Third Party Risk Management Software

Third Party Risk Management

What is Third Party Risk Management Software?

Third Party Risk Management software, or Vendor Risk Management software, provides organizations the ability to assess and manage the additional risk that is inherited when working with third party vendors. This software will help you rank and quantify the level of risk during the procurement process, as well as provide ongoing monitoring and management of existing third party relationships and contracts. Companies will want to leverage this software during all phases of the vendor relationship from onboarding to offboarding to ensure regulatory and internal compliance is always being upheld.

Common Features

  • Vendor Risk Assessments
  • Risk Scoring
  • Risk Monitoring
  • Reporting and Dashboards
  • Self Service Portal
  • Compliance Monitoring
  • GRC Integration
  • Hierarchy Management
  • Contract Management
  • Vendor Onboarding
  • Collaboration
  • Alerts/Notifications
  • Process Library
  • Flexible Workflow Development
  • Mapping
  • Data & Process Visualization
  • Quantitative Analysis and Assessment
  • Remediation management
  • Correlated Insights
  • Third Party Inventory
  • Business Impact Score

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Top Third Party Risk Management Software 2024

Composite Score
8.3 /10
CX Score
8.6 /10

SecurityScorecard enables users to view and continuously monitor security ratings, easily add vendors or partner organizations, and report on the cyberhealth of their ecosystems. The platform automatically generates a recommended action plan for issue remediation in order to achieve a “target” letter grade for customers and their vendor and partner organizations. It also provides access to breach insights and shows a clear record of issues that have impacted scores over time. Additional collaboration tools help enterprises better manage cyber security and ensure continuous compliance with regulatory standards and frameworks.

Pros

  • Helps Innovate
  • Continually Improving Product
  • Enables Productivity
  • Trustworthy
Composite Score
7.6 /10
CX Score
7.3 /10

LogicGate offers modern risk management technology empowering businesses to proactively transform risk enterprise-wide. LogicGate Risk Cloud is an agile GRC cloud solution that combines powerful functionality with intuitive design to enhance enterprise GRC programs. Risk Cloud gives you an interconnected view of risk across the organization that you just can’t get from point solutions.

Pros

  • Trustworthy
  • Efficient Service
  • Respectful
  • Client Friendly Policies

Cons

  • Under Delivered
NAVEX Global, Inc

NAVEX One

Composite Score
7.4 /10
CX Score
7.3 /10

The NAVEX  One  GRC Information System  unifies employees, third parties, and processes across your organization. The NAVEX One Governance Risk and Compliance Information System helps you manage risk complexity by focusing on solutions for how employees, third parties and business processes work together. NAVEX One offers users an intuitive user experience that delivers a comprehensive view of compliance program activity and performance for your employees and program administrators.

Scorecard

Pros

  • Caring
  • Respectful
  • Acts with Integrity
  • Efficient Service

Products below are ineligible for awards due to insufficient recent reviews

Secureframe, Inc.

Secureframe

Composite Score
8.0 /10
CX Score
8.1 /10

Secureframe is a comprehensive automated security, privacy and compliance platform, an all-in-one compliance automation platform, helping organizations get and stay compliant to the most rigorous security and privacy standards

Pros

  • Helps Innovate
  • Continually Improving Product
  • Reliable
  • Performance Enhancing
Panorays

Panorays

Composite Score
7.9 /10
CX Score
7.8 /10

Panorays automates third party security management. The platform enables companies to easily view, manage and engage on the security posture of their third-parties, vendors, suppliers, and business partners. With the Panorays platform, companies dramatically shorten their third-party security evaluation process and gain continuous visibility while ensuring compliance to regulations such as GDPR and NY DFS. Panorays is a SaaS-based platform, no installation needed.

Pros

  • Helps Innovate
  • Trustworthy
  • Caring
  • Saves Time
Composite Score
7.1 /10
CX Score
7.5 /10

Archer Integrated Risk Management is a modern integrated risk management platform that incorporates a broad portfolio of solutions integrated into a single platform. Archer empowers organizations to manage multiple dimensions of risk on one platform with on-premises and SaaS offerings, and quickly implement industry-standard processes and best practices for advanced risk management maturity, informed decision-making and enhanced business performance.

Pros

  • Helps Innovate
  • Continually Improving Product
  • Reliable
  • Performance Enhancing
Composite Score
6.8 /10
CX Score
6.8 /10

Bitsight Third-Party Risk Management empowers risk leaders to manage their digital ecosystem from start to finish. Accelerate vendor assessments. Continuously monitor and uncover blind spots across your digital ecosystem. Take action on exposure swiftly and confidently.

Pros

  • Helps Innovate
  • Continually Improving Product
  • Reliable
  • Performance Enhancing

Cons

  • Commodity Features
  • Less Inspiring
  • Less Caring
Composite Score
5.9 /10
CX Score
6.2 /10

Prevalent Third-Party Risk Management software and services enable you to eliminate the security and compliance exposures that come from working with vendors, suppliers and other third parties. You also benefit from a flexible, hybrid approach to TPRM, where you not only gain solutions tailored to your needs, but also realize a rapid return on investment.

Pros

  • Helps Innovate
  • Trustworthy
  • Efficient Service
  • Effective Service

Cons

  • Less Caring
Composite Score
5.8 /10
CX Score
5.6 /10

ProcessUnity Vendor Risk Management (VRM) protects companies and their brands by reducing risk from third parties, vendors and suppliers. Their third-party risk management tools help customers effectively and efficiently assess and monitor both new and existing vendors – from initial onboarding to ongoing due diligence and monitoring. ProcessUnity’s cloud-based solutions help organizations of all sizes automate their risk and compliance programs. These highly configurable, easy-to-use tools significantly reduce manual administrative tasks, allowing customers to spend more time on strategic risk mitigation.

Scorecard

Pros

  • Respectful
  • Efficient Service
  • Effective Service
  • Caring

Cons

  • Less Productive
  • Commodity Features
  • Slower Product Innovation
Composite Score
5.3 /10
CX Score
6.0 /10

OneTrust Third-Party Risk Management streamlines every stage of your third-party lifecycle by automating workflows for vendor onboarding, assessment, risk mitigation, reporting, monitoring, and onboarding.

Pros

  • Helps Innovate
  • Continually Improving Product
  • Reliable
  • Performance Enhancing

Cons

  • Commodity Features
  • Less Friendly Negotiation