Buyer’s Guide: Third-Party Risk Management Software (2024)
Christine O'Donnell
Daniel Garcia
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Executive Summary
This report provides decision-makers in risk management roles who are responsible for the selection, implementation and management of software for third-party risk management with an analysis of 18 prominent software platforms available on the market today. The analysis leverages data collected from the 18 vendors via questionnaires. In addition, Verdantix has built a holistic picture of the third-party risk management vendor landscape, key product enhancement trends and buyer requirements, using a range of publicly available data, as well as insights generated from our annual global corporate survey of 200 executives in director roles and above (see Verdantix Global Corporate Survey 2023: Risk Management Budgets, Priorities & Tech Preferences). The market for third-party risk management is undergoing a period of accelerated innovation, driven by a greater focus on business resilience, incoming mandatory regulations, pressure to meet ESG expectations and unprecedented levels of scrutiny over data quality and reporting. Prospective buyers should use this report to support them in their search for third-party risk management software applications that fit their requirements.Defining third-party risk management software solutions
Business resilience drives demand for third-party risk management software
Buyers should consider industry requirements when selecting third-party risk management software
Inclusion criteria for the 2024 Buyer’s Guide for third-party risk management software
Aravo overview
Archer overview
Diligent overview
Empowered Systems overview
Ethixbase360 overview
Fusion Risk Management overview
LogicGate overview
MetricStream overview
Mitratech overview
NAVEX overview
OneTrust overview
Origami Risk overview
Prevalent overview
ProcessUnity overview
Protecht overview
SAI360 overview
ServiceNow overview
Venminder overview
Figure 1. Table of risk-management-related acronyms
Figure 2. Third-party risk management functionality overview
Figure 3. Vendor types operating in the third-party risk management software market
Figure 4. Firms' priorities are reflected in a range of emerging risks
Figure 5. Pressures related to expansion into new geographies are key drivers of spend
Figure 6. Third-party risk management software providers
Figure 7. Aravo overview
Figure 8. Archer overview
Figure 9. Diligent overview
Figure 10. Empowered Systems overview
Figure 11. Ethixbase360 overview
Figure 12. Fusion Risk Management overview
Figure 13. LogicGate overview
Figure 14. MetricStream overview
Figure 15. Mitratech overview
Figure 16. NAVEX overview
Figure 17. OneTrust overview
Figure 18. Origami Risk overview
Figure 19. Prevalent overview
Figure 20. ProcessUnity overview
Figure 21. Protecht overview
Figure 22. SAI360 overview
Figure 23. ServiceNow overview
Figure 24. Venminder overview
About the Authors
Christine O'Donnell
Senior Analyst
Christine is a Senior Analyst at Verdantix, where she provides research-driven insights to help corporate leaders and technology vendors navigate the evolving third-party risk...
Daniel Garcia
Senior Manager
Daniel is a risk and compliance subject-matter expert (SME), with over 16 years of global experience, having worked for major financial institutions and consulting firms in La...
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