The fitting alternative of Third-party danger evaluation software program will automate danger evaluation workflows and increase the effectivity of your Third-Get together Danger Administration program. This put up critiques the highest eight contenders within the TPRM and provide chain danger administration market that can assist you make the appropriate alternative on your third-party cybersecurity aims.
Prime 3 metrics of a great third-party danger evaluation answer
With so many TPRM platforms out there and every choice dovetailing into a number of danger evaluation options, it’s straightforward to get overwhelmed when shortlisting your answer choices. In an try and lastly present some readability and path to your shortlisting efforts, this put up ranks all eight third-party danger evaluation software program choices on three efficiency metrics which might be probably the most crucial to the success of a TPRM program.
Scalability – The third-party danger evaluation software program should provide automation options supporting speedy scalability.Use friendliness – A streamlined person expertise reduces studying curves, expediting implementation occasions and, in the end, a return on funding.TPRM lifecycle scope – As third-party danger evaluation processes map to all phases of TPRM, an idealistic answer needs to be able to supporting the whole TPRM lifecycle to scale back the necessity for integrating multple third-party options.The highest 8 third-party danger evaluation software program instruments in 2024
All the choices on this listing provide third-party danger evaluation software program instruments as a part of a Third-Get together Danger Administration answer (TPRM answer). An answer simply supporting third-party danger evaluation options is exceptionally uncommon, given the deep, unavoidable integrations throughout third-party danger assessments and TPRM workflows. For those who occur to come back throughout a platform simply specializing in vendor danger assessments, it’s finest to keep away from it, because it clearly falls in need of the TPRM lifecycle scope metric characterizing an idealistic third-party danger evaluation instrument.
For extra details about how danger evaluation workflows match right into a broader TPRM program, learn this put up about implementing a vendor danger evaluation course of.
1. CybersecurityVery best for companies on the lookout for an economical all-in-one TPRM answer.Cybersecurity’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how Cybersecurity performs towards the important thing danger evaluation options of a great TPRM instrument.
Scalability
Cybersecurity provides a collection of automation options addressing the method bottlenecks generally accountable for delayed danger assessments, together with:
Third-Get together vendor collaborations – All events concerned in danger evaluation completions can collaborate straight on the platform, eradicating the danger of crucial communications getting misplaced in emails.Questionnaire responses – By leveraging AI expertise, Cybersecurity permits customers to enhance each the standard and velocity of their questionnaire responses.Repetitive questionnaires – By referencing a central database of beforehand accomplished questionnaires, Cybersecurity empowers customers to repeat prolonged, repetitive questionnaire gadgets with only a single, permitting third-party danger assessments to be accomplished in hours as a substitute of weeks.
Watch this video for an outline of a few of Cybersecurity’s third-party danger evaluation automation options.
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Person Friendliness
The Cybersecurity platform is extraordinarily straightforward to navigate. Its workflows have been deliberately designed to be as intuitive as doable to TPRM personnel. Due to its shallow studying curve, Cybersecurity customers nearly immediately expertise a return on their TPRM funding.
“We found UpGuard’s design very clean and very intuitive – more intuitive than the UI of its competitors, making it an easy decision to go with UpGuard.”
– 7 Chord
Learn the 7 Chord case research >
TPRM Lifecycle Scope
The Cybersecurity platform is likely one of the few choices actually providing an all-in-one TPRM answer. Each side of the TPRM lifecycle is addressed on the Cybersecurity platform to the best doable normal, together with:
Due diligence – Cybersecurity’s Belief Exchnage platform permits service suppliers to easiily share all related info safety and regulatory compliance information with companions, expediting the invention of provider dangers, and supporting safe vendor onboarding.Compliance administration – With its natively built-in danger evaluation workflow, Cybersecurity can immediately uncover compliance dangers mapping to well-liked requirements, akin to HIPAA, GDPR, and PCI DSS).Danger assessments – Cybersecurity’s complete questionnaire library provides customizable templates for investiagting even probably the most distinctive cyber danger, in addition to templates mapping to well-liked cybersecurity frameworks, akin to NIST CSF, and ISO 27001.Steady monitoring – By combining the deep insights of point-in-time danger evaluation with real-time safety ranking calculations, Cybersecurity provides full monitoring of the whole assault floor, together with dangers mapping from fourth-party distributors.Offboarding – With its assault floor monitoring module, Cybersecurity helps safety groups precisely map their digital footprint to trace all present connections with third-party internet-facing property, and any ignored connections from expiring third-party vendor partnerships.
