What if your organization could significantly reduce third-party risk and streamline compliance with the right third-party risk management software?
We tested different software based on their ability to adapt to new trends like AI, their track record of delivering results, and their use of innovative strategies like real-time monitoring and data-driven decision-making.
This article examines the 10 best third-party risk management software. We’ll explore their core benefits and the criteria to consider when selecting tools that fit your organization’s risk profile and operational needs.
Third-party risk management software is a tech platform that helps organizations spot, assess, and tackle risks tied to their vendors, suppliers, or business partners. With the number and variety of third-party networks rising, it’s becoming a real headache for companies.
Especially since 40% of compliance leaders report that between 11% and 40% of their third parties are high-risk.
That’s why many organizations are rethinking their governance and moving towards more centralized or federated models to monitor these risks more closely.
Third-party risk management software offers a range of benefits, including stronger security measures, accelerated vendor onboarding, more efficient risk assessments, and better data visibility. Let’s explore additional benefits in detail.
Modern TPRM platforms standardize vendor onboarding with pre-configured risk assessments and centralized processes.
Your organization can quickly qualify new vendors while also reducing manual overhead. With real-time reporting and audit capabilities, you will be ready for internal or external reviews and ensure that every vendor complies with your risk criteria.
Accurate, centralized data is the cornerstone of good risk management. TPRM systems aggregate information from multiple sources into a single, reliable database, enabling the identification of vulnerabilities across your vendor network.
This unified data environment facilitates precise risk analysis and allows decision-makers to act on accurate, up-to-date information.
TPRM software transforms risk management into a proactive, data-driven process by providing a comprehensive, real-time view of third-party risks.
Rather than dealing with fragmented insights, companies can systematically evaluate risk metrics and adjust their strategies to align with business objectives and risk tolerance.
There is an increase in regulatory scrutiny under frameworks like GDPR, CCPA, and HIPAA. So, continuous oversight of vendor performance is the need of the hour.
TPRM software ensures that your organization complies with these standards and builds a resilient framework that minimizes exposure to security breaches and legal liabilities.
If you’re ready to explore the benefits of risk management software, it’s time to start your evaluation. Here are some simple criteria to help you choose the right option:
No one likes a clunky tool. Hence, the first thing on your list to look for in a TPRM solution is a user-friendly interface.
Check for intuitive navigation, clean dashboards, tutorials or built-in guides. A quick onboarding process can make adoption smoother and reduce your team's time figuring things out.
Every organization is unique, and so are its risks. Your software should adapt to your structure, not the other way around. Look for features like customizable fields to sort risks by categories (regions, teams, or risk types).
For example, a good TPRM should allow you to map risks based on geographical locations—perfect for global companies managing region-specific compliance regulations. Plus, it should align with your preferred risk framework, whether ISO 31000, COSO, or another model.
Because silos are so yesterday, your risk management software should not operate in isolation. Look for the convenience of linking it to your ERP or CRM, automatically pulling data to analyze supplier risks or customer concerns.
Price matters, but it’s about value, not just cost. Compare upfront fees, subscription plans, and hidden charges for add-ons or support. But remember: the priciest software is not always the best fit.
Look at case studies or testimonials to gauge whether the software delivers ROI for companies in your industry.
Even the most advanced software is only as good as those using it. Look for vendors offering robust training resources like online tutorials, user forums, or even live support. A software provider that invests in helping your team succeed is worth its weight in gold.
Here is a summary of the top 10 third-party risk management companies, their best use cases, standout features, and pricing. You can review and compare the options to find the one that aligns with your needs.
|
Name |
Best For |
Standout Feature |
Pricing |
|
Complex vendor ecosystems |
Combines automation, advanced analytics, and AI to adapt continuously to detect new threats. |
Customized, based on needs |
|
|
AuditBoard |
Compliance managers in large, regulated industries |
AI-powered assessments and real-time monitoring |
Customized, request a demo |
|
UpGuard |
IT Security Teams focused on data protection and security |
Real-time security ratings and automated assessments |
Customized, 7-day free trial |
|
MetricStream |
Risk managers handling multi-vendor environments |
Live risk monitoring and AI-driven issue management |
Customized, based on business size |
|
ProcessUnity |
Procurement Directors overseeing large vendor portfolios |
Global risk exchange and AI-driven tools |
Tailored to organizational needs |
|
Venminder |
Third-party risk managers managing vendor relationships |
Automated assessments and continuous monitoring |
Customized, based on needs |
|
LogicGate |
Risk and compliance professionals seeking a unified risk management platform |
Monte Carlo quantification and pre-built questionnaires |
Tailored to organizational needs |
|
Diligent |
Compliance-focused organizations |
Smart automation and custom risk models |
Customized, request a demo |
|
Prevalent |
Risk and procurement leaders managing scalable vendor ecosystems |
AI-powered insights and unified risk management |
Customized, request a demo |
|
Camms |
Risk management executives requiring an all-in-one vendor risk management solution |
Real-time risk monitoring and compliance tools |
Flexible, based on vendor network |
Here are the top 10 third-party risk management software that improves TPRM:
ComplyScore® by Atlas Systems is a reliable third-party management software for companies that rely on external vendors and partners.
