It is hard for businesses to operate and thrive individually, and the help of third party vendors and suppliers is essential. However, every third party partnership and supply chain links carry security risks. A recent study by Verizon states that over 62% of data breaches happen due to vulnerabilities in an organization’s third party relationships. As businesses grow and scale, it becomes important for them to utilize third party risk management solutions or TPRM software to protect themselves against risks posed by suppliers, vendors, and other partnerships. Many organizations still rely on manual spreadsheets and outdated questionnaires which is the wrong approach. For strategic and data-driven third party risk management, using TPRM software becomes necessary. In this post, we’ll check out the top 8 third party risk management software solutions which a business can deploy.
Best 8 Third Party Risk Management (TPRM) Software Solutions
By: Beaconer, Jun 13, 2024
Content
Top 8 Third Party Risk Management Software Solutions
Now we know what is third party risk management, the importance of TPRM solutions, and their top features and functions. Next, we’ll check out the best 8 TPRM software that organizations can use for best in class third party risk management services and improve their overall security mechanisms.
1. Beaconer
Beaconer is among the most reliable third party risk management solutions in the market. Its advanced technology and exceptional support allows organizations to establish a safe and strong TPRM program from scratch.
Through its seamless security solutions, organizations can mitigate vendor risks, make informed decisions, and experience quick ROI. Beaconer serves a host of industries including healthcare, technology, retail, finance, legal, and many more.
Top Features
Following are the top features of Beaconer’s TPRM software.
Automated Risk Assessment
To ensure thorough examination of third party risks while saving time and resources, Beaconer’s TPRM software uses sophisticated algorithms to automate risk assessment operations.
Customizable Risk Scoring
Offers a customized approach to risk management by adjusting risk scoring methodology to match your organization’s unique risk tolerance levels and compliance requirements.
Continuous Monitoring
Metrics dashboard that enables real-time tracking of third party activity, ensuring the early detection and reduction of new threats.
Vendor Performance Analytics
With thorough analytics, you can learn a great deal about a vendor’s performance. This information can help you make wise decisions regarding security and build stronger relationships with your vendors.
Regulatory Compliance Management
Beaconer’s TPRM software which provides strong compliance management tools to guarantee adherence to rules and industry standards, will help you stay ahead of regulatory developments.
Vendor Lifecycle Management
Utilize Beaconer’s vendor lifecycle management module to streamline the evaluation, onboarding, and offboarding of vendors. This will increase productivity and lower operating costs.
Actionable Risk Insights
Utilize Beaconer’s TPRM software to produce meaningful risk insights that may be used to prioritize risk mitigation initiatives and proactively address possible threats.
Integration Capabilities
Seamlessly integration with third party apps and current IT systems to improve overall TPRM efficiency and enable data exchange.
What Sets Beaconer Apart From Other TPRM Tools?
While most other TPRM software are suited for a particular industry, Beaconer offers holistic TPRM solutions for a range of industries including Finance, Healthcare, Retail, Legal, Manufacturing, Retail, and more. Organizations can get a custom vendor assessment report within 1 to 6 days and make informed security decisions based on this.
Beaconer has several subject matter experts to address any issues that come up and they also follow-up with each vendor so that nothing threatens the overall security posture. Organizations can focus on business operations as Beaconer handles everything from onboarding new vendors to managing the meetings and documentation involved in the process. Also, the dashboard keeps track of the entire TPRM landscape in real time.
2. Prevalent
The Prevalent TPRM software has been specializing in risk, governance, compliance, and infrastructure technology since 2004. It offers high-quality risk management through concise risk scoring, termination and offboarding of vendors, risk assessment and monitoring.
Organizations use Prevalent’s sourcing and selection to reduce the complexity and risk exposure when onboarding new vendors. It is great for organizations who want to turn their TPRM process into a fully-managed security service.
Top Features
- Continuous risk monitoring and automated assessment of vendor-related risks
- Remediation management and automation of assessment workflows
- Strong and reliable vendor intelligence networks
- Proper risk scoring with guidance on due diligence and corrective action
Pros
- Real-time access to risk reports of hundreds of companies
- Strong managed services and professional backbone
- Easy integration through its huge connector marketplace
Cons
- Risk scoring capability is basic
- Customization is limited for customers and happens mostly through vendors
- Its user interface is less interactive than most competitors
3. CyberGRX (ProcessUnity)
CyberGRX now known as ProcessUnity offers SaaS solutions for TPRM and compliance with risk and governance regulations. Organizations can assess and monitor vendors in an improved manner along with proper due diligence.
ProcessUnity also helps identify and manage risks through periodic vendor performance reviews. This also makes sure that businesses can improve their security mechanisms based on risk assessment.
Top Features
- Pre-contract as well as post-contract due diligence
- Sourcing and Rfx support for third party vendor onboarding
- Risk domain screening
- Vendor performance and risk management through SLAs
- Evidence collection and automated risk assessment scoping
Pros
- Reliable no-code features and automations making the software highly customizable
- Reporting-as-a-Service capability for easy translation of data reports
- Support during the entire TPRM cycle, right from sourcing to contract termination
Cons
- It is an expensive third party management software
- Reports don’t have extensive visualization
- Vendor questionnaires could be better
4. Panorays
Panorays is a top supplier of TPRM software, with an emphasis on cyber risk management for businesses. With the platform’s ability to provide thorough insight into third parties’ security posture, enterprises can efficiently identify, track, and reduce threats.
