In today’s digital world, many companies are vulnerable to data breaches and cyber security. Investing in third-party risk management software can provide companies with the security and data protection needed in running the day-to-day efficiently and effectively. It also allows businesses to scale by ensuring company assets are protected at all times. Other benefits of purchasing third-party risk management software include quickly identifying threats, using data to make better security decisions, regulatory compliance, alert system, and more. If you are a growing and scaling business, it might be time to invest in third-party management software. Here are 4 top third-party risk management software in the market you should consider for protecting your company’s intellectual property.

Top 4 Third-Party Risk Management Software Available for Businesses

  1. Aravo – the best third-party risk management software designed for businesses that want to scale
  2. OneTrust – the best third-party risk management software for automating
  3. NAVEX One – the best third-party risk management software for simplifying and streamlining risk management across different departments of your business
  4. Metric Stream – the best third-party risk management software for proactively minimizing IT security threats through powerful analytics

1. Aravo – the best third-party risk management software designed for businesses that want to scale

Pricing: For accurate pricing, contact Aravo TPRM directly

Looking for a business that is looking for a third-party risk management software that has the ability to scale with your growth? If you said yes, definitely check out Aravo! Aravo started in order to help companies eliminate corruption from extended enterprises. It is a leading third-party risk management software trusted by the world’s most reputable brands. It provides businesses with programs that are aligned with regulations that your business needs to adhere to. Some of its key features include automated reminders, dashboards, data privacy, issues management, corrective actions, transactional enablement, audited history reports, and more! When it comes to protecting companies from complex third-party networks, Aravo’s expertise will help you with managing third-party risks.

Key Features:

  • Workflow management/visualization and Surveys/assessments/questionnaires
  • E-mail notifications and automated reminders
  • Issue management and corrective actions
  • Evaluate scorecards, schedule reporting and access to historical reporting
  • Transactional enablement and engagement management
  • Third-party and vendor portal
  • Configurable data modelling and AI and machine learning
  • Customer configuration access
  • Integration and data management
  • Pre-configured google geocode integration
  • Unlimited data storage and unlimited file storage
  • Platform users and assessments
  • Unlimited external third parties and suppliers, unlimited number of assessments, and unlimited internal standard users
  • Antibribery and corruption and responsible sourcing
  • Financial services risk assessment, client defined assessments, and performance management

Reasons to Buy:

  • Flexible packages
  • Scale your third-party management program
  • Speed in addressing your third-party risk
  • Trusted by the world’s most reputable brands (Google, Ford, Unilever, etc)
  • Intelligent automation using ai
  • Aligned to program maturity
  • Unrivalled domain expertise
  • Deliver programs aligned to regulations
  • A leader in third-party GRC management software
  • 36 languages
  • Easy customization
  • User-friendly

Reasons to Avoid:

  • Not ideal for small businesses
  • No price shown

2. OneTrust – the best third-party risk management software for automating workflows

Pricing: Starting at $30 USD per month

Looking for a way to lower your administrative tasks for managing risks? Check out OneTrust, the best third-party risk management software to help you automate workflows and processes. It helps businesses of all sizes become more trusted, secure, and in compliance with government regulations. Its key features include privacy management, data mapping automation, vendor risk management, data guidance research, cookie consent, privacy management and more. OneTrust offers a free trial to help businesses see what they are getting. Streamline and automate your third-party risk management with OneTrust.

