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Aavenir Atlas early access is open Contractflow on the ServiceNow Store since 2019 Runs on ServiceNow, or standalone ProcureTech100 2025/26 Pioneering Digital Solution ISO/IEC 27001:2022 certified, SOC 2 Type 2 compliant

Glossary

What is ServiceNow VRM?

ServiceNow Vendor Risk Management was the ServiceNow application for finding, assessing and reducing vendor risk. It is now ServiceNow Third-Party Risk Management.

Schedule a Demo All Glossary Terms

What vendor risk management is

Vendors bring capability, and they also bring risk: security breaches, financial failure, compliance gaps and disruption. Vendor risk management is the practice of identifying those risks, assessing how serious each one is and acting to reduce them.

What ServiceNow VRM did

Vendor Risk Management sat inside the ServiceNow governance, risk and compliance suite. It kept a central record of vendors, sent risk questionnaires, scored the answers, tracked issues and remediation, and reported on vendor risk across the portfolio. ServiceNow has since renamed and extended it as Third-Party Risk Management.

Who uses it

  • Procurement teams onboarding vendors and tracking performance.
  • Risk management teams assessing and monitoring vendor risk.
  • Security teams reviewing how vendors protect data and systems.
  • Compliance teams checking vendors against regulations and policies.

How Aavenir handles it

Onboardingflow collects supplier details and documents and routes each new supplier through checks before it trades. Because it runs on ServiceNow, that data can feed the platform's third-party risk records. See also third-party risk and contracts.

Keep reading

ServiceNow TPRM ServiceNow Third-Party Risk Management runs vendor onboarding questionnaires, risk assessments and issue follow up on ServiceNow.Read more ServiceNow GRC ServiceNow GRC is the ServiceNow suite for governance, risk and compliance: policies, risks, audits and third parties.Read more Vendor risk assessment A vendor risk assessment identifies and rates the risks a supplier brings, from security to financial health.Read more

Frequently asked questions (FAQ)

Common questions

Is ServiceNow VRM the same as ServiceNow TPRM?

Yes, in practice. ServiceNow Vendor Risk Management was renamed Third-Party Risk Management, and the newer application extends it with more automation and broader third-party coverage. Read about ServiceNow TPRM.

What does a vendor risk assessment look at?

Typically information security, data privacy, financial health, regulatory compliance, business continuity and reputation. The depth of the assessment should match how critical the vendor is and what data it handles. Read about vendor risk assessment.

Where does vendor onboarding fit with vendor risk?

Onboarding is the first chance to assess a vendor. Collecting the right documents and answers before the first order means risk is understood before money or data changes hands. See Onboardingflow.

Have a question we have not answered? Ask the Expert

Schedule a demo

See your contracts run on one record.

  • 1 A 30 minute walkthrough Built around your team, whether that is procurement, legal, IT or finance.
  • 2 Your contracts, not ours Bring a few sample agreements and watch Aavenir AI extract and review them.
  • 3 ServiceNow or standalone We show the deployment that fits the systems you already run.

Prefer to talk first? Contact the team.