Software that helps businesses assess, monitor, and mitigate risks from vendors, suppliers, and third-party partners through automated due diligence, continuous monitoring, and compliance tracking.
Evaluate based on risk assessment depth, integration capabilities, regulatory compliance features, scalability, automation level, and industry-specific requirements for your vendor ecosystem.
Core features: Risk assessments, vendor onboarding, compliance monitoring, contract management, performance tracking, reporting dashboards, and alert systems for risk changes and renewals.
Third-party risk management software pricing varies dramatically based on target market and complexity. Entry-level solutions like SmartSuite start at $12/user/month with a free plan available, scaling to $45/user/month for enterprise features. Mid-market platforms typically cost $23,800-45,792 annually (Diligent), while enterprise solutions range significantly: IBM OpenPages ($3,300-207,000+ annually), MetricStream ($75,000-1,000,000+ annually), and ServiceNow ($50,000-500,000+ annually). Many vendors require custom pricing quotes. Key cost factors include user count, vendor management volume, compliance requirements (NIS2, GDPR, DORA), integration needs, and implementation complexity. Most platforms offer free trials or demos before purchase.
| Title | Description |
|---|---|
| Hard Cost Savings | Eliminates manual vendor assessment processes, reduces compliance audit costs, and prevents costly contract penalties through automated monitoring and renewal management. |
| Productivity Gains | Streamlines vendor onboarding workflows, automates risk scoring and reporting, and centralizes supplier information to accelerate procurement and compliance teams' decision-making processes. |
| Risk Mitigation | Provides continuous monitoring of supplier financial health, cybersecurity posture, and regulatory compliance to prevent supply chain disruptions and data breaches before they occur. |
| Revenue Acceleration | Enables faster vendor qualification and onboarding processes, supports rapid market expansion through pre-vetted supplier networks, and maintains customer trust through demonstrated supply chain security. |
| Financial Engineering | Optimizes supplier portfolio allocation based on risk-adjusted performance metrics, improves contract negotiation leverage through comprehensive vendor analytics, and supports strategic sourcing decisions with predictive risk modeling. |
This software assesses, monitors, and mitigates risks associated with vendors and partners, ensuring compliance, reducing exposure, and strengthening supply chain resilience.
With each profile, you’ll quickly see how vendors create value for their customers, supported by documented results.