Cyberattacks linked to software supply chain vulnerabilities have brought renewed interest in third-party risk management programs — and in the tools that manage them.
Third-party risk management (TPRM) software and tools — also known as vendor risk management (VRM) — go beyond the general capabilities of risk management and governance, risk, and compliance (GRC) solutions with specialized onboarding, risk assessments, and due diligence for organizations working with third parties. Some TPRM tools also assess operational risks, but our focus here is on third-party security, privacy and compliance issues.
We’ll take an in-depth look at the top third-party risk management vendors and tools — followed by what buyers should consider before making a purchase.
- OneTrust: Best Overall
- Prevalent TPRM Platform: Best for Managed Vendor Risk Assessments
- Venminder: Best for Customer Support
- BitSight: Best for Vendor Intelligence Networking
- ProcessUnity TPRM: Best for Automated Vendor Management Workflows
- Archer: Best for SLA Management
- SecurityScorecard: Best for Intuitive User Experience
- Aravo for Third Party Management: Best for Customization
- Panorays: Best for Ease of Deployment
- Diligent ThirdPartyBond: Best for Reporting and Visualizations
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Comparing the Top TPRM Software & Tools
| Use Cases | Managed Vendor Risk Assessments | Vendor Intelligence Networking | Free Trial | |
| OneTrust | Best Overall | Yes | Yes | Yes |
| Prevalent | Best for Managed Vendor Risk Assessments | Yes | Yes | No |
| Venminder | Best for Customer Support | Yes | Yes | No |
| BitSight | Best for Vendor Intelligence Networking | No | Yes | No |
| ProcessUnity | Best for Automated Vendor Management Workflows | Through Third Parties | No | No |
| Archer | Best for SLA Management | Limited | No | No |
| SecurityScorecard | Best for Intuitive User Experience | No | No | Yes |
| Aravo | Best for Customization | No | Yes | No |
| Panorays | Best for Ease of Deployment | No | No | Yes |
| Diligent | Best for Reporting and Visualizations | Limited | Limited | No |
OneTrust Third-Party Risk Management
Best Overall
A bonafide unicorn, OneTrust launched in 2016 to offer privacy management and marketing compliance solutions. To comply with a growing list of global regulations, the Atlanta-based compliance monitoring provider offers OneTrust Third-Party Risk Management (previously Vendorpedia) to help organizations evaluate customer, employee, and vendor data transfers. OneTrust offers privacy impact assessments, data inventory mapping, remediation actions, and recurring audits on a web-based portal. It is widely considered one of the best TPRM solutions for compliance-driven industries.
OneTrust TPRM’s highest user reviews cite its usability and accessibility, quality of technical support, and high-quality automation for vendor management. OneTrust is also one of the few TPRM solutions that offer a free trial option to users.
Key Features
- Workflow integration builder
- Unified third-party relationship inventory
- OneTrust Insights and Analytics engine
- Intelligent onboarding workflows
- Dynamic questionnaires
Pros
- Highly integrated with other OneTrust solutions and third-party data sources
- Offers AI auto-completion technology for faster questionnaire completion
- Workflows are highly configurable and follow intuitive if/then logic
Cons
- Some limitations to OneTrust’s risk mitigation features
- Limited risk scoring and advanced analytics capabilities
- Room for growth in native integrations
Pricing
Pricing for smaller businesses starts at $600 a month. Enterprise buyers will need to contact OneTrust for pricing information.
Prevalent TPRM Platform
Best for Managed Vendor Risk Assessments
Started in 2004, Prevalent is an IT consulting firm that specializes in governance, risk, infrastructure, and compliance technology. The company offers customers a suite of third-party risk management solutions through the Prevalent TPRM Platform; features include inherent risk scoring, offboarding and termination, and vendor risk assessment and monitoring. With Prevalent’s sourcing and selection, organizations can reduce cost, complexity, and exposure from the start by picking trusted vendors.
Prevalent’s highest reviews and ratings cite its ease of integration and deployment, profile management, and technical support. It is also one of the best options for buyers who are looking to move beyond TPRM software into fully managed services and strong customer support.
