Mitratech Vendor Risk Assessment Software

Automate the collection, analysis, and remediation of vendor risks across your third-party vendor and supplier risk management lifecycle.

The Bottom Line: Spreadsheet-Based Vendor Risk Assessments Are Inefficient, Error-Prone, and Costly

Extend the visibility, efficiency, and scale of your third-party risk management (TPRM) program with Mitratech’s automated vendor risk assessments. Leveraging a library of 800+ standardized assessment templates, AI-powered questionnaire auto-completion, and built-in workflow and remediation recommendations, the platform streamlines everything from survey collection and analysis to risk rating and reporting.

You can easily gather and correlate intelligence on a wide range of vendor controls, including IT security, compliance, performance, contract adherence, business continuity, financial position, reputation, ethics, anti-bribery & corruption, ESG, diversity and more. Meanwhile, as part of the Mitratech Enterprise Risk Management Platform, the Vendor Risk Assessment solution comes integrated with continuous Vendor Risk Monitoring to deliver a 360-degree view of third-party security, compliance, and operational risks.

Why Choose Mitratech as Your Vendor Risk Assessment Solution?

  • Intelligent Automation

    Intelligent Automation

    Ditch spreadsheets for good and automate the collection, analysis, and remediation of vendor risks.

  • Reliable Risk Reduction with Vendor Risk Assessment Software

    Reliable Risk Reduction

    Zero-in on risks and control failures to gain actionable remediation guidance.

  • Cross-Functional Reporting with Vendor Risk Assessment Software

    Cross-Functional Reporting

    Clearly quantify and communicate business risk to stakeholders across the enterprise.

  • Continuous Monitoring with Vendor Risk Assessment Software

    Continuous Monitoring

    Unify control-based assessments with continuous cyber, business, reputational, and financial risk data.

  • Risk Maturity with Vendor Risk Assessment Software

    Risk Maturity

    Improve risk visibility and measure program effectiveness.

  • Flexible Integrations with Vendor Risk Assessment Software

    Flexible Integrations

    Integrate with ITSM, GRC, and security scoring solutions for centralized risk management.

  • Dependable Scalability with Vendor Risk Assessment Software

    Dependable Scalability

    Scale your program with flexible platform configuration options and AI.

Features That Safeguard Your Company: Mitratech Vendor Risk Assessment Software Capabilities

Mitratech’s SaaS-based TPRM Solution delivers comprehensive capabilities to automate the entire vendor risk assessment lifecycle.

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“As a health insurer, we have specific responsibilities to our members, and the Mitratech solution has helped us ensure that our vendors have the capabilities they need to protect our sensitive data and reduce our technology risk. Mitratech risk assessment capabilities have been a key part of helping us ensure the security of our member data.”

John Turschman Senior Information Security and Risk Analyst Neighborhood Health Plan of Rhode Island

Tailored Solutions for Every Risk, Roadblock, or Challange

Mitratech’s Vendor Risk Assessment software helps security, risk management, and procurement teams address multiple types of risks.

IT Vendor Risk Management

Stay ahead of information security and cybersecurity risks by centralizing and automating IT vendor risk assessment, continuous monitoring, analysis, and remediation – all while efficiently mapping the results to common IT security control frameworks and compliance requirements.

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Supplier Risk Management

Centralize, correlate, and analyze supplier data from several risk areas, including:

  • Cybersecurity
  • Financial and reputational health
  • Environmental, social and governance (ESG)
  • Modern slavery
  • Performance and SLAs
  • Compliance anti-bribery and corruption (ABAC) regulations
  • Government watch lists such as OFAC and PEPs
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Compliance

Streamline assessment and reporting across 50+ regulations and best-practice frameworks, including:

  • Cybersecurity Frameworks (NIST, ISO, SOC2, etc.)
  • Data Privacy Regulations (GDPR, CCPA, and more)
  • Industry Regulations (DORA, NERC, etc.)
  • ESG Frameworks (CSDDD, CSRD, German Supply Chain Act)
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Ready to Eliminate Your Vendor Risk?

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Vendor Risk Assessment Resources

Find more information about managing third-party vendor and supplier risk.

Blog Post
Vendor Risk Assessment: The Definitive Guide
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Toolkit
Free Vendor Risk Assessment Template: Top 20 TPRM Questions
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Datasheet
Vendor Risk Assessment Solution
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FAQs: Your Vendor Risk Assessment Questions, Answered.

FAQs: Your Vendor Risk Assessment Questions, Answered.

What is a vendor risk assessment, and why is it important?

A vendor risk assessment evaluates the potential risks associated with third-party vendors, such as data breaches, compliance issues, or operational disruptions. It’s critical for ensuring vendors align with your security, legal, and ethical standards while protecting your business from potential liabilities.

Are vendor risk assessments mandatory?

In many industries (e.g., finance, healthcare), vendor risk assessments are required by law or regulatory standards. Even if not mandatory, they are a best practice for safeguarding your organization.

Who should perform vendor risk assessments?

Anyone working with external vendors (especially those handling sensitive data, providing critical services, or operating in regulated industries) should be conducting vendor risk assessments. Typically, IT security, risk management or procurement teams handle these assessments.

How often should vendor risk assessments be conducted?

The frequency depends on the vendor’s risk level and industry regulations. High-risk vendors might require annual or even quarterly assessments, while low-risk vendors may only need evaluations every few years.

What factors are considered in a vendor risk assessment?

Key factors include:

  • Vendor’s data and information security practices
  • Compliance with relevant regulations (e.g., GDPR, HIPAA)
  • Financial stability
  • Incident response capabilities
  • Subcontractor management

What tools can help streamline vendor risk assessments?

Specialized software like Mitratech’s Vendor Risk Assessment platform automates data collection, analysis, remediation, and reporting through AI, saving time and ensuring thorough, consistent evaluations.

How can I ensure compliance with industry standards?

Choose vendors who adhere to recognized standards (e.g., ISO 27001, SOC 2) and use tools that help you monitor compliance and maintain detailed audit trails.

What happens if a vendor fails the assessment?

If a vendor fails, you can:

  • Work with them to address deficiencies.
  • Reassess their suitability for your business.
  • Consider alternative vendors to mitigate risk.

How can I effectively communicate risk assessment findings to stakeholders?

Use clear, visual reports and dashboards to present risks, recommendations, and action plans. Tools like Mitratech make this process seamless by offering customizable reporting features.

How do I get started with a vendor risk assessment?

You can start by identifying all your vendors, categorizing them by risk level, and using a framework or tool to assess their practices. Consider using software to streamline and standardize the process for better results.