Third-Party Risk Management
Identify, assess, and manage vendor risk across your ecosystem — with continuous monitoring, standardized assessments, and full visibility into third-party exposure.
Product Overview
Manage Vendor Risk Across Your Entire Ecosystem
Third-Party Risk Management (TPRM) is the process of identifying, assessing, and monitoring risks introduced by vendors, partners, and service providers. SmartSuite’s Third-Party Risk Management software provides a structured, scalable system to manage vendor risk across your entire organization — ensuring consistent oversight and control of third-party relationships.
SmartSuite standardizes how vendors are onboarded, assessed, and monitored, enabling organizations to evaluate risk across security, compliance, operational, and financial domains. With a centralized system of record, organizations can manage vendor inventories, risk assessments, due diligence, and remediation activities in a way that is repeatable, auditable, and defensible.
The product supports regulatory expectations and industry frameworks such as NIST, ISO 27001, SOC 2, and DORA, while remaining flexible enough to align with internal vendor risk methodologies and governance models.
SmartSuite delivers continuous visibility into third-party risk exposure, enabling teams to track vendor performance, monitor changes in risk posture, and respond proactively to emerging threats. This supports better vendor decision-making and reduces the likelihood of disruptions or compliance failures.
As part of SmartSuite’s connected GRC architecture, TPRM extends beyond isolated vendor assessments.
Vendor risk insights are continuously informed by:
- Enterprise risk and operational risk data
- Security incidents and breach notifications
- Control testing and compliance results
- Contractual obligations and policy requirements
- Issues and remediation activities
This ensures that third-party risk is managed as part of a connected, continuously evolving risk ecosystem.
The product supports a wide range of vendor risk use cases, including:
- Vendor onboarding and due diligence
- Risk tiering and segmentation
- Ongoing monitoring and reassessment
- Regulatory compliance and audit readiness
The result is a TPRM program that is:
- Structured and defensible for regulators and auditors
- Operational and scalable across vendor ecosystems
- Transparent and actionable for risk, security, and procurement teams
What is Third-Party Risk Management (TPRM)?
Third-Party Risk Management (TPRM) is the process of identifying, assessing, and monitoring risks introduced by vendors, suppliers, and external partners. It enables organizations to evaluate vendor risk, ensure compliance, and maintain visibility into third-party exposure across the lifecycle of vendor relationships.
Core Capabilities
SmartSuite’s Third-Party Risk Management product provides the capabilities required to manage vendor risk throughout the lifecycle — combining structured assessments, automation, and real-time monitoring in a single platform. Each capability integrates with other SmartSuite products, ensuring alignment across risk, compliance, and operational workflows.
Vendor Inventory Management
Maintain a centralized inventory of vendors, including risk tiers, ownership, and key relationship details across the organization.
Vendor Risk Assessments
Standardize due diligence questionnaires and risk assessments across security, compliance, and operational domains.
Risk Tiering & Segmentation
Classify vendors based on risk level, criticality, and impact to prioritize oversight and control efforts.
Ongoing Monitoring & Reassessment
Continuously monitor vendor risk posture and trigger reassessments based on changes in risk or performance.
Third-Party Issue Management
Track and manage vendor-related issues, findings, and remediation activities with full accountability.
Contract & Obligation Tracking
Link vendor risk to contractual requirements, SLAs, and compliance obligations for better oversight.
Dashboards & Vendor Analytics
Visualize vendor risk exposure, performance trends, and assessment status across the vendor ecosystem.
Workflow Automation
Automate onboarding, assessments, approvals, and remediation tracking using no-code workflows.
Role-Based Access Control
Ensure secure collaboration across procurement, risk, compliance, and business teams with controlled data access.
The Third-Party Risk Lifecycle
SmartSuite supports the full third-party risk lifecycle — from onboarding through continuous monitoring — with connected workflows and real-time insights.
Onboard Vendors
Capture vendor information, assign ownership, and classify vendors based on risk and criticality.
Assess & Due Diligence
Conduct standardized assessments and evaluate vendor risk across multiple domains.
Classify & Prioritize
Assign risk tiers and determine oversight requirements based on vendor impact and exposure.
Monitor & Reassess
Track vendor performance and risk posture, triggering reassessments as needed.
Remediate & Report
Manage remediation efforts and provide reporting for stakeholders, auditors, and regulators.
Connected Risk Ecosystem
SmartSuite products operate as part of a unified GRC platform — ensuring third-party risk data is continuously connected to broader risk, compliance, and operational workflows. The Third-Party Risk Management product integrates seamlessly with related products to provide a complete view of vendor risk.
Centralize enterprise risk management with real-time visibility, standardized assessments, and connected workflows that align risk, controls, and mitigation across your organization.
Capture and resolve incidents with structured workflows, real-time visibility, and integrated response across risk, compliance, and operations.
Centralize creation, approval, and publication of policies with full lifecycle tracking and attestations, ensuring they remain current, accessible, and auditable.
Track and remediate issues across audits, risk, and compliance with structured workflows, clear ownership, and real-time visibility into resolution status.
Who This Product Is For
The Third-Party Risk Management product supports stakeholders across risk, security, procurement, and compliance teams — enabling collaboration with role-based access and shared visibility.
Frequently Asked Questions
Answers to common questions about SmartSuite’s pricing models, plan options, and onboarding programs.
TPRM is the process of identifying, assessing, and managing risks introduced by vendors and external partners.
Yes. Assessments, workflows, and approvals can be fully automated using SmartSuite’s no-code automation engine.
SmartSuite tracks changes in vendor risk posture and triggers reassessments or alerts based on predefined conditions.
Yes. TPRM is fully connected to enterprise risk, compliance, and incident management workflows.
Yes. SmartSuite aligns with frameworks such as ISO, NIST, SOC 2, and DORA.
Yes. Role-based permissions allow secure collaboration across procurement, risk, and compliance teams.
Yes. Vendor risk dashboards can be tailored by risk tier, vendor type, or business unit.
Yes. SmartSuite supports large-scale vendor management with flexible data models and automation.
Take Control of Your Vendor Risk Ecosystem
SmartSuite delivers a complete GRC suite that connects third-party risk with enterprise risk, compliance, and operations.