Initially developed and refined through Atlas Systems’ extensive global experience, ComplyScore uses AI to deliver a comprehensive, proactive approach to risk and compliance management.
It offers specific insights into vendor vulnerabilities. ComplyScore offers a thorough framework that pinpoints gaps within existing security infrastructure and suggests targeted measures to mitigate these risks.
In short, the platform helps teams align operations with domestic and international standards, reducing the likelihood of costly compliance breaches.
This solution is particularly effective for businesses handling complex vendor ecosystems, such as financial institutions, healthcare organizations, or enterprises heavily regulated by compliance standards.
Multinational Pharmaceutical Companies, Bosch, Dell, Hyundai, Thomson Reuters, and Verizon Wireless.
Atlas Systems offers pricing that depends on the scale and complexity of your vendor risk management needs. It’s best to contact our team directly for detailed plans and tailored pricing.
AuditBoard’s third-party risk management software is designed to simplify and improve organizations' management of vendor risks. This platform offers tools to visualize, assess, and mitigate risks while streamlining third-party evaluation and onboarding processes.
AuditBoard’s TPRM software is one of the best third-party risk management companies with extensive vendor ecosystems. It is best for compliance, audit, and risk teams.
It’s particularly well-suited for companies that aim to integrate automation and AI into their risk management workflows.
Lennar, Edgewell, Uber, Humana, and Revlon.
AuditBoard’s pricing is customized to fit the size and complexity of your third-party risk management needs. If you're curious about how it works for your organization, you can request a demo or consultation.
UpGuard is a powerful third-party risk and attack surface management platform designed to provide organizations complete visibility into their cyber risk landscape.
It provides tools for instant vendor insights, automated risk assessments, and smooth workflows. Rated #1 on G2 and trusted by thousands of security teams globally, it is a go-to solution for organizations seeking strong cybersecurity measures.
UpGuard is ideal for:
Taylor Fry, ALI Group, Wesley Mission Queensland, iDeals, and Brightcove
UpGuard offers a seven-day free trial to explore its features and capabilities. For long-term use, pricing is customized based on your company’s size, the scope of vendor management, and specific requirements.
MetricStream’s third-party risk management software helps businesses monitor vendor risks, whether they’re related to compliance, financial health, or security vulnerabilities.
The solution helps organizations to centralize all vendor information, such as products or services, bank details, contracts, and certifications while providing an intuitive intake process and continuous risk monitoring.
It allows you to swiftly search for and compare third parties and even invite them to update their data, saving time and reducing manual effort.
Also, you can automate the risk evaluation process for every engagement so that vulnerabilities are detected and addressed before onboarding. In addition, alerts from reputable external sources can be integrated to validate third-party data, adding an extra layer of security.
MetricStream is ideal for:
Glencore, ABS, ATB Financial, Sabadell, and Capricorn Group.
Pricing depends on your business size, the number of vendors, and the complexity of your risk management needs.
ProcessUnity’s third-party risk management platform helps businesses simplify and strengthen vendor risk management. It automates the entire third-party risk lifecycle, from onboarding vendors to continuously monitoring their performance.
They have features like AI-driven tools, integration capabilities, and access to a massive library of validated assessments.
ProcessUnity is best for companies managing large portfolios of third-party vendors and businesses seeking to automate risk processes and reduce manual effort.
ICON, Abercombie & Fitch Co, Live Nation Entertainment, Vystar Credit Union and federal Home Loan Bank of Topeka.
ProcessUnity offers tailored pricing based on your business needs and the scope of vendor risk management required.
Venminder simplifies third-party risk management by providing a comprehensive platform. Venminder stands out with its Vendiligence™ solution. It provides in-depth control assessments on your vendors across critical areas like information security, data protection, cybersecurity, and their financial health.
The thorough risk assessments help you understand your vendor’s readiness and compliance standards, enabling better decisions and effective risk mitigation. They’re a solution you can rely on to maintain strong, secure vendor relationships.