It enables businesses to proactively manage third party risks, improve cybersecurity resilience, and guarantee compliance with industry norms and standards through continuous monitoring and vendor risk score. This dependable platform assists companies in fortifying their security posture and defending against cyberattacks from third party vendors.
Top Features
- AI-powered cybersecurity questionnaires for vendors
- Extended attack surface and risk DNA assessments
- Continuous monitoring and automatic discovery of third and fourth party vendors
- Regulatory compliance evaluation and management
- Customized remediation against vendor risks
Pros
- Thorough and customizable questionnaires
- Risk insight portal provides quick alerts
- Accurate and comprehensive attack surface management
Cons
- Integration capability is not great
- User interface could be better
- Assessment reporting customization is limited
5. Venminder
Launched in 2003, Venminder is an SaaS vendor streamlining third party risk management process for organizations. It offers organizations with contract management frameworks, oversight, due diligence requirements, risk assessments, vendor onboarding, and more.
Clients can easily access Venminder’s repository for vendor security status, financials, contracts, disaster recovery, business continuity, and more. The quality of evaluation and contracting of vendors, profile management, and end-user training is great in Venminder.
Top Features
- Progress monitoring and templating for customizable risk assessments
- Customizable and automated vendor questionnaires
- Vendor scorecard tracking for oversight management
- SLA and Issue management
- Reliable and quick vendor risk profile creation
Pros
- Huge library of infographics, webinars, and other learning resources
- All plans have unlimited user access
- Clients get a-la-carte features for scaling and adjustment according to their business needs
Cons
- Limited international reach, working mostly with North American organizations
- Apart from finance, experience in other industries is limited
- Ideal mostly for small business and enterprises
6. OneTrust
Among the best TPRM software out there, OneTrust offers top-notch marketing compliance and privacy management solutions for businesses. It helps businesses evaluate employee, customer, and vendor data transfers.
Other offerings include data inventory mapping, privacy impact assessment, audits, remediation actions, and much more. OneTrust has great automation for vendor management, easy accessibility for clients, and high-quality technical support.
Top Features
- Helps build workflow integration
- Unified and merged third party vendor relationship inventory
- A powerful Analytics and Insights engine
- Intelligent and reliable vendor onboarding workflows
- Dynamic and advanced vendor questionnaires
Pros
- Powerful integration with third party data sources and other OneTrust features
- Allows fast completion of questionnaires through AI auto-completion
- Highly configurable workflows following if/then logic
Cons
- Risk mitigation features are a bit limited
- Advanced analytics and risk scoring could be better
- Native integrations can be improved
7. UpGuard
Another reliable TPRM software, UpGuard classifies risks in 6 different categories for organizations – email security, website risks, phishing and malware, network security, brand protection, and reputation risk.
It has pre-built questionnaires and libraries that fasten vendor assessment and helps improve vendors’ third party security posture. Clients find it easy to use and its advanced functions are very powerful.
Top Features
- Pre-built vendor questionnaires and library
- Risk dashboards with real-time tracking
- User-friendly UI and easy-to-use
- All functions and features are frequently updated
- Good customer support
Pros
- Easy to navigate and intuitive platform
- Advanced functions are quite powerful
- First time users can configure the software conveniently
Cons
- Full-fledged vendor risk assessment takes a long time
- Integration of existing workflows and systems is a bit challenging
- There are limited options for customization
8. BitSight
One of the pioneers in third party risk management solutions space, BitSight uses daily security ratings and sophisticated algorithms to minimize risks posed by vendors.
The best part is that organizations can integrate this software with other TPRM solutions like ProcessUnity for the best features and functionality. All product questions, patching, vendor responses take place in a timely manner with BitSight.
Top Features
- Automated vendor onboarding assessment
- Vendor response validation is data-driven
- Real-time analytics and reporting
- Product usage discovery for fourth-party vendors
- Vendor risk assessment is prioritized through customizable workflows
Pros
- Easy integration and performance with other TPRM software
- Clients as well as vendors can access cybersecurity reports for free
- Comprehensive reporting which is easy to customize
Cons
- Forums and peer community are limited
- Customer support and communication is limited
- It is difficult to filter data results and update vendor reports
Conclusion
Third party risk management is essential for all businesses that work with suppliers, vendors, and several other partners. No matter the industry, organizations face a lot of security risks and threats when partnering with external vendors. This makes it really vital to use TPRM solutions and TPRM support services that help with vendor risk assessment, compliance, risk mitigation, and more.
In this post, we checked out the top 8 third party risk management solutions currently available. Beaconer is a really powerful software that streamlines your organization’s TPRM landscape and improves the overall security posture. Make sure to use a top TPRM software so that your organization is safe from third party vendor related risks and security threats.
Author Bio
Nagaraj Kuppuswamy
Nagaraj Kuppuswamy is the Co-founder and CEO of Beaconer, an esteemed enterprise specializing in managed third-party risk using the cloud native AI based solution. With an extensive portfolio of accolades and industry certifications, Nagaraj stands out as a seasoned expert, boasting over 16 years of dedicated involvement in the field of Cybersecurity. Throughout the course of their career, he has predominantly focused on elevating the realm of third-party risk assessment.
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