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Do You Have the Right Third-Party Risk Management Software Provider? 10 Questions to Ask Yourself

3 min read
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For many organizations, third-party risk management (TPRM) software is a great investment as it helps make the many tasks and demands of an effective third-party risk management program possible. TPRM software offers a wide range of benefits, from streamlining your document collection and review process to aiding contract management and creating a more efficient storage process for all vendor-related documents and information.

Outsourcing third-party risk management activities can be very helpful, but to get the most out of your investment, it’s essential to ensure that your provider is the best fit for your organization’s needs. If your organization and provider lack a strong working relationship, you may no longer be receiving an adequate return on investment (ROI), and it may be costing your organization more to outsource. 

It's important to periodically assess your software provider for any red flags as these may a sign that it’s time to find a new software provider. In this blog, learn 10 questions to help.  

The 10 Questions to Ask Yourself About Your Third-Party Risk Management Software Provider

When you’re considering whether your third-party risk management software provider is the best fit for your organization, you should ask yourself the following questions:

  1. Do you and your software provider have a strong partnership? Do you communicate with the provider on a regular basis to share your feedback or any concerns regarding the software? Does the provider answer your concerns and offer solutions to any issues you’ve encountered? Or, do you feel disconnected from your software provider in the relationship? 
  2. Does the software provider’s products and services align with your organization’s needs for third-party risk management? Will the product and software help your organization reach its goals?  
  3. How responsive is the provider’s customer service? Are there numerous complaints regarding the service? 
  4. Is the software available at least 99% of the time? Or, does the software suffer from frequent and/or extended outages that affect your usage?
  5. Has the provider met the expectations outlined in your contract and SLA? Have there been any performance issues or gaps? 
    third-party risk management software provider
  6. Is the software exclusive to your industry or does it align well within the industry’s expectations? 
  7. Have you experienced any exam improvement since partnering with the software provider? In both your exam and their own audits? 
  8. Does the software provider employ industry and subject matter experts who will be able to provide you with beneficial feedback to improve your organization’s processes as needed? 
  9. Does the software provider make regular updates to the system to improve the workflow and stay abreast of regulatory expectations? If so, how often are the updates released (i.e., quarterly, semi-annually, annually)?
  10. Finally, is the software configurable? Do you have a choice of the tools and services at your disposal? Is there enough variety in the offered software to create the best system for your needs? Also, does the provider have a sufficient system for identifying and addressing potential issues in the software? 

If, when considering these questions, you feel that there are gaps in the service or that the software is unable to meet your needs, the software may not be the best for your organization. Instead, you may want to consider looking into different options to find the provider and services that are the best fit for your organization’s needs. A good provider will meet your performance expectations, holds a consultative approach, helps you reach your goals, and provides a partnership that you can put absolute trust in.

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