Over 1,200 organizations trust them, and it combines automation, risk intelligence, and expert assessments to help businesses with their vendor management process.
Companies who seek an end-to-end vendor management solution and teams looking to outsource risk assessments and save time on manual processes.
Flushing Bank, Doane University Partners, and Common Wealth Central Credit Union
Venminder uses customized pricing based on your organization's size and risk management needs.
LogicGate’s Risk Cloud® is a centralized platform designed to help mitigate third-party risks. You can quickly identify, summarize, and mitigate critical vendors and risks using Risk Cloud’s OpenAI integration, which helps streamline your processes. Heatmaps, letter grades, and risk scores immediately clarify third-party risks.
To add even more depth, you can pull in third-party risk intelligence from providers like Black Kite and RiskRecon or due diligence data from solutions like Vital4, all within the same platform.
Teams need out-of-the-box tools to align with industry standards like SIG, NIST CSF, and CAIQ.
Horizon Media, Dignity, Texas Mutual, Ziff Davis and Team Select.
LogicGate offers tailored pricing based on the needs of your organization.
Diligent’s third-party risk management software helps businesses manage vendor relationships and reduce risks. Diligent stands out by providing access to best practice templates designed with input from industry thought leaders, helping you create reports that offer boards, committees, and executives clear and consistent insights into risk.
With these templates, you can avoid starting from scratch and streamline your reporting process.
But what sets Diligent apart is its use of secure, private, generative AI. This cutting-edge technology takes risk management to the next level by using public data insights for GRC and ESG.
Companies need a straightforward way to manage vendor risks with the help of secure, private, generative AI.
UnitingCare, Coca-Cola Bottlers Business Services, Sony Seimens, and Mercy.
Diligent offers pricing customized to your organization’s specific needs. You can request a demo to see how the platform works and get a tailored quote.
Prevalent is designed to make life easier for procurement teams by cutting costs, reducing complexity, and minimizing the risks of choosing and managing vendors.
Let’s say you’re handling multiple RFPs and RFIs, Prevalent’s RFx Essentials tool brings everything into one place. This means you can easily distribute, compare, and manage all your requests without juggling different systems.
Procurement teams who want to cut down costs and streamline risks.
Pfizer, Allianz, Circle K, MUFG, and TESCO.
Prevalent offers customized pricing based on your organization's needs.
Camms, now part of Riskonnect, offers a third-party risk management platform designed to streamline vendor management, improve visibility, and mitigate risks.
Camms is highly configurable, meaning you don’t have to fit your processes into a rigid system. Instead, you can start with their out-of-the-box templates and forms, already designed with best practices in mind.
When you customize these templates to match your specific requirements, it makes the whole process seamless and tailored.
Another great feature is the mobile app. With Camms’ mobile app, your staff can conduct vendor risk assessments and check supplier performance anytime, anywhere. This flexibility ensures that risk management stays efficient and up-to-date, no matter where your team members are.
If your team is often on the move or needs to conduct vendor risk assessments and monitor supplier performance from various locations.
Ashurst, Gardners Books, 7-Eleven, First Canadian Insurance Corporation, and the City of Melbourne.
Camms offers flexible pricing based on the scale of your vendor network and specific risk management needs.
Relying on third-party vendors is essential but comes with its share of risks. That’s where Atlas Systems makes things manageable, efficient, and secure.
Instead of juggling spreadsheets or outdated tools, a platform like ComplyScore® simplifies and optimizes every step of vendor risk management.
Here’s how Atlas Systems makes a difference:
For example, a leading U.S. bank struggling to manage its growing vendor base turned to Atlas. With a tailored version of ComplyScore®, they transformed their workflows, achieved compliance, and gained operational efficiency in record time.
When you partner with Atlas Systems, you gain a team committed to helping you build stronger vendor relationships.
Ready to simplify your third-party risk management? Let’s start the conversation today.
That depends on the software you choose and the complexity of your vendor network. Many platforms offer user-friendly interfaces and customizable features to match your organization’s needs.
Yes. TPRM software is also a valuable tool for small businesses. It identifies and addresses risks from third-party vendors without overwhelming resources.
TPRM software simplifies vendor management by centralizing risk assessments and monitoring. It helps you stay alert in addressing potential issues and improves vendor communication.
Yes, many TPRM tools automate key steps in the risk assessment process. These platforms save time and reduce manual errors from data collection to analyzing vendor details.
Yes, most TPRM solutions integrate with little to no hassle with other tools like procurement systems, GRC platforms, and security assessment tools.
Costs vary widely depending on the features you need and the scale of your operations. It’s best to contact providers for tailored pricing based on your requirements.