Key Features
- Automated risk assessment and continuous risk monitoring
- Automated assessment workflows and remediation management
- Vendor intelligence networks
- RFx Essentials for centralized distribution and management of RFPs and RFIs
- Inherent risk scoring with prescriptive guidance on corrective action and due diligence
Pros
- Users have real-time access to completed risk reports for thousands of companies through vendor intelligence networks
- Strong professional and managed services backbone
- Extensive connector marketplace for easier integration
Cons
- Only basic risk-scoring capabilities are available.
- Customization is limited at the customer level; most customization happens only through the vendor.
- The user interface is less intuitive than some competitors
Pricing
Pricing information is not transparently provided on the Prevalent site. Prospective buyers will need to contact the vendor directly for pricing information. Prevalent TPRM can also be found on AWS.
Venminder
Best for Customer Support
Venminder launched in 2003 as a SaaS vendor that streamlines third-party risk management. Venminder provides administrators with oversight and contract management frameworks, risk assessments, due diligence requirements, questionnaires, SLA management, and vendor onboarding. In Venminder Exchange, clients can access the platform’s repository for assessments of vendor security status, SOC reports, contracts, financials, business continuity and disaster recovery, and more.
Venminder’s highest reviews and ratings cite its quality of end-user training, profile management, and evaluation and contracting. New users are assigned a relationship manager for more hands-on onboarding. After onboarding, the company continues to offer extended support hours for customers with email, phone, and chat communication options.
Key Features
- Customizable risk assessments with templating and progress monitoring
- Automated, customizable questionnaires
- Oversight Management feature with vendor scorecard tracking
- Issue and SLA management
- Point-in-time risk profile creation
Pros
- Extensive library of free learning resources, webinars, infographics, etc.
- Unlimited user access is available in all plans
- With a la carte services and features, this solution is easy to scale and adjust to your business’s specific requirements
Cons
- Limited international presence and reach; works almost exclusively with North American clients
- Historically has mostly focused on finance clients; expertise and experience in other areas may be limited
- Mostly geared toward smaller business requirements
Pricing
Venminder is sold in two different pricing package formats: Professional and Enterprise. Beyond general software features, users also have the option to purchase control assessments and managed services on an a la carte basis. Specific pricing information is not transparently provided on the Venminder site. Prospective buyers will need to contact the vendor directly for pricing information. AWS quotes enterprise pricing, including all modules, at around $100,000.
BitSight Third-Party Risk Management
Best for Vendor Intelligence Networking
BitSight — known as a pioneer in the security ratings space — is a top provider of TPRM solutions. Using sophisticated algorithms and daily security ratings, BitSight Third-Party Risk Management and the Security Ratings Platform help organizations manage third-party risk. BitSight also integrates with other VRM tools like ServiceNow and ProcessUnity to offer users the best of the TPRM market.
BitSight’s highest reviews and ratings cite the timeliness of vendor response to product questions and patching cadence. The TPRM provider is known for its vendor intelligence network, with over 20,000 vendor profiles available to users.
Key Features
- Automated onboarding assessments
- Data-driven vendor response validation
- Real-time reporting
- Fourth-party product usage discovery
- Customizable workflows for vendor assessment prioritization
Pros
- BitSight integrates and works well with most other TPRM solutions
- Customers and non-customers alike have access to free cyber security reports
- Reporting is comprehensive and fairly easy to customize
Cons
- Limited peer community and forum opportunities
- Limited communication and access to customer support representatives
- It’s not easy to filter data results or update report results as issues in the network are resolved
Pricing
Pricing information is not transparently provided on the BitSight site. Prospective buyers will need to contact the vendor directly for pricing information. The only sources we could find cite starting pricing around $20,000 a year.
