10 Best Third-Party Risk Management Software In 2025

Are you looking for third-party risk management software to centralize vendor data, automate due diligence and risk scoring, ensure regulatory compliance, and/or continuously monitor suppliers?

A good third-party risk management software can continuously monitor vendors, automate due diligence and risk scoring, prioritize high-risk relationships for remediation, and produce audit-ready evidence.

In this buyer guide, I’ll cover the 10 best third-party risk management tools that can help you define risk templates, scoring criteria, control weightings, and playbooks per vendor type or criticality.

TL;DR

SmartSuite offers the best third-party risk management software with its all-in-one risk management capabilities, no-code automation builder, and pre-built vendor risk templates.
Enterprise-grade tools like Diligent, OneTrust, and IBM OpenPages are ideal for large organizations that need deep regulatory mapping, audit readiness, and AI-powered governance.
On the other hand, there are tools like StandardFusion, SAI360, and AuditBoard that can help mid-sized companies streamline vendor assessments, unify compliance, and stay audit-ready without heavyweight complexity.

Before we begin, I wanted to go over some of the factors to consider when you’re evaluating third-party risk management solutions:

What are the factors to consider when evaluating third-party risk management tools?

The main factors to consider in third-party risk management software include coverage of the full vendor risk lifecycle, integrations, workflow flexibility, and how audit-ready you can be with it.

Let’s dive deeper into each one of them: ⬇️

#1: Coverage of the full vendor risk lifecycle

The platform should support the entire vendor lifecycle, from onboarding and initial due diligence through ongoing monitoring, issue remediation, and offboarding.

Look for built-in assessment templates, automated evidence collection, and the ability to track corrective actions and remediation deadlines.

💡 If your program requires continuous monitoring (e.g., threat intelligence, financial health, or regulatory watchlists), confirm that those feeds and alerting capabilities are native or easily integrated.

#2: Integration, data sources, and automation

Risk programs rely on data flowing in from many systems, so evaluate the product’s integrations (APIs, SSO, GRC, procurement, ERP, SIEM, and ticketing/ITSM).

Ask whether it can automatically ingest questionnaires, evidence, security scans, and third-party alerts; manual uploads quickly become unscalable.

Also, check workflow automation: automated risk scoring, reassessment triggers, escalation paths, and remediation task creation save time and reduce human error.

#3: Risk modelling, customization, and workflow flexibility

The tool should let you define risk templates, scoring criteria, control weightings, and playbooks per vendor type or criticality.

Customizable workflows and role-based approvals are essential so legal, security, procurement, and business owners see only what they need and can act without bottlenecks.

💡 Scalability matters too if you’re an enterprise: ensure the product can handle thousands of vendors, varied assessment cadences, and different SLAs as your program grows.

#4: Reporting, auditability, and evidence management

Regulators and auditors will want clear evidence trails, immutable audit logs, and easy exports of assessments, remediation actions, and approvals.

Dashboards and reporting should enable you to slice risk by business unit, vendor criticality, contractual obligations, and open remediation items, providing leadership with concise, actionable views.

Your team should check whether the product supports templated executive reports, scheduled exports, and ad-hoc queries without heavy professional services.

➡️ Pro Tip: Good evidence management (timestamped docs, versioning, and secure storage) turns a GRC tool into a defensible record during incidents or audits.

What are the best third-party risk management platforms on the market?

The best third-party risk management platforms on the market include SmartSuite with its all-in-one risk management capabilities, intuitive interface and affordable pricing structure, as well as Diligent and OneTrust.

Here’s a comprehensive breakdown:

#1: SmartSuite: Best for banks and credit unions looking to centralize vendor risk, automate compliance, and launch third-party risk management workflows in days with no-code automation and pre-built templates.

#2: Diligent: Best for compliance teams needing board-level governance, enterprise policy oversight, and AI-powered regulatory insights.

#3: OneTrust: Best for enterprises seeking to unify privacy, security, and GRC while automating vendor assessments and regulatory compliance across 50+ frameworks.

