7 Best Third-Party Risk Management Software in 2025

Whether you operate a small business or run a large enterprise, you rely on third-party suppliers, merchants or software providers.

They are fundamental to your operations, but they can pose security risks. The better you understand how that happens, the less likely you are to experience a breach.

With the best third-party risk management software, you can defeat cybercriminals and eliminate insider threats. 

1. LogicManager 

For over two decades, LogicManager has been among the best third-party risk management software. Its proactive, holistic risk assessment approach distinguishes it from other software-as-a-service (SaaS) solutions.

In addition to providing an expansive suite of tools, it assigns a dedicated advisory analyst to guide you through best practices from day one. 

This enterprise risk management software acts as a single pane of glass for all teams to understand third-party risk.

It provides a centralized hub, connecting over 7,000 applications to bridge data silos between departments and merchants.

LogicManager Connectors are prebuilt by experts for industry-leading drag-and-drop configuration, enabling leaders to map and visualize data fields without technical expertise. 

LogicManager’s Risk Ripple Intelligence leverages a suite of artificial intelligence tools that tap into insights across the business to uncover hidden data points and prevent threats from escalating.

Powered by OpenAI’s ChatGPT, LogicManager Expert can generate real-time insights tailored to organization-specific risks.

Since AI engineers trained it on LogicManager University data, it provides expert guidance on risk-based approaches. 

Jobs-to-be-Done licensing has adaptive pricing and no hidden fees, so you only pay for what you need.

This fixed-price model covers advisory services, onboarding and unlimited user licenses. You can receive discounts for adopting multiple solutions, maximizing your returns.

The 90-day unconditional satisfaction guarantee is proof of this company’s confidence.  

2. OneTrust 

The third-party management tools from OneTrust let customers build a custom, centralized vendor inventory to gain visibility across their operations.

On average, they see a 70% reduction in the time and costs associated with risk assessments.

These savings are part of why more than 14,000 users including industry leaders like Microsoft, Accenture, KPMG and HermanMiller — trust it. 

OneTrust uses control frameworks to automate vendor assessments.

Users can leverage one of over 50 built-in, out-of-the-box templates or import custom questions that use rule-based triggers to change depending on vendors’ answers.

The software automatically assigns risk scores based on those results. 

This platform also offers continuous monitoring to respond automatically as new risks emerge.

If third parties meet a predetermined threshold, it can trigger reassessments to reevaluate risk.

Firms can aggregate these insights by seamlessly integrating them with their other risk management systems. 

3. UpGuard 

The software maker UpGuard offers top-rated security ratings of numerous third parties it updates multiple times daily.

Any substantial shift triggers an alert, keeping businesses on top of vendor security posture.

They can further increase visibility with around-the-clock third-party monitoring. Other services include risk assessments, remediation processes and one-click reporting in easy-to-use end-to-end workflows. 

UpGuard has several automation functions. For example, the reporting feature populates prebuilt templates with up-to-date data and sends documents to stakeholders.

It provides a library of preconfigured questionnaires from institutions like the National Institute of Standards and Technology and the International Organization for Standardization.

According to UpGuard, they allow employees to fill in information gaps with 90% less manual work. 

Like other industry leaders, UpGuard has delved into AI. This software entity’s proprietary tool is called UpGuard AI.

It can instantly assess risks, clearly showing which controls subsidiaries meet or fail. Once professionals understand which threats are present, it recommends relevant, actionable remediation strategies. 

With application programming interfaces and prebuilt integrations, security professionals can seamlessly incorporate UpGuard into their existing technology stack, combining it with other risk management tools.

Thousands of enterprise-level brands worldwide including TDK, Schrödinger Inc. and the New York Stock Exchange trust its expertise and simplicity. 

4. Panorays 

The IT risk management organization Panorays offers third-party risk management software ideal for logistics professionals and large businesses with extensive supply chains, proven by its relationship with clients like TSMC, Quantum, Arvest, Payoneer, Avis and Cimpress.

Some of the largest global supply networks trust this SaaS platform. 

Auto-adaptive risk management is this company’s claim to fame. It focuses on cybersecurity, assigning dynamic ratings to each third-party connection.

Since these unique identifiers update in real time, users know when to adapt their security mechanisms or reevaluate their relationship with their suppliers. 

