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Vendor Risk Management

Accelerate assessments. Enable business growth.

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Manage the entire vendor lifecycle in one place

Step 1. Build

Build your third-party inventory by inviting your vendors to connect in the Bitsight VRM platform.

Step 2. Review

Review their uploaded documents, such as insurances, external audits or assessments, certifications, and questionnaires.

Step 3. Analyze

Analyze your evidence and leverage Bitsight analytics to make informed decisions to improve the health of your portfolio.

Step 4. Monitor

Continuously monitor changes across your portfolio that impact your risk tolerance.

Simplified vendor risk management—at scale.

Customizable Assessments

Tailor based on criticality, regulation and other business needs.

Evidence Mapped into Questionnaires

Validate with Bitsight data and analytics proven to be correlated to risk.

Simplified Vendor Scoring

Measure risk with simple Impact, Trust, and Risk scoring formula.

Centralized Repository

Manage hundreds of third-party vendors— all in one place.

SOC 2 Instant Insights

Summarize Lengthy SOC 2 reports in seconds with AI-powered insights.

The Power of the Network

Bitsight Vendor Risk Management enables you to instantly tap into a rapidly expanding network of over 68,000 vendor profiles — continuously updated — all in real time. The efficiency gains are extraordinary. The experience is even better.

68K

Vendor profiles

3X ROI

Within first six months*

* As reported by existing Bitsight customers. Actual outcomes will depend upon a variety of factors unique to each customer and are not guaranteed.

90%

Vendor acceptance rate*

75+%

Reduction in time onboarding vendors**

**Based on 2024 commissioned Total Economic Impact™ Of Bitsight study conducted by Forrester Consulting

Bitsight Vendor Risk Management FAQs

Can VRM tools automate tasks like sending vendor assessments and tracking responses?

Vendor risk management tools should be able to automate various tasks, including:

Sending Assessments: Automatically dispatching security questionnaires to vendors.
Tracking Responses: Monitoring and managing vendor responses to assessments.
Reminders: Sending automated reminders for pending assessments or follow-ups.

Bitsight's VRM solution automates the vendor risk assessment process by triggering documentation requests based on vendor tiering, sending alerts when a vendor's security rating changes, and providing automatic reassessment reminders. This automation enhances efficiency and scalability in managing vendor risks.

How does vendor risk management help cybersecurity efforts?

Effective VRM enhances cybersecurity by:

Risk Identification: Recognizing potential vulnerabilities introduced by third-party vendors.
Continuous Monitoring: Keeping track of vendors' security postures over time.
Informed Decision-Making: Providing data-driven insights to make strategic risk management decisions.

Bitsight's platform offers continuous monitoring and objective cybersecurity analytics, enabling organizations to make faster, more strategic decisions regarding vendor risks and cybersecurity policies.