#4: LogicGate: Best for organizations that need customizable workflows and AI-driven insights to automate vendor onboarding, risk scoring, and remediation playbooks.

#5: IBM OpenPages: Best for enterprises requiring AI-powered risk analytics, deep regulatory mapping, and scalable vendor lifecycle management.

#6: StandardFusion: Best for mid-market organizations looking for a straightforward, user-friendly platform with control libraries, evidence collection, and vendor assessments.

#7: SAI360: Best for companies that want an enterprise-wide, customizable system unifying risk, compliance, and ethics management with extensive pre-mapped frameworks.

#8: MetricStream: Best for large enterprises managing global vendor risk with AI-powered insights, deep audit integration, and supplier lifecycle management.

#9: ServiceNow: Best for enterprises wanting integrated vendor risk management embedded directly into ITSM and security operations.

#10: AuditBoard: Best for audit and risk teams needing strong evidence workflows, pre-built frameworks, and clear visibility into vendor control testing and remediation.

#1: SmartSuite

SmartSuite offers the best third-party risk management software on the market for banks and credit unions with our modern, no-code project management platform.

Our GRC software gives you a single, flexible workspace to catalogue vendors, run periodic assessments, automate contract and control workflows, score and monitor vendor risk, and link incidents to vendor assets without heavy IT involvement.

💡 We have recently partnered with the Cyber Risk Institute to deliver a CRI profile for U.S. Banks' compliance needs.

Let’s go over the functionality that makes SmartSuite the best choice for compliance teams looking for a third-party risk management solution: 👇

All-In-One Risk Management Software

Our no-code, easy-to-use platform empowers compliance managers and CISOs to automate all risk management processes with ease.

Here are the use cases that you’ll get with SmartSuite:

Create reports and dynamic dashboards: Monitor executive views into your organization's overall risk profile with powerful charting and metrics widgets.

Collaborate and respond to risks in real-time: Engage key stakeholders in a real-time discussion of potential threats or vulnerabilities.

Our software will also let you get instant updates when critical information is available.

Automate policy creation, real-time approval, and control assessments: Streamline risk management by building an integrated program on a single platform.
Keep risk and compliance data secure: Define your teams and manage access to information across all GRC practice areas.

Integrate with your existing systems: Our GRC software lets you integrate with existing systems (ticketing, identity, procurement, CMDBs) and data to consolidate and centralize your data.

Your team will be able to:

Pull vendor contract data from procurement systems or push assessment tasks into the ticketing system.
Sync vendor asset inventories from CMDBs so risk assessments reflect the actual scope of access.
Retrieve security telemetry or incident data into vendor records to automate risk reclassification.

Monitor, measure and score: Create risk calculations and metrics to evaluate every aspect of risk.

Policy management: It’s possible to establish a strong foundation from the get-go with streamlined and flexible policy management.

You’ll be able to assign ownership, manage revisions, and ensure your policies consistently align with key business initiatives and regulatory requirements.

PSTOS Compliance Tracker: Designed for regulatory compliance and built on SmartSuite.

This solution focuses on data security as the core of compliance frameworks with services such as compliance readiness, virtual CISO, and IT security implementation.

Learn more about it from this webinar that we did on the topic:

Prioritize & Mitigate Risks

With SmartSuite, you can create a centralized risk register to effectively identify potential risks to your organization.

You will be able to properly assess threats and establish risk mitigation strategies inside SmartSuite.

Your team can ensure that the appropriate controls are in place and measure their effectiveness by evaluating risk indicators and displaying results in SmartSuite’s rollup reports and dashboards.

💡 Pro Tip: Teams that use our platform use automation to move tasks through defined workflow stages that comply with their policies and procedures.

We understand how crucial threat management is and the need to respond quickly to incidents.

SmartSuite lets you centralize incident response and threat mitigation by linking incidents to assets and organizational data to offer context during your investigations.

