Vendor Risk Management otherwise known as Third Party Vendor Management refers to all procedures related to outside vendors that are not in your company. This can include freelancers and contractors. It can also include people who work on your building.
A Vendor Risk Management Software will help you solve onboarding, monitoring, and maintaining security protocols, legal, contract management, housing policies, and reviews.
When assessing vendor risk, it’s important to consider the features your stakeholders are looking to purchase. Many software solutions offer all-in-one solutions or pick-and-choose module systems. To help you in choosing the right one, we’ve compiled the list of the best vendor risk management software.
The 16 Best Vendor Risk Management Software
| Brand | Starting price | Best for |
|---|---|---|
| 1. OneTrust | $275 – $500/ month | Versatility |
| 2. Venminder | Request quote | User-friendly interface |
| 3. Archer IT & Security Risk | Request demo | Industry experience |
| 4. ProcessUnity | Request demo | Scalability |
| 5. SecurityScorecard | $16,500/year | Vendor assessment |
| 6. Galvanize ThirdPartyBond | Request quote | Security |
| 7. Reciprocity ZenGRC | Request quote | Longevity |
| 8. Whistic | Request quote | Enterprises |
| 9. LogicGate | Request demo | Comprehensive GRC |
| 10. Prevalent | Request demo | Compliance |
| 11. ServiceNow | Request demo | IT and Legal |
| 12. Allgress | Request demo | Mid to large sized companies |
| 13. Riskonnect | Request quote | Operational efficiency |
| 14. Fusion Risk Management | Request demo | Business continuity |
| 15. UpGuard Vendor Risk | $15,749/ year | Vendor scoring |
| 16. Bitsight | Request quote | Add-on services |
#1. OneTrust – Best Vendor Risk Management Software for Versatility
Pricing: Under 1,000 employees, $275USD/ month. Over 1,000 employees, $500USD/ month
Some of the key features they provide are inventory, supplier onboarding, evaluation and workflow, integrations, and reporting. All your vendor data is stored in one place. There is even an option to add new vendors to the software. It’s a great software to use for global offices. They give you the ability to set different permissions for different regions.
| Pros | Cons |
| Knowledgeable customer service | Expensive and complicated for users new to governance and privacy |
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#2. Venminder – Best Vendor Risk Management Software for User-Friendly Interface
Pricing: Requires quote
Venminder’s platform helps your company run through critical third-party risk processes like contract management, assessment, questionnaires, and task management. Whether you are using 10 or 7,000+ vendors, Venminder allows you to manage vendor risk processes all under one roof.
| Pros | Cons |
| Customizable notification on vendor renewals and due diligence tasks | Implementation of a custom platform requires a time commitment from stakeholders |
| User-friendly UI |
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#3. Archer IT & Security Risk – Best Vendor Risk Management Software for Industry Experience
Pricing: Require demo
With industry experience, Archer keeps up to date on its risk management tools. They keep their platform updated with 20 years of knowledge they’ve been working with GRC.
| Pros | Cons |
| The product can be customized | Complicated platform to use |
| Old-fashioned user interface | |
| Running scripts have been known to crash the system |
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#4. ProcessUnity – Best Vendor Risk Management Software for Scalability
Pricing: Requires demo
The dashboard has a very modern look and has an easy-to-use workspace. All of the vendor risk function resides under this workspace. All vendors are treated as one file and ProcessUnity automates the entire due diligence process.
| Pros | Cons |
| Cloud-based | Poor product support |
| Customizable fields | A limited number of data uploads can be added |
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#5. SecurityScorecard – Best Vendor Risk Management Software for Vendor Assessment
Assess cyber risk on one centralized platform. Vendors are awarded points, and when supplier scores drop, you are notified, allowing you to make pre-emptive decisions.
| Pros | Cons |
| Continuously updates platform | Reporting can be simple |
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#6. Galvanize ThirdPartyBond – Best Vendor Risk Management Software for Security
Pricing: Require quote
This global SaaS company serves more than 700,000 users in more than 90 countries. Galvanize has grown significantly over the past few years and is a leader in GRC (governance, risk management, and compliance) software.
| Pros | Cons |
| Cloud-based | Lacks a lot of training |
| Has an internal documentation system |
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#7. Reciprocity ZenGRC – Best Vendor Risk Management Software for Longevity
Pricing: Requires quote
The ZenGRC platform helps compliance teams become more efficient by providing them with tools to handle auditing, GRC, and policy management. They also offer a customer loyalty program, and if your team joins a community of other users of the tool, the company will offer you the benefits of using their program.
| Pros | Cons |
| Simplified user interface | Can be expensive |
| Centralized dashboard for all third-party vendor management functions | Have been known to miss update deadlines |
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#8. Whistic – Best Vendor Risk Management Software for Enterprises
Pricing: Requires quote
Whistic provides software that helps share, publish, and access data security information. Simplify and automate the tedious process of accessing vendor risk with this Silicon Valley software.
| Pros | Cons |
| Brandable onboarding tools for vendors | Lack of configurable reporting feature |
| No mobile app |
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#9. LogicGate – Best Vendor Risk Management Software for Comprehensive GRC
Pricing: Requires demo
In one platform, LogicGate offers a variety of third-party risk management applications. Their different products offer different levels of protection and functionality. However, they all offer automation of tedious tasks such as email notification and supplier onboarding, third-party supplier assessment, and third-party management.
| Pros | Cons |
| No coding required | Lacks user documentation for the software |
| Great support team |
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#10. Prevalent – Best Vendor Risk Management Software for Compliance
Pricing: Requires demo
Prevalent also offers expert consulting packages on top of its risk management software. They can help optimize your current program or design and implement a new one. Their platform allows you to stay on top of your vendors and keep security breaches non-existent. They have extensive experience in the financial, healthcare, insurance, legal, manufacturing, life sciences, and retail industries.
