- Free Version: Available for teams of up to 10
- Pricing: Premium plan $24/seat/month (with free 30-day trial period)
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use SafetyCulture?
Widely recognized for its commitment to workplace safety and risk management, SafetyCulture offers one of the best software solutions for managing third-party risks. With its user-friendly interface, robust feature set, and seamless integration with enterprise systems, organizations can conduct comprehensive vendor due diligence, develop contracts with strong safeguards, get alerts about emerging supplier-related risks, and promptly address them to ensure compliance and business continuity.
Features:
- Organize and handle digital paperwork such as contracts, vendor documents, risk assessments, and audits from a centralized documents repository.
- Enable rapid response to emerging third-party issues by setting up and getting automated notifications when compliance violations or security breaches occur.
- Gain actionable insights for strategic decision-making, especially in reducing risks, from reports on supplier compliance, performance, and risk exposure.
- Ensure vendors are up-to-date on internal policies and external standards by streamlining onboarding and continuous training.
- Improve collaboration across departments by seamlessly integrating Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and other systems into the platform.
Why Use UpGuard?
Originally designed as a cyber security platform, UpGuard has been consistently voted as one of the best third-party risk management solutions today. With functionalities like vendor risk management, security ratings, and threat intelligence, this can effectively assess risks tied to supplier or vendor data security and compliance.
Features:
- Constant vendor monitoring
- 360-degree risk assessments
- Real-time scanning with instant alerts
- Free Version: None
- Pricing: Contact vendor for pricing (with a 7-day free trial period)
- Platforms supported: Available as a web-based software
Why Use OneTrust?
A top-rated platform for privacy, security, and governance, OneTrust is an industry leader in managing third-party risks. By offering solutions that reduce and mitigate risks associated with suppliers and service providers, organizations can protect their data and privacy and subsequently ensure compliance with regulations.
Features:
- Workflow automation (e.g., risk assessment, due diligence, performance evaluations, etc.)
- Onboarding and training
- Continuous risk monitoring
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use LogicGate?
A holistic and fully integrated Governance, Risk, and Compliance (GRC) platform, LogicGate’s flexible workflow engine makes it one of the most effective risk management solutions. It stands out for enabling companies to create tailored systems and strategies that suit their company’s size, requirements, and goals.
Features:
- Proactive risk management strategy
- Risk cloud quantification (financial impact translation)
- Secure collaboration
- Free Version: None
- Pricing: Custom quote
- Platforms supported: Available as a web-based software
Why Use Centraleyes?
A cyber risk management platform originally built to help organizations track and manage cyber security risks, Centraleyes is versatile enough to be used as a third-party risk management solution. With continuous monitoring and real-time risk scoring, companies can identify supplier and vendor-related issues and resolve them immediately.
Features:
- Centralized data management
- Risk assessment and mitigation
- Incident and issue management
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a web-based software
Why Use MetricStream?
A popular, fully integrated GRC platform, MetricStream is a good option for companies looking to manage third-party risks. With real-time analytics, automated workflows, and industry-specific functionalities, organizations can consolidate their risk management efforts across various domains and acquire good results.
Features:
- Bolstered TPRM visibility
- Continuous risk assessment
- Third-party Key Performance Indicator (KPI) scores
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use SecurityScorecard?
A cyber security risk rating platform, SecurityScorecard is specifically designed to assess, manage, and reduce cyber risks for internal systems and third parties. With its real-time, non-intrusive evaluation and scoring, this third-party risk management tool gives companies a clear picture of potential issues and enables them to act fast before escalation.
Features:
- Security ratings
- HEIA AI (Analytics)
- Board and executive reporting
- Free Version: Yes
- Pricing: Contact vendor for pricing (with a 14-day free trial period)
- Platforms supported: Available as a web-based software
Why Use Prevalent?
Recently acquired by the world-renowned risk management platform Mitratech, Prevalent offers end-to-end vendor lifecycle management and automated compliance assessments. With third-party risk management tools designed for risk assessment, continuous monitoring, and compliance with regulations, organizations can rely on this software solution.
