of supplier risk management software is to assess, monitor and mitigate risks that may affect the suppliers' relationship with the company.

This software is primarily utilized in quality management, supply chain, or manufacturing to reduce the risk of disruptions caused by unreliable suppliers. It manages internal policies and governmental regulations, such as FFIEC, CFPB, and HIPAA. The software can also be integrated with other tools like supply chain suites, quality management software, ERP systems, governance, risk, and compliance software.