Risk Management Software

The Top 10 Third Party And Supplier Risk Management Software

Discover the ten best supplier risk management software. Explore features such as supplier data aggregation, risk monitoring, and risk analysis.

The Top 10 Third Party And Supplier Risk Management Software include:
  • 1. Archer Integrated Risk Management Platform
  • 2. BitSight Security Ratings
  • 3. LogicGate Risk Cloud
  • 4. LogicManager Vendor Management System
  • 5. OneTrust Vendorpedia For Enterprises
  • 6. Prevalent Third-Party Risk Management Platform
  • 7. ProcessUnity Vendor Risk Management (VRM)
  • 8. SecurityScorecard Third-Party Risk Management
  • 9. Venminder
  • 10. Whistic Vendor Security Assessment

Third party risk management software, also known as vendor risk management or supplier risk management software, helps organizations assess, monitor, and manage the security risks associated with using external service providers. They provide assurance that third parties and suppliers, who have access to sensitive data, do not become a source of business disruption, data breaches, or non-compliance.

In order to do this, the strongest third party and supplier risk management software provide a comprehensive overview of supplier risk data, which can be shared between the company and the supplier, as well as out-of-the-box workflows for assessing and analyzing supplier risk. They should also enable suppliers to upload standardized documentation via a self-service portal for more efficient risk analysis and to streamline the process of managing vendor relationships. Finally, they need to monitor changes to third party or supplier risk—and alert admins to those changes—and integrate well with other risk and compliance software for ease of management.

In this article, we’ll explore the top third party and supplier risk management software. We’ll look at features such as supplier data aggregation, risk monitoring, and risk analysis. We’ll give you some background information on the provider and the key features of each solution, as well as the type of customer that they are most suitable for.

Archer Logo

Based in Kansas, US, Archer is a leading provider of IT governance, risk, and compliance software, with a focus on enterprise risk management. Their Integrated Risk Management Platform is designed to give organizations a streamlined view of their supplier relationships and make it easier for them to manage vendor risk.

Archer’s Integrated Risk Management Platform offers a wide range of pre-built and customizable risk assessment questionnaires to help businesses gather supplier risk data efficiently, in a standardized format that’s easy to analyze. The solution’s Security Risk Monitoring feature then delivers continuous, actionable insights into which risks are the most severe, allowing security teams to prioritize their remediation actions. As well as measuring third party risk, Archer’s Integrated Risk Management Platform enables organizations to identify all their existing supplier relationships and contracts, then document them in a central repository, along with information on who within the business is responsible for each relationship. This gives organizations a clear view of their dependency on third parties.

The platform also offers performance management functionality, which provides users with key performance and service level agreement (SLA) metrics for each third-party service, so they can easily deduce whether that service is performing as it should.

Archer is praised by existing users for its granular levels of customization and strong reporting functionality—particularly when it comes to visualization. Some, however, report that customizations can be complicated, and require technical expertise to set up effectively. As such, we recommend Archer’s Integrated Risk Management Platform to mid-sized organizations and larger enterprises with lots of supplier relationships, and who are struggling to both manage those relationships and assess their risk.

BitSight Logo

BitSight is a cybersecurity provider based in Massachusetts, US, that specializes in quantifying and reducing digital risk. The BitSight Security Ratings platform offers a solution for Third Party Risk Management, which combines vendor validation, cyber risk governance, and continuous monitoring to provide assurance that third party and supplier transactions pose as little risk to your organization as possible.

BitSight Security Ratings enables organizations to assess vendor risk quickly and regularly through pre-built and custom questionnaires, which allow for the immediate identification of severe risks in the immediate (third party) and extended (fourth party) supply chain. The platform’s Portfolio Risk Matrix feature generates a daily risk score for each vendor. It continuously monitors risk—including potential risk—across each relationship and suggesting whether remediation actions should be taken. Finally, BitSight offers objective, quantitative reporting options that make it easier to accurately assess risk, as well as deliver evidence of managing third party risk for auditing purposes or to provide assurance to key stakeholders. BitSight also offers an Advisor service, which enables businesses to utilize a team of experts to help optimize their risk assessment and remediation workflows.

As well as quantifying supplier risk, businesses can use BitSight to assess the performance of their cybersecurity tools, with continuous monitoring of how effective each tool is and automated vulnerability remediation options.

