Bitsight Vendor Risk Management is a platform designed to manage third-party vendor risk throughout the vendor lifecycle. The platform enables organizations to build and maintain a third-party inventory through automated vendor invitations and connections. The system provides centralized document collection and review capabilities, allowing teams to consolidate vendor documentation including insurance certificates, external audits, assessments, certifications, and questionnaires in a single dashboard. Organizations can create customized assessment questionnaires tailored to different vendor tiers based on criticality levels. The platform includes a scoring system that combines multiple metrics: - Impact Score: Measures inherent risk levels - Trust Score: Evaluates vendor security posture attributes - Risk Score: Calculates residual risk by combining Impact and Trust scores The solution integrates objective security data through Bitsight risk vectors and external data feeds covering financial, geopolitical, and credential exposure risks. This data can be synchronized with GRC and reporting tools through an open API. The platform features AI-powered capabilities including SOC 2 Instant Insights, which summarizes SOC 2 reports to accelerate vendor onboarding and assessment processes. Continuous monitoring functionality tracks changes across the vendor portfolio that may impact organizational risk tolerance. The system serves as a centralized repository for vendor portfolio management, providing audit trails and workflow automation to replace manual spreadsheet-based processes.