11 Best Platforms for Third-Party Risk Management in 2024 | Insights Living

11 Best Platforms for Third-Party Risk Management in 2024

11 Best Platforms For Third-Party Risk Management In 2024
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Third-party risk management tools and software (TPRM) become essential as a business starts growing. It can be difficult to track all the vendors associated with your brand manually and that is where these automated platforms shine.

Using these platforms, you can track and monitor the risks and challenges related to dealing with third-party vendors like cyber risks, financial risks, loss of data, legal liability and more.

Best platforms for third-party risk management in 2024

Here are the top 11 platforms for third-party risk management this year.

SignalX

SignalX is an end-to-end platform that enables users to perform a variety of automated due diligence checks on entities. The platform offers various primary and advanced services and offers third party risk management solutions to assess legal, financial, reputational and compliance risks related to new vendors, partners and suppliers.

Deloitte

Deloitte operates in over 60 countries and offers risk assessment checks using AI and Natural Language Processing powered platform. It also enables you to plug in your current platform and create a customized and integrated TPRM solution. Their third-party risk management includes vendor monitoring, questionnaires, remote and onsite inspections, remediation and screening and background checks.

Onetrust

Onetrust was the 2020 Forrester Wave Leader for Third-Party Risk Management (TPRM). This company helps manage your third-party risk program by offering comprehensive TPRM software. They also offer tools for third-party risk exchange software and questionnaire response automation software.

Trace International

Trace International offers due diligence on any number of third parties with free setup to access the platform. The customized suite on this platform allows businesses to assess third party risks, monitor third party relations and track vendor onboarding decisions.

Aravo

Aravo has provided third-party risk management for some of the top brands in the world, including Google and Microsoft. The platform offers tailored solutions for supplier risk and performance and IT vendor risk management.

Refinitiv

Refinitiv offers tools for monitoring, screening and risk assessment. These tools are powered by a set of interconnected and accurate risk data which is a prerequisite for compliance with financial crimes.

Metric Stream

MetricStream offers a platform integrated and real-time view of the vendors. This platform integrates all aspects of third-party management, including data collection, monitoring, vendor onboarding, compliance, and risk mitigation. 

Coupa

Coupa provides a platform to reduce third-party risks and compliance costs. The tools on this platform tool help monitor vendors’ business activities and ensure their compliance with regulations.

Prevalent

Prevalent helps in addressing cyber security and privacy risks from the third-party’s vulnerabilities. It has a cloud-based TPRM platform that offers standardized vendor risk assessment and monitoring. It also offers remediation management across the entire lifecycle of the vendor.

Thomson Reuters CLEAR

Thompson Reuters offers an investigative platform to get comprehensive data on vendors. The tools use real-time data to present a clear picture of third-party relationships with potential investors, suppliers and vendors.

IHS Markit

IHS Markit’s third-party risk management service is called KY3P and offers end-to-end third party and vendor risk management. The major services offered by this platform are onboarding, oversight, shared assessments and third-party due diligence and monitoring.

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