Did you know that 98% of organizations globally have relationships with at least one breached third-party, according to SecurityScorecard research?
With risks this prevalent, it’s crucial to streamline your processes, enhance compliance, and boost efficiency with a solution designed to make supplier management effortless.
We’ve put together a list of the seven best third-party risk management solutions to help you do just that.
What is a Third-Party Risk Management Software Solution?
A Third-Party Risk Management (TPRM) software solution is a tool that helps businesses manage the risks associated with working with outside vendors, suppliers, and service providers.
Its primary purpose is to ensure that external partners comply with regulations, maintain high security standards, and align with the company’s risk levels and business objectives.
Key features of this software include:
- Third-party identification and inventory management tools to identify and catalog all third-party entities the organization engages with.
- Vendor risk assessment tools to quickly evaluate and score the risk profiles of vendors based on various criteria.
- Real-time tracking of vendor activities and performance to spot potential risks and ensure ongoing compliance.
- Risk and reporting analytics that provide insights into the vendor risk landscape, enabling businesses to make better decisions.
- Compliance management features that help manage and enforce compliance with industry standards, regulations, and company policies.
- Contract management tools to ensure that risk-related terms and conditions are included and adhered to.
- Workflow automations for onboarding, assessing, and monitoring third and fourth parties.
7 Best Third-Party Risk Management Software Solutions
Managing third-party risks is crucial in today’s interconnected world. Here are seven top third-party risk management solutions that can help safeguard your business and ensure compliance with industry standards.
1. SupplierGateway
SupplierGateway is a leading B2B procurement platform that excels in managing supplier information and relationships.
By connecting buyers and suppliers with accurate, real-time data, SupplierGateway helps organizations manage risk, eliminate compliance risks, and stay green.
Key Features
SupplierGateway’s platform is designed to bring all supplier information into a single dashboard, allowing you to simplify and optimize vendor lifecycle management.
This centralization makes accessing and managing critical data across the organization easy, ensuring that every department has up-to-date and accurate information.
Maintaining accurate supplier records is made easy with automated supplier onboarding and offboarding. The platform automatically collects critical supplier information and integrates it with ERP/AP systems to ensure that everyone in your organization has instant access to accurate information.
They also offer comprehensive tools for risk assessment, monitoring, and mitigation. These tools help organizations identify potential risks, monitor supplier performance, and implement strategies to mitigate any issues that arise.
And to top it all off, the platform places a strong emphasis on sustainability assessments and reporting. It evaluates suppliers on various sustainability metrics, including Environmental, Social, and Governance (ESG), Diversity, Equity, and Inclusion (DEI), and human rights compliance.
This feature helps organizations improve their sustainability practices and ensure that their suppliers meet the necessary standards.
Plus, their diversity data enrichment tool helps identify and track diverse suppliers, supporting organizations in meeting their DEI goals.
Pros
- User-friendly interface designed for non-expert users to produce expert results.
- Flexible and scalable platform that integrates with existing ERP and AP systems.
- With unlimited seat licenses, your entire team has access to the software and information they need without restrictions.
Take a self-guided tour or book a demo to see how SupplierGateway can transform your vendor management process.
Pricing
SupplierGateway offers transparent pricing, which is publicly available and designed to be competitive within its product class. For specific pricing details, it’s best to contact SupplierGateway directly, as pricing may vary based on organizational needs and scale.
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2. RiskProfiler
This comprehensive cybersecurity and risk management platform uses AI and machine learning to help businesses identify potential vulnerabilities so organizations can boost security and handle risks better.
Key Features
RiskProfiler provides several key features designed to simplify third-party risk management, such as:
- Auto-generated questionnaires to speed risk assessment
- Real-time cyber security risk assessments powered by AI
- Compliance mapping
- Visibility into your cloud attack surfaces
- Comprehensive reporting
- Continuous monitoring and automated alerts
Pros
Users most liked RiskProfile’s:
- Detailed security ratings for vendors.
- Wide coverage of a variety of risk categories, including cloud security and API security.
- Easy integration.
Pricing
A price list is not available on the RiskProfiler website. You’ll need to contact RiskProfiler directly for a customized quote based on your needs and size.