The risk management platform prioritizes vulnerabilities based on key risk indicators and performance objectives.

This map of connections drastically enhances cyber posture visibility. If anything changes, it instantly notifies customers and recommends next steps.

Other notable features include prebuilt questionnaire templates and AI-powered validations. 

According to Panorays, its risk ratings are 99.8% accurate, and its questionnaires have a 98% vendor response rate.

Teams who use this software accelerate vendor onboarding by 80%, complete tasks 30% faster and reduce the likelihood of a data breach by 55%.

Given how complex third-party risk management is, these numbers are impressive. 

5. SecurityScorecard 

Like other leading software solutions, SecurityScorecard centralizes continuous monitoring, vendor rankings and compliance frameworks in a single centralized dashboard.

It tracks merchants, assigning dynamic scores based on associated threats, and generates actionable, entity-specific remediation plans.

This streamlined process can save you hours of manual work. 

With SecurityScorecard, you can trace your parent organization’s overall risk level to specific subsidiaries.

This feature lets you prioritize those that require additional attention, preventing small threats from snowballing. You will immediately receive a remote alert if this hierarchy changes. 

Like many SaaS providers, SecurityScorecard has several service tiers. With its 14-day free trial, you can view your security rating.

The Business plan the least expensive option provides scorecards for up to five enterprises.

You receive daily rule-based alerts, can automate vendor reporting, receive API access and gain over 50 prebuilt integrations.

The more expensive Enterprise and Max plans offer constant monitoring across your entire supply chain, filling gaps. 

SecurityScorecard assigns you a dedicated customer success manager who provides priority support.

Having an expert guide you through onboarding, assessment and technical issues streamlines most processes. 

6. BitSight 

BitSight is a cyber risk intelligence platform from BitSight Technologies Inc. that provides end-to-end visibility.

This company operates one of the largest risk datasets in the world and has a network of over 40,000 vendor profiles.

Its software combines years of cybersecurity expertise, technical knowledge and AI to provide an accurate overview of your attack surface. 

Another notable feature is security weakness detection, which mitigates zero-day vulnerabilities and enables real-time reporting.

The centralized trust management portal lets you import questionnaires, certifications and attestations.

You can also manage review requests and quickly share information with stakeholders. 

You can hire a dedicated advisor through BitSight’s professional services if you need assistance with everything from vendor selection to reporting.

They can monitor your vendor ecosystem, assist with vulnerability remediation and work internally to address issues. 

You can use BitSight to manage hundreds of vendors simultaneously. Around-the-clock monitoring helps you develop intervention strategies.

Also, automated assessments accelerate onboarding, and data-driven insights improve response validation.

Over 3,300 customers worldwide use these capabilities, including leaders like NASA, S&P Global, Moody’s and AIG. 

7. Prevalent 

The third-party risk management platform from Prevalent aggregates disparate information sources to unify vendor inventories, risk assessments and threat monitoring feeds.

It also leverages its community’s power for external insights.

Its risk intelligence library is an on-demand network of over 10,000 merchants, delivering historical and real-time data points from over 500,000 sources. 

You can use Prevalent’s suite of tools to see the connection between merchant assessments and external threat data, giving you a comprehensive view of your organization’s cybersecurity posture.

This platform streamlines manual tasks and clarifies complex risk intelligence findings, which is why well-known enterprises like Pfizer, Boeing, Tesco, Circle K and Allianz use it. 

Many top-rated SaaS providers leverage the power of AI to enhance their offerings, and Prevalent is no different.

It trained its large language models on proprietary datasets that contain two decades of third-party risk management information.

They can help you make sense of huge volumes of information or automate repetitive duties. 

Prevalent’s dedicated services team is another enterprise-level offering that sets it apart from many competitors.

These experts can handle everything from vendor onboarding to remediation tracking.

Their sole responsibility is to help you in whatever way you need to manage and mitigate third-party threats. 

Selecting The Best Third-Party Risk Management Software  

LogicManager is the best third-party risk management software based on its expertise, feature variety, AI offerings, dedicated support and fixed-price model.

However, the others are also excellent options, and vendor selection is not something you should rush.

Compare LogicManager, OneTrust, UpGuard, Panorays, SecurityScorecard, BitSight, and Prevalent to determine which aligns with your needs and budget.