Your compliance team can also set up automation with our no-code automation builder to escalate critical events to make sure that your team is aware of active risks to your organization.

No-code automation to enforce process and reduce human error

SmartSuite's no-code automation builder provides you with a visual interface that makes it easy to respond to events and take action.

For TPRM, you can use automation to:

Auto-assign assessment tasks when a vendor is onboarded.
Escalate high-severity findings to the vendor owner and CISO when a score threshold is exceeded.
Auto-create remediation tasks from failed control checks and move them through predefined workflow stages.
Send reminders for expiring certificates, upcoming renewals, or overdue remediation.

💡 This removes a lot of operational friction: policies are enforced by workflow rather than memory or spreadsheets, which improves compliance and speeds up remediation.

Pre-Built Third-Party Risk Management Templates

SmartSuite’s third-party templates let you consolidate every vendor record into one place with fields for:

Legal name, DBA, vendor type, location, line of business
Contract info (start/renewal/termination dates), owners, SLAs
Criticality/tier, data access levels, and assets the vendor touches
Assessment history, findings, remediation plans, attachments (contracts, attestation docs)

➡️ Having all vendor facts, contracts, and assessment artefacts co-located removes the spreadsheet chaos and makes it possible to link vendor records directly into risk processes, dashboards, and automations.

Our general risk management template includes:

Third-Party Risk, where you can view vendor profiles, vendor engagements, and build a vendor risk assessment sheet.

Risk register, where you can break down the risks, the risk owner, the annual loss expectancy, risk event category, risk type, volatility, and status.

Issue assessments, where you’ll be able to see a comprehensive breakdown of each risk.

Action plans, where you can describe the actions (best practices) to mitigate the risks.

A separate tab for control standards, your findings, exception requests, risk assessment by type, and risk assessment issues.

You can customize our risk management template here.

Alternatively, check out and customize our 14 other risk management templates for various use cases, such as contract management, policy management, and incident management.

Pricing

SmartSuite offers a free plan with access to 250+ automation actions, team collaboration, multi-dashboard views, and more.

There are four paid plans with a 14-day free trial (no CC required):

Team: Starts at $12/user per month, including Gantt charts, timeline views, 5000 automation runs, and native time tracking.
Professional: Starts at $30/user per month and adds two-factor authentication, Gmail & Outlook integrations, and unlimited editors.
Enterprise: Starts at $45/user/month and includes access to audit logs, data loss prevention, and 50,000 monthly API calls.
Signature: A customized plan tailored to your organization’s needs and team size with no predefined limits.

Pros & Cons

✅ A generous free plan that includes access to advanced features of the tool for up to 5 solutions.

✅ 15 out-of-the-box GRC templates for various use cases.

✅ Dynamic dashboards and reports that are easy to build and navigate, unlike some alternatives that require you to hire consultants to do it.

✅ All-in-one document and file management.

✅ You’ll be able to automate risk scoring, compliance tracking, audits, and vendor reviews.

✅ A modern solution with an intuitive user interface.

❌ Fewer native integrations when compared to other platforms in this list.

#2: Diligent

Best for: Compliance teams looking for board-level governance and enterprise policy oversight.

Similar to: Onspring, ArcherIRM.

Diligent excels at board-level governance and enterprise policy oversight, giving executives a consolidated view of vendor and third-party exposures.

It’s strong where compliance needs to be tied directly to governance and decision-making.

Features

Centralized vendor due diligence workflows that track onboarding, approvals, and remediation across business units.
You can configure ongoing data tests and automate business process monitoring (e.g. internal control testing) to detect anomalies and maintain compliance in real-time.
It’s possible to use scripted tasks in Python or ACL to automate data aggregation, testing, and remediation notifications.

Standout Feature: Diligent AI

What stood out to me about Diligent is its AI assistant that helps you anticipate risk and stay compliant by generating summaries, mapping out regulatory requirements, and automatically benchmarking ESG and risk in real-time.