Features:
- Continuous threat monitoring
- Due diligence collection and analysis
- Supplier onboarding
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a web-based software
Why Use RiskRecon?
A cyber risk management platform that automates assessments, ratings, and insights, RiskRecon is perfect for organizations seeking high-quality third-party solutions. By providing a 360-degree view of vendor’s security performance, posture, and tolerance, companies can plan and prioritize remediation efforts for resilience and adaptability.
Features:
- Monitoring and visualization
- Systematic risk assessment
- Third-party incident management
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a web-based software
Why Use ProcessUnity?
Recognized in 2024’s Forrester Wave™, ProcessUnity is a comprehensive GRC platform specializing in risk management across an enterprise. With its full suite of features that streamline vendor onboarding, risk scoring, and monitoring, it works incredibly well as a third-party risk management platform.
Features:
- Risk classification
- Vendor onboarding
- Pre- and post-contract due diligence
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a web-based software
What is Third Party Risk Management (TPRM) Software?
Third-party risk management software is a specialized digital solution that helps organizations assess, monitor, and mitigate risks associated with vendors, contractors, suppliers, service providers, and other external partners. It ensures that third parties understand and align with the organization’s risk management policies, security protocols, legal regulations, and ethical standards.
Importance
Third-party risk management is a critical aspect of modern business operations. Almost all global organizations rely on external partners to handle specialized, technical, or regional aspects of the enterprise. However, many companies have suffered financial losses, legal liabilities, and reputational damage when their business partners are compromised.
These are some ways that third-party risk management solutions can help safeguard the company’s interests and future:
- Enhances risk visibility – Companies can get a bird’s eye view of the operations, thanks to automated supplier audits, real-time monitoring tools, automatic incident notification, and robust analytics. All these enable them to have better control over potential threats.
- Streamlines due diligence and other administrative tasks – Conducting background checks, evaluating potential risks, and preparing contracts are time-consuming and prone to errors. Automation lessens the administrative burden of managing suppliers, enabling all players to build rapport and strengthen collaboration.
- Improves vendor relationships – Communication, transparency, and accountability are vital when working with partners. Third-party risk management software offers features that provide and maintain those fundamental requirements.
- Guarantees regulatory compliance – Thanks to the software’s centralized platform, companies can track, audit, and report vendor performance and adherence to regulations. When everyone is compliant, costly fines are avoided.
- Drives business continuity – Any risk can escalate and cause major disruptions. The software, with risk management tools, can identify potential risks associated with suppliers and help relevant teams take the necessary preventive or corrective action.
Key Features
To effectively manage third-party risks, the software solution for TPRM should offer a range of functionalities that cater to the company’s diverse needs. Here are some features to look for:
- Digital checklists (e.g., supplier risk assessment) and templates (e.g., vendor due diligence and contract management)
- Continuous monitoring
- Document management with secure access
- Automated notifications and alerts
- Incident management
- Customizable reporting
- Compliance management
- Performance analytics
- Integration capabilities
- Mobile accessibility with offline capabilities
How to Choose the Right Third Party Risk Management (TPRM) Software
Choosing the right third-party risk management software is crucial for any organization aiming to strengthen its defense against risks arising from external business partners. Below is a summary of the TPRM solutions recognized for their efficiency, comprehensiveness, and user-friendly interfaces:
| Third Party Risk Management (TPRM) Software | Free Version | Paid Plan | Mobile App |
| SafetyCulture | Yes | $24/seat/month* | Yes |
| UpGuard | No | Contact vendor for pricing | No |
| OneTrust | No | Contact vendor for pricing | Yes |
| LogicGate | No | Custom quote | No |
| Centraleyes | No | Contact vendor for pricing | No |
| MetricStream | No | Contact vendor for pricing | Yes |
| SecurityScorecard | Yes | Contact vendor for pricing | No |
| Prevalent | No | Contact vendor for pricing | No |
| RiskRecon | No | Contact vendor for pricing | No |
| ProcessUnity | No | Contact vendor for pricing | No |
* billed annually
Eunice Arcilla Caburao