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Watch this video for an outline of among the third-party danger evaluation options out there on the Cybersecurity platform.
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2. Safety Scorecard
Very best for corporations wanting a scalable and user-friendly platform with much less emphasis on asset stock discovery.SecurityScorecard’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how SecurityScorecard performs towards the important thing danger evaluation options of a great TPRM instrument.
Scalability
SecurityScorecard is designed to lower cyber danger in organizational IT infrastructure and third-party ecosystems by offering significant and actionable insights. The platform’s scalability permits it to deal with intensive networks of third-party distributors successfully, guaranteeing sturdy danger administration as organizations increase.
Nevertheless, SecurityScorecard takes about ten days to replace its third-party vendor assault floor scanning information, which might produce deceptive vendor danger profiles to customers throughout this sluggish refresh interval. As a benchmark for the way shortly safety ranking information may very well be refreshed, Cybersecurity up to date its third-party relationship cyber danger information each 24 hours, providing customers probably the most up-to-date visibility of their third-party assault floor.
See how SecurityScorecard compares to Cybersecurity >
Person Friendliness
Whereas SecurityScorecard is praised for its ease of use, there are some challenges with its interface. Some classes may be overly aggressive in scoring, and sure integrations could not operate optimally, which may restrict the person expertise and require extra effort to handle successfully
TPRM Lifecycle Scope
SecurityScorecard helps the whole third-party danger administration lifecycle however has areas needing enchancment. Particularly, the product doesn’t at all times establish all internet-facing property, which may depart gaps within the danger evaluation course of and probably expose a company to unseen vulnerabilities.
3. Bitsight 
Very best for organizations needing complete cyber danger insights however can tolerate delays in updating danger stories.Bitsight’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how Bitsight performs towards the important thing danger evaluation options of a great TPRM instrument.
Scalability
Bitsight has had ongoing problems with not refreshing dangers addressed in third-party danger evaluation efforts quick sufficient, with many customers complaining of needing to attend about sixty days earlier than third-party danger stories are up to date. Sixty days is an extreme delay for a danger administration platform, particularly in comparison with Cybersecurity’s third-party danger administration software program, which refreshes its third-party danger scanning information each 24 hours.
With out real-time consciousness of the particular state of a company’s assault floor, customers could have points safely scaling their TPRM program with the platform.
See how Bitsight compares to Cybersecurity >
Person Friendliness
Bitsight provides a intuitive and user-friendly dashboard with options which might be simply to naviagte between. Nevertheless, with some customers complaining of the platform’s questionnable third-party danger information accuracy, the frustrations of allocating Vendor Danger Administration (VRM) sources primarily based on defective intelligence will probably shortly cloud any usability advantages.
TPRM Lifecycle Scope
Bitsight’s third-party danger evaluation workflows are usually not natively built-in into the platform. As a way to set up an entire danger evaluation workflow, Bitsight wanted to aquire the TPRM ThirdPartyTrust (TPT). This has primarily resulted in a separation between third-party monitoring and third-party danger evaluation processes, which may very well be detrimental to person workflows and TPRM program scalability.
4. OneTrust
Very best for enterprises on the lookout for sturdy automation in vendor danger assessments with some tolerance for a steep studying curve.OneTrust’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how OneTrust performs towards the important thing danger evaluation options of a great TPRM instrument.
Find out how Cybersecurity compares with OneTrust >
Scalability
OneTrust is famous for its scalability due to its automation options streamlining person workflows. Nevertheless, its studying curve may be fairly steep, particularly when tailoring the platform to particular TPRM contexts.
Person Friendliness
OneTrust typically recieves optimistic person suggestions in regards to the user-friendly nature of its design, regardless of some troublesome in finding specfic characteristic areas.
TPRM Lifecycle Scope
Customers have reported some disjointed TPRM workflows within the OneTrust platform, significantly throughout its third-party danger alternate hub and different third-party danger administration.
5. Prevalent 
Very best for companies needing fast vendor onboarding and intensive customization choices.Prevalent’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how Prevalent performs towards the important thing danger evaluation options of a great TPRM instrument.
