Vendor risk management is a system that facilitates the planning and management of outsourced products and services. The system is designed to support enterprises in monitoring and managing the risk exposure resulting from third-party service providers. Additionally, vendor risk management system offers a dynamic data storage for vendor assessments comprising compliance checklists, risk evaluations, and other tools and technologies to estimate vendor performance related to organization’s objectives. Various enterprises are replacing their paper-based systems and point solutions with vendor risk management systems in order to improve real-time visibility into vendor risks and controls as well as to automate and streamline the vendor management lifecycle. Procedures in the vendor management lifecycle include vendor on-boarding, vendor qualification, vendor name change, annual re-qualification processes, and contract management. In this tough economic environment, ...