BitSight Security Ratings deploys in the cloud as-a-Service, which gives the platform scalability and flexibility. Customers praise the solution for its user-friendly, at-a-glance risk scoring, as well as its in-depth reporting into which risk areas require remediation, and in what order. We recommend BitSight Security Ratings for Third Party Risk Management as a strong solution for organizations looking to continuously monitor their vendor risk, as well as the effectiveness of their own security tools.

LogicGate Logo

Headquartered in Illinois, US, LogicGate is a risk management software provider that focuses on helping businesses streamline and more efficiently manage workflows to reduce security risk, as well as improve compliance with data protection standards. Risk Cloud is LogicGate’s cloud-based governance, risk, and compliance (GRC) solution, which offers a suite of risk management applications designed to help businesses create custom, repeatable processes and workflows, without having to write any code.

LogicGate Risk Cloud is designed with ease-of-use at its core. The platform features a user-friendly drag-and-drop interface for mapping risk management processes and workflows—such as vendor onboarding and risk surveying—which admins can automate for improved efficiency and to ensure that risk assessment surveys are completed within set deadlines. Workflows can also be set up with conditional routing rules, based on how third parties answer questions on a form. Organizations can use Risk Cloud to build risk assessment forms, as well as easily capture supplier risk data within their workflows, with support for file upload and storage. Finally, the platform offers flexible reporting, with fully customizable dashboards. Reports into third party risks throughout the vendor lifecycle can be generated on demand with one click, and easily exported into a variety of formats for ease of sharing with key stakeholders.

LogicGate Risk Cloud is a fully cloud-based platform, making it quick to deploy and easy to scale. The platform offers easy integration with other systems via RESTful API. Users praise Risk Cloud for the ease with which they can build forms, manage custom workflows, and create reports, as well as the high-quality assistance offered by LogicGate’s support teams. We recommend LogicGate Risk Cloud as a strong solution for mid- to large-sized organizations looking for an intuitive way to manage supplier risk, without the need for in-depth technical knowledge.

LogicManager Logo

LogicManager is a market-leading provider of third party and vendor management solutions, based in Boston, US. Their Vendor Management System (VMS) enables organizations to carry out standardized, quantitative risk assessments for each of their vendors, with automated workflows for efficiency and built-in risk analysis to help inform mitigation efforts. The platform also offers robust reporting capabilities, with intuitive data visualization dashboards that can be used to help drive decision making processes.

LogicManager’s VMS offers customizable questionnaires that enable businesses to quickly assess vendor risk, including which of their third parties have access to sensitive data. These questionnaires can be customized using LogicManager’s library of industry-specific risks, to help you collect essential information. Assessments can be set up as recurring, to streamline the re-assessment process and ensure that you’re always working with the most up-to-date risk data. The platform offers a broad range of reporting tools, including an assessment of the criticality of each vendor’s risks that helps businesses prioritize remediation efforts. This also includes the Risk Analyzer AI tool, which automatically extracts key information from risk assessments, such as renewal dates and breach notifications. LogicManager will highlight any risks that are common amongst multiple vendors, helping to deduplicate remediation actions.

LogicManager deploys in the cloud as a SaaS platform, making it highly flexible and scalable, thus suitable for growing mid-sized and larger organizations. It also offers integrations with over 50 popular business applications, including WorkDay, Microsoft 365 and accounts payable systems for ease of management. We recommend LogicManager’s VMS as a strong third-party risk management platform, particularly for organizations in the finance services sector, which would benefit from features such as time-sensitive task tracking, and mapping vendor assessments to internal and external compliance policies.

OneTrust Logo

OneTrust is a market leader in vendor and third-party risk management tools. Based in Georgia, US, OneTrust streamlines the risk management processes for both enterprises and vendors with their Vendorpedia solution. Vendorpedia for Enterprises combines risk exchange, risk management and automation, which allow businesses to easily obtain risk data without having to manually create and maintain risk assessment questionnaires.

With Vendorpedia’s risk exchange, business can access pre-completed, industry-standard risk assessments, enabling them to analyze vendor risk data and control gap reports without having to manually build, send out, and maintain questionnaires. These assessments are automatically updated as and when vendors update their risk information, meaning that businesses are always working with the most up-to-date risk data. OneTrust validates all assessments to ensure that vendors are giving accurate risk information, then automatically analyzes each assessment and assigns each vendor a risk score via the Auto Inherent Risk feature. This helps triage and prioritize risks according to severity of risk and how much your business engages with that vendor. The platform’s DataGuidance tool then provides intelligence to inform remediation workflows. Finally, Vendorpedia offers near real-time alerting into new risks, making stakeholder notification seamless.