3. HackNotice
HackNotice provides individuals and organizations with personalized threat awareness and proactive security solutions. Along with providing you with historical profiles of third-party vendor exposures, they also continuously monitor and provide near-real-time alerts about breaches related to them.
Key Features
HackNotice’s third-party monitoring service offers:
- Detailed data breach reports with a dataset of nearly 40 billion leaked records
- Predictive breach analysis
- Real-time alerts for data breaches and leaks
- Third-party vendor monitoring for supply chain risk management
Pros
Many users like the platform’s:
- Comprehensive monitoring capabilities.
- Easy-to-understand threat analysis reports.
- Historical profiles and breach synopses for monitored third parties.
Pricing
If you’re interested in detailed pricing, contact HackNotice directly or request a demo.
4. Prevalent
This comprehensive SaaS solution is designed to help organizations manage, monitor, and mitigate risks associated with their third-party relationships.
Key Features
Prevalent hosts a wide range of features for managing third-party vendors, such as:
- Full lifecycle management from one platform
- Automated vendor risk score and benchmarking
- Customizable third-party risk assessments and reporting
- Integration with other risk and security solutions
Pros
Prevalent excels at:
- Providing a 360-degree view of third-party risk.
- Streamlining the vendor risk assessment process.
- Scalability for organizations of various sizes.
Pricing
Prevalent offers subscription-based pricing models tailored to organization size and needs. Specific pricing information is available upon request.
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5. SAP Ariba
SAP Ariba is a leading procurement and supply chain management solution that helps businesses manage vendor relationships, streamline procurement processes, and mitigate third-party risks.
Key Features
SAP Ariba has a large network of products to help with vendor management; however, their Supplier Risk solution offers:
- Comprehensive risk data and analytics
- Automated risk assessments and due diligence processes
- Continuous monitoring and alerts for changes in supplier risk profiles
- Support for sustainability and human rights compliance, such as the German Supply Chain Due Diligence Act (LkSG)
Pros
- Having a single platform for managing end-to-end supplier management processes.
- Transparency and responsible sourcing practices.
- The comprehensive integration capabilities with other SAP solutions.
Pricing
SAP Ariba offers tiered pricing based on your organization’s needs. For more details on pricing, contact SAP Ariba.
6. Enzuzo
Enzuzo is a versatile privacy and risk management platform designed for small-to medium-sized businesses. With a focus on simplicity and efficiency, Enzuzo offers tools that enable organizations to streamline their privacy management processes.
Key Features
Features that make Enzuzo stand out are:
- Automated privacy policy generation
- Compliance tracking and data mapping
- Built-in data privacy compliance dashboards for risk assessment, data access requests, and consent management
- Ready-made templates for vendor evaluations
Pros
Some things users liked about the platform include:
- Responsive customer support and intuitive user experience.
- Intuitive and easy-to-use interface.
- Strong focus on privacy management and data protection.
Pricing
Enzuzo offers affordable and scalable tiered pricing plans that start at $9 per month for small businesses.
7. UpGuard
UpGuard’s integrated platform combines security ratings, security assessment questionnaires, and threat intelligence capabilities to provide organizations with a complete view of their risk surface.
Key Features
UpGuard provides several key features designed to simplify third-party risk management, such as:
- Instant security ratings that are updated multiple times a day
- Automated security questionnaires and assessments
- Data leak detection to identify and respond to data breaches quickly
- Streamlined vendor risk management workflows
Pros
Users most liked UpGuard’s:
- Intuitive and user-friendly platform.
- Detailed and actionable security ratings.
- Out-of-the-box setup.
Pricing
A price list is not available on the UpGuard website. You’ll need to contact UpGuard directly for a customized quote based on your needs and size.
What Makes SupplierGateway Stand Out
SupplierGateway excels as a third-party risk management solution, combining robust features with a user-friendly interface and a strong commitment to sustainability and diversity. Here’s why it’s the top choice for your business:
- Customizable workflows that you can tailor to fit your business’s needs
- Easy integration with your existing systems
- Centralized data management to enhance efficiency and keep you compliant
- Flexible and scalable solution that grows with you
- Strong focus on sustainability and diversity to help you achieve your ESG and DEI goals.
Find Out More
See how SupplierGateway can transform your supplier management process and help you achieve your risk management goals.