Third-Party Risk
Standardize vendor due diligence, centralize assessments, and monitor ongoing risk exposure to ensure supplier reliability and compliance.
Solution Overview
The Third-Party Risk solution provides a centralized approach to managing vendor, partner, and supplier risk.It standardizes the entire lifecycle — from onboarding and due diligence to performance monitoring and remediation — ensuring that third-party relationships meet regulatory, security, and operational expectations.
SmartSuite allows organizations to automate vendor questionnaires, collect documentation, and monitor ongoing compliance. Each vendor’s risk profile is automatically updated as new assessments, incidents, or control results occur.
This solution aligns with frameworks such as NIST, ISO 27036, SOC 2, and the CRI Profile, ensuring a consistent, auditable, and connected view of third-party risk across the enterprise.
Core Capabilities
SmartSuite’s Third-Party Risk solution provides the tools needed to standardize vendor management and ensure continuous oversight throughout the relationship lifecycle.Each capability works in harmony with other SmartSuite GRC modules, creating a unified vendor governance framework.
Vendor Risk Register
Maintain a comprehensive inventory of vendors and their associated risk ratings, control mappings, and assessment history.Image: Table view of vendor list with risk scores and compliance status.
Due Diligence Assessments
Automate onboarding questionnaires and evidence collection using configurable templates.Image: SmartSuite Form Builder showing custom vendor questionnaire.
Ongoing Monitoring
Track vendor performance, incidents, and compliance metrics over time.Image: Dashboard chart trending vendor risk ratings over 12 months.
Risk Scoring & Categorization
Automatically calculate and update inherent and residual risk scores.
Issue & Remediation Tracking
Log findings, assign owners, and verify resolution.
Integration with Vendor Portal
Allow vendors to securely submit responses and documentation via a branded SmartSuite portal.
Third-Party Relationship Mapping
Link vendors to associated risks, controls, and incidents for transparency.
Reporting & Dashboards
Visualize vendor risk exposure, trends, and remediation progress in real time.
The Risk Lifecycle
SmartSuite supports every stage of the third-party risk lifecycle — from identifying vendors to continuous monitoring and reporting.
Each step can be automated and configured to align with internal policies or external frameworks.
Identify Vendors
Capture vendor information and establish classification criteria.
Assess Risks
Conduct onboarding and periodic due diligence assessments.Visual: Assessment form or matrix.
Mitigate & Monitor
Track controls, incidents, and remediation actions.
Review & Update
Re-score vendor risk based on performance and compliance.
Report
Share dashboards and summaries with procurement, security, and compliance teams.Visual: Example “Vendor Risk Summary” dashboard.
Who Uses This Solution
The Third-Party Risk solution supports procurement, risk, compliance, and security teams — giving each role a unified view of vendor risk, performance, and accountability.
Oversees all vendor assessments, remediation, and reporting.
Manages supplier onboarding and renewals with risk visibility.
Ensures third-party engagements meet internal policy standards and regulatory obligations across security, privacy, and operational domains.
Monitors vendor cybersecurity posture and incidents.
Tracks performance and ensures accountability for assigned vendors.
Connected GRC Ecosystem
SmartSuite’s Third-Party Risk solution is fully integrated into the GRC ecosystem.Data flows seamlessly between vendor assessments, enterprise risk, controls, and incident management — eliminating silos and ensuring consistent reporting.
Modernizing Governance, Risk, and Compliance
Modernize how you manage governance, risk, and compliance with SmartSuite — a unified platform built for today’s connected enterprise.
Artificial Intelligence
SmartSuite's AI generates insights, summarizes complex results, and predicts risks within existing workflows to support proactive decisions.
AI Vendor Risk Summaries
Automatically summarize vendor assessments, inherent risk ratings, control gaps, and required mitigations — producing concise insights for risk owners and executives.
AI Response Quality & Gap Detection
Analyze questionnaire responses and evidence to detect incomplete answers, missing controls, inconsistencies, or signs of elevated cybersecurity or privacy risk.
Predictive Vendor Risk Modeling
Forecast which vendors are most likely to introduce risk based on historical incidents, dependency criticality, geographic exposure, financial indicators, or performance trends.
Automations
Use SmartSuite's no-code engine to eliminate repetitive tasks and ensure accountability across risk operations.
Vendor Intake & Risk Triage
Automatically classify new vendors by inherent risk and trigger the correct due-diligence workflow based on vendor type, data sensitivity, or service criticality.
Assessment & Evidence Workflows
Launch third-party questionnaires, assign reviewers, schedule periodic reassessments, and trigger evidence requests with automated reminders.
Remediation Routing & SLA Monitoring
When a vendor has control gaps or failed testing, automatically assign remediation actions, track SLA deadlines, and escalate overdue items.
Integrations
Integrate with the tools your teams use every day. Keep controls, incidents, and risk data in sync through prebuilt connectors and open APIs.
Security & Monitoring Tools
Integrate with external scanning platforms, attack-surface monitoring tools, or threat-intel feeds (e.g., SecurityScorecard, BitSight, UpGuard) to import continuous vendor risk signals.
Procurement, ERP & Contract Systems
Connect with vendor intake, procurement, or ERP tools (Coupa, Ariba, NetSuite) to sync vendor master data, contract statuses, and segmentation.
Communication & Document Platforms
Use Slack, Microsoft Teams, SharePoint, Google Drive, or OneDrive integrations to exchange evidence, manage assessments, and collaborate with internal stakeholders.
Frequently Asked Questions
Answers to common questions about SmartSuite’s pricing models, plan options, and onboarding programs.
Yes — templates can be created using SmartSuite’s no-code form designer.
Yes — BitSight, SecurityScorecard, Panorays, and others provide continuous monitoring feeds.
Yes — through the Vendor Portal, vendors can securely upload documentation, attestations, and updates.
Vendor risk metrics automatically roll up into Enterprise Risk Management dashboards for unified visibility.
Discover the Power of Connected GRC
Break down silos, improve collaboration, and streamline compliance. SmartSuite helps GRC teams achieve more — with integrated data, automation, and a shared source of truth across the organization.