OneTrust Vendorpedia offers flexible pricing options, making it suitable for mid-sized businesses just starting to build their third-party risk management processes, as well as larger enterprises with an established risk management program that they’re looking to scale. Customers praise the platform for its ease of deployment, configuration, and ongoing use. The platform’s powerful integrations and leverage of AI enable it to monitor risk trends and identify potential or likely risks, making it a particularly strong solution for organizations wanting to closely monitor and proactively reduce third party risk over time.

Prevalent Logo

Headquartered in Arizona, US, Prevalent is a risk management software provider that aims to help businesses mitigate security and compliance exposures across the entire third party or vendor lifecycle, from selecting and onboarding to offboarding. Prevalent’s Third-Party Risk Management (TPRM) Platform provides risk intelligence for over 10,000 vendors, making it quick and easy for businesses to access and analyze third party risk data without having to manually create and update questionnaires.

Prevalent’s Vendor Risk Network collects and presents quantitative, contextualized risk data from their network of vendors and suppliers, which enables businesses to instantly access vendor risk reports and at-a-glance risk scores without having to contact the vendors themselves. The Vendor Threat Monitor feature continuously monitors public and private data sources, including the dark web, for indicators of attacks or vulnerabilities that could threaten third parties, ensuring that businesses have access to accurate risk data. Businesses can access this data via a centralized risk register for each vendor, which lists detailed risk information, as well as reporting—including industry-specific and regulation-specific content—and response options such as remediation recommendations and playbook automation. Finally, Prevalent’s Risk Assessment Services team offers managed evidence collection, vendor lifecycle management, and reporting, enabling businesses to focus on risk analysis and remediation.

Prevalent’s TPRM Platform is a SaaS solution, giving it the flexibility and scalability to support large enterprises with multiple third-party relationships. Though some users note that the platform is complex to configure, Prevalent is highly praised for its excellent managed services and support options. Therefore, we recommend Prevalent’s TPRM Platform as a strong solution for larger organizations who are able to dedicate resources to managing third party risk. Mid-sized organizations that are looking for supplier risk management with a strong managed support offering would also benefit from using Prevalent’s TRPM Platform.

ProcessUnity Logo

ProcessUnity is a governance, risk, and compliance (GRC) provider based in Massachusetts, US, that offers a broad range of solutions designed to help organizations of all sizes implement strong GRC programs. To achieve this, ProcessUnity pride themselves on their flexible, tiered pricing plans, intuitive interface, high levels of customization, and cloud-based architecture, which allows for easy scalability and automatic upgrading. Vendor Risk Management is available as part of ProcessUnity’s wider GRC platform.

ProcessUnity’s Vendor Risk Management solution helps businesses manage risk at each stage of the vendor lifecycle. The platform’s Vendor Request Form makes it easy to onboard and vet new vendors by automating initial risk assessments. ProcessUnity assigns each vendor a risk score, classifying the risk according to its criticality and the confidentiality of the data they can access. The platform then continuously monitors each vendor for changes in risk level via automated, regular risk assessment questionnaires, with reminders and completion notifications for both the business and the vendor. A key differentiator of ProcessUnity’s platform is the granular customization offered at every level; businesses can configure risk assessment and remediation workflows to align with their business processes, as well as create custom reports based on metrics key to their organization, such as mapping to regulatory compliance requirements.

ProcessUnity’s VRM platform deploys in the cloud as a SaaS application, with out-of-the-box configurations available for smaller organizations and granular customization options available for larger enterprises. Customers praise ProcessUnity for how effectively it classifies vendors and assigns risk scores, as well as the intuitive reporting dashboards. Some customers, however, report that their support offering could be improved. We recommend ProcessUnity as a strong solution for mid- to large enterprises looking for a third party risk management platform that will help them make informed decisions about which vendors to work with and onboard in the future, as well as identify their current risk levels. Its compliance mapping capabilities also make ProcessUnity a popular solution amongst organizations in the financial services industry.

