Third Party Risk Management - Consultancy, Assessment & Advisory

Building the Business Case for a TPRM Tool – Free Expert Guide

Get Practical Guidance and Formulate a Winning Business Case

Building a business case to purchase a vendor risk assessment tool is a big deal. You’re trying to alleviate pain within the organisation…most likely pain that you’re experiencing every day. On the other hand, your executives need to understand how the costs involved will ultimately benefit the company.

So where do you start?

With years of experience Ed Thomas, VP of Marketing at ProcessUnity has collated data from a number of client engagements and subsequent deployments of ProcessUnity’s Vendor Risk Management tooling to help TPRM executives build a more rounded and quantifiable business case for the introduction of Third Party Risk Management automation.

Building the Business Case for a Third Party Risk Management Tool provides a concise guide to 4 core practices:

Highlighting potential Efficiencies and Cost Savings

Whether you’re understaffed or staffed appropriately, there are benefits to be had if you can reduce the time it takes to complete a vendor risk assessment without sacrificing quality. That’s the business case you are ultimately trying to make.

Based on standard practice and experience with prospective clients and existing customers the following estimates for the current level of effort applied to vendor risk assessments can be built:

Table showing total effort required to complete vendor risk assessments grouped by number of vendors assessed

In comparison, ProcessUnity has found a various levels success from the deployment of the Vendor Risk Management platform. The potential operational and cost improvements that can be gained from an effective vendor risk assessment automation tools can be significant, as summarised below:

Table showing the times and headcount saved by using ProcessUnity for vendor risk assessment automation

A word of caution: You can ask the software companies you’re working with to help you identify potential savings and metrics, but ultimately, it’s YOUR business case, so you need to be comfortable with the numbers.

Business cases can be a lot of work, but done correctly, they can have great results – whether it is laying the groundwork for a budget request/increase, justifying the case for investment in a technology/service or providing validation of the value an investment has created.

Developing a more specific version of these metrics that suit your current TPRM program and organisation will help to provide the quantifiable business case that executive look for when making significant investment.

Download the Full Guide

If you’re in the market for a Third-Party Risk Management solution, chances are, you’ll need to build a business case. Register now and download Building the Business Case for a Third Party Risk Management Tool and get the support your TPRM program deserves.

You’re Only As Strong As Your Weakest Link

There’s never been a more vital time to ensure the resilience of your organisation and the supply chain you rely on. DVV Solutions are here to help with a range of managed services and solutions proven to improve your ability to assess, analyse and manage more vendor risk assessments across your supply chain.

For more information on enhancing your supply chain oversight:

Call Us+44 (0) 161 476 8700

Contact Us: Complete our Contact Form, or

Learn more about What We Do