Find out how Cybersecurity compares with Prevalent >
Scalability
Prevalent helps fast implementationd and new vendor onboaridng, setting a basis for a scalable third-party danger administration instrument. Nevertheless, the corporate appears to be extra centered on together with extra product options, moderately than addressing exisitng points limiing the scalability of the product.
Person Friendliness
Prevalent typically receives optimistic suggestions for its user-friendly interface. Nevertheless, attaining mastery of its suite of options is reportedly cumbersome, additional highlighting the corporate’s disproportionate give attention to implementing new options over addressing present person points.
TPRM Lifecycle Scope
Prevalent helps the whole third-party danger administration lifecycle however, like Bitsight and SecurityScorecard, struggles with refreshing remediation duties in its danger reporting. The platform’s huge customization choices permits it to be tailored to many TPRM contexts, which might probably assist a large scope of TPRM workflows.
6. Panorays 
Very best for corporations requiring detailed safety insights and easy-to-use collaborative instruments.Panorays’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how Panorays performs towards the important thing danger evaluation options of a great TPRM instrument.
Find out how Cybersecurity compares with Panorays >
Scalability
Panorays general assist quick implementation, nevertheless it might take as much as 48 hours for newly imported third-party distributors to be scanned and included in reporting information, which might delay inherent danger discovery in the course of the vendor onboarding stage of the seller lifecycle. Some customers have additionally reported service disruptions, which might end in unreliable third-party danger intelligence that isn’t conducive to scaling.
Person Friendliness
Panorays to designed with a user-friendly interface that may be simply understood by all ranges of customers, even stakeholders.
TPRM Lifecycle Scope
Panorays helps end-to-end Third-Get together Danger Administration workflows, permitting danger evaluation workflows to naturally combine with Third-Get together Danger Administration processes. Nevertheless, among the capabilities of those surrounding options, in addition to these directing supporting danger evaluation processes, are questionable.
7. RiskRecon 
Very best for corporations needing simple, complete safety evaluation instruments with steady monitoring regardless of some integration and asset identification points.RiskRecon’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how RiskRecon performs towards the important thing danger evaluation options of a great TPRM instrument.
Find out how Cybersecurity compares with RiskRecon >
Scalability
RiskRecon provides danger scoring options, akin to its Criticality Matrix, serving to safety groups achieve insights insights in regards to the state of their third-party danger mitigation efforts. This superior awarenss helps agile danger evaluation responses, and ultimatily a scallable TPRM program. Though, some customers have flagged intergartion isuses which can impede scalabaility throughout a bigger physique of TPRM options.
The platform has additionally been flagged for inaccurate asset discovery, which might end in inefficient useful resource allocation whereas scaling third-party danger evaluation processes.
Person Friendliness
RiskRecon typically receives optimistic critiques about its usability as a third-party danger evaluation and TPRM answer.
TPRM Lifecycle Scope
RiskRecon doesn’t provide a natively built-in third-party danger evaluation workflow. The corporate has partnered with Whistic to fill this regarding characteristic hole for a TPRM answer.
8. Black Kite
Very best for companies wanting quick implementation and fewer emphasis on safety questionnaires in third-party danger administration.Black Kite’s efficiency throughout the highest three third-party danger evaluation answer metrics
Beneath is an outline of how Black Kite performs towards the important thing danger evaluation options of a great TPRM instrument.
Find out how Cybersecurity compares with Black Kite >
Scalability
Black Kite helps quick implementation, making it appropriate for companies scaling their third-party due diligence efforts. The platform’s limitation in its intergration capabilties might trigger points for increasing third-party vendor and third-party danger managed companies.
An space of appreciable concern is Black Kite’s lack of an entire danger evaluation workflow. To complement the workflow gaps that come normal in most of the different Vendor Danger Administration software program choices on this listing, customers have to both carry out guide work or combine the platform with different Vendor Danger Administration options, leading to not solely an extreme TPRM funding but in addition, an excessively bloated digital footprint, a consequence that’s detrimental to the instrument’s information breach prevention aims,
Person Friendliness
The Black Kite platform is straightforward to navigate with its intuitive workflows. Regardless of its user-friendly dashboard, the platform’s processes could take some time to load, which, over time, might trigger a irritating person expertise.
TPRM Lifecycle Scope
Black Kite doesn’t provide an end-to-end third-party danger evaluation program. To realize an entire danger evaluation instrument, customers would wish to both complement course of gaps with guide work or combine the platform with different options, leading to excessively excessive prices for a TPRM answer.