Key Features:

  • Regulatory compliance
  • Automate consumer requests
  • Enable opt-out of sale
  • Map data flows
  • Meet regulatory breach notification requirements
  • Comply with regulatory privacy laws
  • Privacy management
  • PIA and DPIA automation
  • Data mapping automation
  • Privacy rights automation
  • Privacy incident management
  • Vendor risk management
  • Digital policy management
  • Privacy training and data guidance research
  • Cookie consent, digital policy and notice management

Reasons to Buy:

  • Free trial
  • Build trust and transparency
  • Streamline your privacy program management activities
  • Provide privacy training and oversight
  • Has privacy and security compliance solutions for growing businesses
  • Intuitive user interface
  • Faster time to value
  • Powerful training tools
  • Multilingual capabilities

Reasons to Avoid:

  • Difficult to integrate with other apps
  • Relatively expensive
  • Reported minor bugs

3. NAVEX One – the best third-party risk management software for simplifying and streamlining risk management across different departments of your business

Pricing: For accurate pricing, contact NAVEX One directly

NAVEX One is a comprehensive third-party risk management platform for simplifying and streamlining risk management solutions across your company’s different departments. NAVEX One is trusted by thousands of organizations across the globe. Therefore, you can feel confident in managing and mitigating risks with NAVEX One. Some of its key features include policy and procedure management, ethics and compliance training, disclosure management, analytics and benchmarking, operational risk management, and more. With data centers in both the EU and the US, feel confident that your data is maintained and safeguarded at the highest level of standard.

Key Features:

  • Policy and procedure management and code of conduct
  • Ethics and compliance training and software
  • Hotline and incident management
  • Disclosure management
  • Third-party risk monitoring and screening
  • Analytics and benchmarking
  • Third-party risk and business continuity management
  • Privacy, risk, and compliance management
  • Health and safety management
  • IT risk management and operational risk management
  • ESG framework management
  • Environmental sustainability management
  • Conflict minerals management
  • Customer support and COI disclosures
  • Analytics and benchmarking

Reasons to Buy:

  • All-in-one solution for risk solution
  • Automate and manage issues fast
  • Most adopted third-party risk management software
  • Educational resources (webinar replays, compliance next, resource center)
  • Professional services
  • Implementation support
  • Customer Success
  • Free demo before purchase

Reasons to Avoid:

  • No clear pricing on the website
  • No free trial

4. MetricStream – the best third-party risk management software for proactively minimizing IT security threats through powerful analytics

Pricing: For accurate pricing, contact MetricStream One directly

MetricStream is a great third-party risk management software solution for companies looking to proactively minimize security threats through powerful analytics. With its rich data tools, businesses make better and smarter decisions to protect their intellectual property from security breaches. MetricStream key features include IT and cyber risk management, digital risk, enterprise GRC, corporate compliance, operational resilience, and more. Be empowered to transform your company’s risk to your advantage with MetricStream.

Key Features:

  • IT and cyber risk management
  • IT and cyber compliance management
  • Business continuity management
  • IT and cyber vendor risk management
  • Integrated risk management
  • Corporate Compliance
  • Supplier risk, digital risk, and performance
  • Enterprise GRC
  • UK SOX compliance and privacy compliance
  • Operational resilience
  • IDW PS 340
  • Third-party content integrations
  • Visualizations and advanced analytics
  • Report wizard and production reports
  • Environmental, social, governance, risk, and compliance

Reasons to Buy:

  • 66% reduction in time to complete risk assessments
  • 50%-time savings in tracking and linking policies to regulations
  • 39% reduction in expected regulatory losses and expenses
  • 50% reduction in the time and costs required to complete third-party risk assessments
  • Forward-looking risk visibility
  • Integrated risk management
  • Real-time aggregated risk intelligence
  • Protect brand reputation
  • Centrally manage requirements of various ESG frameworks
  • Recognized by industry analysts as a GRC leader
  • Demo before you buy
  • Measure your program outcomes
  • Drive sustainable growth

Reasons to Avoid:

  • No transparent pricing
  • Reported missing functionalities

References

  • https://aravo.com
  • https://aravo.com/third-party-management-program-pricing-and-packaging/
  • https://www.onetrust.com
  • https://www.navex.com/en-us/products/
  • https://www.navex.com/en-us/request-pricing/
  • https://www.navex.com/en-us/company/navex-protecting-your-data/
  • https://www.metricstream.com