ProcessUnity Third-Party Risk Management
Best for Automated Vendor Management Workflows
ProcessUnity offers SaaS solutions for managing various components of governance, risk, and compliance (GRC). With ProcessUnity Third-Party Risk Management, organizations are empowered to assess, monitor, and conduct due diligence when working with business partners. Across vendor risk assessment processes, ProcessUnity’s solution can help identify, manage, and remediate issues. The tool also includes periodic vendor performance reviews to ensure the ongoing strength of the organization’s security posture.
ProcessUnity’s highest reviews and ratings cite timely support responses, product configurability, and added features. Users are particularly impressed with the automation that’s been added to the tool over time; automated critical workflows can be customized for assessment scoping, evidence collection, and other risk management processes.
Key Features
- Pre- and post-contract due diligence
- Third-party onboarding with sourcing and RFx support
- Risk domain screening
- Issue and vendor performance management with SLAs
- Automated assessment scoping and evidence collection
Pros
- Hands-on automations and no-code features make this tool highly customizable
- Reporting-As-A-Service feature translates report data in a way that all stakeholders can understand
- The solution supports the whole TPRM lifecycle, from sourcing to contract management
Cons
- Considered a fairly expensive TPRM solution
- Limited visualization features in reports
- Questionnaires could offer more features
Pricing
Pricing information is not transparently provided on the ProcessUnity site. Prospective buyers will need to contact the vendor directly for pricing information. The VRM Essential Edition for SMEs starts at $15,000.
Archer Third-Party Governance
Best for SLA Management
Archer Third-Party Governance — formerly part of RSA but now privately owned — is an enterprise-ready risk quantification software solution for aggregating risks and safeguarding organizations from disruption. Critical features for Archer include customizable controls and risk indicators, risk profile metrics, and advanced visualization tools to compare risk consequences.
Archer’s highest reviews and ratings cite its history and reporting, integration and deployment, and comprehensive management of third-party SLAs. Archer was previously owned by RSA but was acquired by private equity firm, Cinven, in April 2023.
Key Features
- Bowtie diagrams for risk and mitigation illustration
- Customizable risk reporting and monitoring
- Quantitative and qualitative risk analysis
- Desktop and mobile accessibility
- Customizable key risk indicators
Pros
- Designed with highly regulated industries in mind
- AI-powered features make it easier to quickly assess third-party asset risk
- Some of the best fourth-party risk management features in the market
Cons
- The solution works most effectively only when used with other Archer solutions
- The pricing and licensing model for Archer is somewhat complicated
- Frequent acquisitions and internal moves make it difficult to predict the long-term direction and stability of this solution
Pricing
Pricing information is not transparently provided on the Archer site. Prospective buyers will need to contact the vendor directly for pricing information, but the company says typical TPRM pricing is around $30,000 to $50,000.
SecurityScorecard Platform
Best for Intuitive User Experience
Considered a pioneer in the TPRM space, SecurityScorecard is a cybersecurity service provider with patented rating technology. Boasting over 1,000 organizations as clients and a million companies continuously rated by extension, SecurityScorecard has come a long way since its founding. Organizations can analyze their digital footprint and fill cybersecurity gaps with instant risk ratings mapped to vendor cybersecurity questionnaire responses.
The SecurityScorecard Platform’s highest reviews and ratings cite its ease of deployment, superior customer support, and capability of handling public-facing infrastructure risk. The layout of the tool and its central dashboard are easy to navigate, and its graphics make for some of the best TPRM visualizations in the market.
Key Features
- Continuous monitoring and global IP scanning
- Automated send-and-response for questionnaires
- Rule-based tools for cybersecurity responses
- Dashboarding for third- and fourth-party vendors
- Customizable scores, due dates, reminders, and alerts for vendors
Pros
- Strong user interface and visualization capabilities
- One of the few TPRM solutions that offer transparent pricing models for prospective buyers
- The free version of SecurityScorecard offers limited features to an unlimited number of users
Cons
- Limited risk mitigation and response features; the tool primarily focuses on detection
- Occasional lag in response times from customer support
- Somewhat limited reporting capabilities
Pricing
SecurityScorecard is available in four different plan options:
- Free: $0 per month for unlimited team members
- Pro: $400 per month, billed annually
- Business: $1,000 per month, billed annually
- Enterprise: Custom pricing
Aravo for Third Party Management
Best for Customization
Launched in 2000 to address the growing need for enterprise supplier management, Aravo now offers SaaS-based supplier information management (SIM) and TPRM technology. Aravo for Third Party Management enables users to better manage new vendor intake, risk assessment automation, and due diligence.
