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

Whistic, Inc.

Whistic

Composite Score
8.5 /10
CX Score
8.5 /10

Whistic allows organizations to assess, publish, and share your vendor security information. Automate vendor assessments, share security documentation, and create trusted connections using Whistic Vendor Security Network.

AuditBoard

AuditBoard

Composite Score
8.5 /10
CX Score
8.5 /10

AuditBoard is the leading cloud-based platform transforming audit, risk, ESG, and compliance management. AuditBoard helps your organization elevate audit, risk, and compliance teams with this intelligent, collaborative, connected risk management platform.

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
7.8 /10
CX Score
8.2 /10

Vanta helps you establish the practices required to mitigate risks to user data and privacy and maintain trust in your brand while improving your security program at every stage of growth.

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