| Pros | Cons |
| Very easy to use | Lacks integration options, but is constantly updating |
| Lack of reporting controls |
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#11. ServiceNow – Best Vendor Risk Management Software for IT and Legal
Pricing: Requires demo
Automate, manage, and analyze all areas of vendor risk. Real-time dashboards provide immediate insights to your third-party vendors. ServiceNow’s platform is easily viewed on a mobile device so you can take your assessments with you wherever you need them.
| Pros | Cons |
| Cloud-based, accessible from anywhere | Reporting can be complex, no way to simplify |
| Vendor risk management for legal/ compliance and IT available |
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#12. Allgress – Best Vendor Risk Management Software for Mid to Large Sized Companies
Pricing: Requires demo
Centralize all of your data in one place. They work with small hospitals to Fortune 500 enterprises, they’re a GRC tool that works with all types of businesses. Their modules include compliance, incident reporting, policies, risk executions, surveys, and more. With 25 years of experience in the field, Allgress offers industry knowledge that makes its platform stand out.
| Pros | Cons |
| Out-of-the-box installation suitable for most organizations | Pricing caters to medium to large companies |
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#13. Riskonnect – Best Vendor Risk Management Software for Operational Efficiency
Pricing: Require quote
Bring together all insurable and non-insurable risks in one integrated platform. This cloud-based platform offers modules for more than just third-party risk management. Under one roof, you’re able to manage compliance, internal audit, claims administration, RMIS, health & safety, and run risk analytics & insights.
| Pros | Cons |
| Easy to use UI | No mobile app as of yet |
| Interactive tool |
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#14. Fusion Risk Management– Best Vendor Risk Management Software for Business Continuity
Pricing: Requires demo
Manages any vendor risk process in this single, unified platform which consolidates all processes. Along with their third-party management capabilities, they also offer supply chain management and partner management. In terms of integrations, they offer custom integrations to Salesforce, MuleSoft, TIBC, and more. They’ll work with you to build APIs into your current systems and are quite flexible on who they can work with.
| Pros | Cons |
| Can send mass alerts from the system | Implementation can take a long time |
| Reporting is robust | No live chat support, only email |
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#15. UpGuard Vendor Risk – Best Vendor Risk Management Software for Vendor Scoring
Pricing: Offer free trial, then starts at $15,749USD/ year for 50 vendors
Because of their model of using a risk profile, at a glance, you can tell the health of a vendor you’re using. In this profile, they’ll give you a vendor score based on risk level, security performance, and tier. Their platform rates all vendors and gives you the ability to insert access levels based on a vendor’s risk.
| Pros | Cons |
| Easy to configure | Only offers IT compliance |
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#16. Bitsight – Best Vendor Risk Management Software for Add-On Services
Pricing: Requires quote
Onboard and assess new vendors while quickly and confidently determining whether they are within your company’s risk tolerance. Bitsight gives you the ability to tier suppliers and automate their risk procedures based on tiers. Their platform offers integrations with other vendor risk management software such as ServiceNow, Venminder, and ProcessUnity.
| Pros | Cons |
| User-friendly UI with easy-to-use dashboards | Can be expensive |
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Frequently Asked Questions
How does Vendor Risk Management Software help lower my cybersecurity risk?
As companies become more remote, they are turning to remote business models. In this regard, the company is also working with suppliers outside the company. You can secure your company with data security as much as you can, but it’s often discounted the chances that a third party will expose you to cyber threats.
Conducting due diligence on all suppliers will reduce your risk. Implementing proper procedures to review all suppliers and monitor and maintain their records will improve compliance and reduce the risk of working with suppliers.
Who is responsible for the Vendor Risk Management program?
When driving GRC work, different teams within your company may need to participate in the standard. This is because the vendor you’re using might require helps from different teams to verify compliance. Because of this, software that can be accessed easily via a login credential is suitable to work with many departments.
How do you develop policies around regulations?
Exceptions are handled through an exception management process between a combination of legislative review, best practices, and discussions with suppliers. Deviations are identified, accessed, and strategies on the mitigation of risk are discussed. After going through a standardized list of criteria determined by risk factors, your team can make better decisions about further development with third-party vendors. The software can automate or optimize this process, making it easier to manage when you have a large number of suppliers.
How can you further your knowledge in Vendor Risk Management, Compliance, and GRC?
Consider reviewing ISO 27001, the ISF Good Practice Standard, and the NIST Security Management Document. Arming yourself with security practices can give you a better idea of what kind of protocols you want to look for in your software.
What is “Inherent Risk” and how do you consider this when evaluating software?
Inherent risk is the risk a company takes on when using third-party vendors. Every company will have a different inherent risk based on several factors. This can include different levels of engagement with your vendor, the data shared between your company and them, and what kind of data is shared.
Therefore, it is important to access vendors as you work with them and continue to monitor them as you complete that work. Software can help manage these criteria based on industry-specific models pre-calculated in third-party risk software. These types of software will offer you notification and status reports on each vendor. This makes it easier for teams to get a sense of what they need to do for each vendor and if you can continue to take on the inherent risk of working with a particular vendor. Arming yourself with the right tools will make things more efficient and effective.
What else should you consider?
When discussing purchases with the sales team, also ask questions about the nature of their company. You’ll want to get a feeling that both of your companies are working towards the same goal. These types of software can be very expensive. Asking questions about their roadmap, where the company is going, and the updates they provide will give you a sense of collaboration.