Vendor Risk Management platforms operationalize the assessment, scoring, and remediation of third-party risks across the supplier and vendor base — ensuring procurement and compliance teams can identify, evaluate, and mitigate risks before they materialize. Core capabilities include risk assessment questionnaires and templates (security, financial, ESG, operational), automated questionnaire distribution and follow-up, risk scoring and tiering, continuous monitoring integration, remediation tracking and action plans, compliance evidence collection, and audit-ready reporting. The category spans dedicated third-party risk platforms (Prevalent, OneTrust Third-Party Risk, ProcessUnity, Whistic) and vendor risk modules within broader GRC and procurement suites.