Aravo’s highest reviews and ratings cite its pricing and contract flexibility, its configurability, and the company’s expert consultations in vendor risk evaluation. Although the solution offers many preconfigured workflows, assessments, dashboards, and reports, it is also easy to configure these features according to an individual business’s needs.
Key Features
- Automated risk assessment and vendor onboarding
- Third-party risk scoring based on dynamic online surveys
- Self-service survey creation with Customer Defined Assessment
- Third-party intelligence networking
- Corrective action and issue tracking
Pros
- Aravo offers specialized features for anti-bribery, anti-corruption, data privacy, and infosec requirements
- Interactive customer experience is available through innovation exchange and customer community
- Aravo’s preconfigured apps and native content integration are robust and highly usable
Cons
- The company has mostly shifted away from TPRM development to focus on business resilience
- Many features are only available through third-party partnerships or add-ons that come at an additional cost
- The pricing model for Aravo is somewhat complicated
Pricing
Pricing information is not transparently provided on the Aravo site. Prospective buyers will need to contact the vendor directly for pricing information. Aravo is also available on Azure.
Panorays
Best for Ease of Deployment
Panorays is a cybersecurity solution that offers automated features for third-party risk management and remediation. The Panorays strategy brings together dynamic questionnaires for existing suppliers with attack surface assessments to give clients greater risk visibility. The tool is particularly capable of meeting compliance standards like GDPR and HIPAA.
Panorays’s highest reviews and ratings cite its ease of deployment and onboarding, its centralized management features, and its ongoing feature updates. It also has a modern and intuitive user interface and a strong commitment to hands-on customer support.
Key Features
- Pre-built template for vendor security questionnaires
- External attack surface monitoring and assessments
- Customizable remediation plans
- Out-of-the-box reporting
- Autocomplete responses for questionnaires
Pros
- The product is constantly evolving and the vendor is receptive to customer feedback; a strong development roadmap is in place
- Straightforward and consistent approach to automation
- Users have commented on the quality and consistency of customer support for planning, assessment, and software implementation
Cons
- Somewhat limited connectors and integration capabilities
- Reports could be improved, especially with more self-service elements
- Limited functionality in the asset scanning feature
Pricing
Panorays is available in five different plan options:
- Free: For up to five third-party one-time assessments
- Basic: For up to 50 third-party continuous assessments
- Premium: For up to 100 third-party continuous assessments
- Enterprise: For up to 250 third-party continuous assessments
- Enterprise+: For more than 250 third-party continuous assessments
Specific pricing information is not transparently provided on the Panorays site. Prospective buyers will need to contact the vendor directly for pricing information. Google Cloud quotes starting enterprise prices of $2,500 per supplier.
Diligent ThirdPartyBond
Best for Reporting and Visualizations
Diligent — previously known as Galvanize — offers top-tier software solutions for audit, risk, and compliance. With the ThirdPartyBond solution, organizations can access end-to-end third-party risk management with resources for vendor onboarding, automated evidence collection, and assessment surveys. ThirdPartyBond also tracks service level agreements (SLA), maintains updated intelligence feeds, and provides tangible reporting for senior management.
ThirdPartyBond’s highest reviews and ratings cite its responses to product questions, its ease of integration and deployment, and its overall efficiency. It also offers some of the best reporting and visualization capabilities, with granular drag-and-drop dashboards, interactive storyboards, and various pre-built reports.