SecurityScorecard Logo

SecurityScorecard, a risk management provider based in New York, US, offers security ratings for risk and compliance monitoring, due diligence, cyber insurance underwriting, data enrichment and executive-level reporting. The platform can be used to assess an organization’s own security posture, or those of third parties, vendors, and suppliers, enabling businesses to identify areas for improvement in their own environment as well as in their third-party relationships.

SecurityScorecard collects data from multiple open source and commercial feeds across the internet. The platform then analyzes this data for indicators of different cybersecurity issues, which it classifies into 10 categories—Factors—such as social engineering, patching cadence, and DNS health. Finally, Security Scorecard assigns each organization a risk score based on its assigned Factors and the severity of those Factors. Risk scores are letter-based, with “A” being the most secure, and “F” being the least. Businesses can dispute their score if a risk was incorrectly associated, correct it if they have preventative measures in place, or appeal it if they’ve remediated the risk. If a score is changed, SecurityScorecard updates it within 4-7 business days, ensuring that customers are always working with up-to-date risk data. As well as risk scoring, SecurityScorecard enables businesses to send and receive security risk questionnaires and compliance documentation, and visualize risks across their third-party ecosystem, making it easier to identify and remediate potential threats.

SecurityScorecard offers a straightforward pricing model that supports organizations of all sizes. A free version assesses the risk of up to five suppliers for smaller organizations, and an enterprise-level version offers fourth-party risk detection, consulting and managed services, vendor comparisons, API integrations, data exporting and self-monitoring reporting, risk trend analysis, and rule-based alerting. We recommend SecurityScorecard to any sized business looking for an easy, reliable way to assess the security risk of their suppliers and third parties, and particularly those that don’t require the vendor lifecycle management functionality offered by some other risk management tools.

Venminder Logo

Based in Kentucky, US, Venminder is a provider solely of IT vendor risk management solutions, with a focus on risk assessment and questionnaires, contract management, and vendor oversight. The platform combines technology with human intelligence, enabling businesses to leverage the knowledge of Venminder’s team of risk experts as well as the platform’s storage, collaboration, and automation functions.

Venminder has established relationships with thousands of vendors, which allows the platform to authorize the release of security and compliance risk documentation—such as audit reports, business continuity plans, Certificates of Insurance, and security test results—for Venminder customers to access. This means businesses can easily access risk information without having to contact vendors themselves, allowing them to focus on analysis and remediation. Venminder automatically alerts businesses to any updates across their documents, ensuring they’re always working with the latest version. Every documentation and questionnaire is reviewed by the platform’s Document Collection team to ensure all information is accurate, and to produce a report with controls, risk ratings, indicators and recommendations on how to mitigate risk or make updates to meet relevant regulatory standards. This is particularly useful for organizations operating in heavily regulated industries, such as the financial services sector.

Venminder deploys in the cloud and is available via the AWS Marketplace. Customers praise Venminder for its strong support offering—their support team are on call from 8am to 8pm EST. Venminder also offer an online support center, a client advisory board, and user community groups for sharing advice and best practices. We recommend Venminder as a strong supplier risk management tool for organizations in heavily regulated industries such as finance, and those which prefer to leverage human intelligence and support over automation.

Whistic Logo

Headquartered in Utah, US, Whistic is a third-party risk assessment platform that enables businesses to assess their own security, then publish and share that information with customers and other third parties. Businesses can access the Whistic Vendor Security Network to view and evaluate their third parties’ Whistic Profiles, as well as browse the Whistic Trust Catalog for security data on more than 35,000 organizations.

Whistic enables vendors to share their security risk information, certification, and audits with customers via a Whistic Profile. This eliminates the need for customers to create, send, or chase up questionnaires, and saves the vendor from filling out one-off questionnaires for each customer. A variety of questionnaire templates cover many popular requirements and formats, including NIST, GDPR, and ISO standards. The platform also calculates risk scores and triggers re-assessments for each vendor automatically, ensuring that all information remains up-to-date, accurate, and comprehensible.

Whistic deploys as a SaaS application and as a web app, making it accessible and easy to deploy. Customers praise Whistic for its easy, effective streamlining of the vendor risk assessment process, as well as the amount and quality of data they’re able to access through vendors’ Whistic Profiles. The platform has also been rated highly for its responsive, helpful customer support teams. We recommend Whistic as a strong solution for any sized organization looking for an easy way to access third party security risk data, without having to wait around for the completion and return of questionnaires.

The Top 10 Third Party And Supplier Risk Management Software - Expert Insights