Enterprise risk management software provider, Protecht, has today launched its new Vendor Risk Management module.

The new tool enables vendor managers to risk rank vendors and prioritise their workload, monitor third parties on an ongoing basis beyond onboarding, and integrate vendor risk management with the broader organisation's objectives, performance and risk profile.

Vendors can also respond to governance and security questionnaires in a dedicated vendor portal.

“Our mission at Protecht is to help businesses proactively manage and mitigate all components of an enterprise risk framework – be it operational risk, regulatory risk, IT risk and resilience, or in this case vendor risk. We know that organisations are wary of the risks posed by external vendors, but they might not have the right tools to support an effective vendor risk management programme. We are here to change that and empower businesses to build more insightful relationships with their vendors based on trust and security.” said David Bergmark, chief executive officer, Protecht.

In the UK and the EU, recent regulatory changes in the financial sector place strong emphasis on third party risk management.

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