Key Features
- Centralized inventory and bulk import of third parties
- Risk-based control assessments
- Reports driven by KPIs and KRIs
- SLA performance monitoring and contract management
- Adaptive vendor surveys and risk scoring
Pros
- Strong risk analytics are built into the platform
- Advanced machine learning algorithms are incorporated to predict control failures
- One of the few TPRM options that offer interactive storyboards with advanced data visualizations
Cons
- Limited customizability in the most recent version of Diligent’s TPRM solution
- Pricing can quickly get expensive for teams that need multiple out-of-the-box solutions from Diligent
- Most edits to Diligent features can only be completed through scripting, making it challenging for less-technical users
Pricing
Pricing information is not transparently provided on the Diligent site. Prospective buyers will need to contact the vendor directly for pricing information.
Why Do You Need Third-Party Risk Management?
Third-party risk management is necessary for many organizations because adopting any kind of new digital system — especially one from a third party — comes with inherent vulnerabilities, including threats of breach, data loss, noncompliance, and human error. Specialized TPRM tools automate many of the relationship management workflows and steps, making the effort of organizing, optimizing, and securing third-party relationships seamless and simpler for business continuity purposes.
While network infrastructure vulnerabilities have long been the responsibility of security and network professionals, supply chain vulnerabilities are a growing and prescient concern due to their upstream ripple effect. As third-party networks grow larger and third-party tools become more difficult to regulate and track, organizations must increasingly practice vigilance in safeguarding their privacy, operations, and reputation; a strong TPRM posture can help organizations stay on top of these growing security concerns.
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8 Common Features of Third-Party Risk Management Software
Every third-party risk management software solution is a little bit different, especially if it’s offered as part of a security suite or managed services offering. However, regardless of which tool appeals to your team most, it’s important to look for the following features and capabilities:
- Self-service portals for suppliers and vendors to provide pertinent documentation and guidance for questionnaires and risk scoring
- User-friendly reports and visualizations that cover risk monitoring and risk exposure to inform action steps
- Processes and templates for supplier risk control, oversight, and risk assessments
- Continuous monitoring of vendor performance and changes to supplier risk status
- Third-party relationship guidance that includes structured steps to follow from sourcing to relationship termination
- Built-in compliance features for internal policies and external mandates for supplier risk; compliance features for finance, government, and other highly regulated sectors are ideal
- Quantitative and qualitative data to show progress in reducing third-party risk exposure
- Reports and visualizations that help the customer and third-party vendors quickly understand current issues and possible mitigation strategies
How to Choose a Third-Party Risk Management Tool
With so many features to consider and other factors that go into making a TPRM purchase, you need to drill down to what’s most important for your business’s risk management strategy. To choose the right third-party risk management tool for your business, be sure to ask organizational leaders and members of your cybersecurity team these kinds of questions:
- How will the solution improve the organization’s third-party risk exposure?
- How does the TPRM tool enable compliance reporting and operational management?
- Is the tool compatible with the business’s specific compliance requirements?
- Does the vendor offer flexible pricing that can scale as third-party exposure grows?
- Is this tool compatible with the organization’s budget?
- What training, deployment, and implementation support comes with this purchase?
- What integrations are compatible and/or configurable for use?
- What advanced features make this TPRM solution stand out?
- What do past and present customers of this TPRM solution say about the tool?
- Does this tool simplify the organization’s TPRM workflow?
Bottom Line: Third-Party Risk Management Tools
Even if your organization trusts and has thoroughly vetted the third-party vendors you partner with, your network becomes increasingly vulnerable to cyberattacks and noncompliance issues with each new partner you add and each new change they make to their own ecosystems. Especially with the rise of modern artificial intelligence (AI) and Internet of Things (IoT) technologies, it has become increasingly difficult to monitor and identify risk across all endpoints through traditional methods and tools.
Though third-party risk management software is a specialized kind of cybersecurity tool that won’t cover all of your network security requirements, TPRM solutions are an important component of overall network security strategy and tooling. Investing in a TPRM solution or service is one of the most effective ways to simultaneously manage your third-party relationships and the security and compliance standards to which you hold these partners.
Read next: 34 Most Common Types of Network Security Protections
This updates an August 2021 article by Sam Ingalls
