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The Best 10 Vendor Risk Management Software for 2025
Discover the top 10 vendor risk management software solutions for 2025. Learn how these tools enhance security, compliance, and vendor risk assessment.
In the digital age, you just cannot operate your business or startup without third-party software. Here's a question for you: do you monitor the security and privacy services of vendors whose software you deploy and share sensitive information with? 60% of businesses don't. Moreover, most of these businesses wouldn't even be able to come up with a list of third-party software they share private data with if prompted. Can you?
If you haven't realized by now, your relationship with third-party vendors is more serious than it seems. One innocent mistake (and the internet is littered with such examples as Bank of America) by a low-key employee at any third-party software company, and your business is open to compromise
This is where vendor risk management software come in. These are aimed at analysing, minimizing and, if possible, eliminating the risks posed by third-party vendors to your business. Vendor risk management software helps you assess and reduce the potentially harmful risks associated with using third-party software.
Confused about which software suits your business needs? We've got you covered. Read on to discover more about vendor risk management software, the top ten best vendor risk tools on the market and the metrics to consider when choosing one that best suits your needs.
Vendor Risk Management Software Explained
Vendor risk management software helps businesses assess and manage risks associated with third-party vendors.
Some common risks your business is exposed to when you use third-party software include security issues, cyber-attacks, supply chain disruption, reputational risks, and compliance issues. Not to mention the associated costs with each operational disaster or disruption.
An effective vendor risk management software provides a one-stop solution for onboarding vendors, assessing vendor risks in real-time and alerting you in advance for proactive action against risk minimization.
Top 10 Vendor Risk Management Tools For 2025
Let's take a look at the top 10 best vendor risk management tools for 2025.
1. Spendflo
Spendflo, a SaaS buying and optimization platform, provides a comprehensive third-party risk management tool. It focuses on simplifying vendor risk management by automating and streamlining the process, eschewing the need for manual work. It also provides an intuitive dashboard with an inbuilt audit tool to monitor vendors' compliance with various frameworks and automatically displays which vendors are compliant and which are not.
Stand-out features
‒ Automated Risk Assessment: Spendflo automates and streamlines the vendor risk management process, reducing the need for manual work and increasing accuracy and efficiency.
‒ Real-time Monitoring: The real-time monitoring feature of Spendflo's vendor risk management tool alerts you about potential issues by continuously analyzing vendors' financial, cybersecurity, and regulatory risks.
‒ One-stop Solution: With Spendflo, you have a one-stop solution for vendor data, contracts and risk information, simplifying management and monitoring of vendor relationships.
‒ Custom Workflow: Spendflo's vendor risk management platform provides custom workflows to adapt to your businesses' specific risk management processes effectively.
‒ Comprehensive Compliance: Spendlo's platform provides built-in mapping to frameworks such as GDPR, HIPAA, and ISO 27001 to help your business demonstrate compliance with critical regulations and standards.
Pricing
Available on request.
G2 rating
2. AuditBoard
With an extensive vendor ecosystem, Auditboard's vendor risk management software is one of the best in business for compliance, audit and risk teams. It aims to improve and simplify vendor risk management for businesses.
Stand-out features
- AI-powered Evaluation: Leverages AI to automate vendor questionnaires to save time and reduce manual work.
- Risk Prioritization: Provides vendor risk scores to help you focus on high-risk vendors.
- Real-time Monitoring: Provides real-time information on vendor risk metrics changes for proactive action.
Pricing
Available on request
G2 rating
3. UpGuard
UpGuard is a robust cybersecurity risk management software. It provides detailed information on your organization's vulnerability to cyber security risks and attacks due to third-party software. With tools for instant vendor insights, automated risk assessments, and smooth workflows, UpGuard is the top choice for security teams worldwide.
Stand-out features
‒ Real-time security ratings: Provides real-time security ratings for vendors, which are refreshed daily.
‒ Automated assessments: Saves time by providing computerized questionnaires for vendors and generating insights based on existing compliance reports.
‒ Guided risk workflows: Helps create comprehensive vendor risk assessment workflows through step-by-step guidance.
Pricing
- Starter: $1599/month (billed annually)
- Professional: $3333/month (billed annually)
- Enterprise: Available on request
G2 rating
4. MetricStream
Metric Stream's vendor risk management software provides a one-stop solution for monitoring vendor risks related to compliance, financial health and security. With this software, you can centralize all vendor information, such as products/services, bank details and contracts, in a single place for quick assessment and comparison.
Stand-out features
‒ Live risk monitoring: This helps you monitor vendor risks in real time.
‒ Faster onboarding: Cuts onboarding time by 80% through automated workflows.
‒ Trusted data sources: Employs trusted data sources to provide effective and reliable risk assessment.
Pricing
Available on request
G2 rating
5. ProcessUnity
The third-party risk management software by ProcessUnity helps your business simplify and strengthen vendor risk management through AI-drives tools, automated vendor risk lifecycles and access to a massive library of assessments.
Stand out features
‒ End-to-end automation: Automates the entire vendor risk lifecycle from onboarding to monitoring to assessment.
‒ Global Risk Exchange: Provides access to a library of over 15000 validated risk assessments.
‒ AI-driven assessments: Leverages AI to identify, manage, and prioritize risks effectively.
Pricing
Available on request
G2 rating
6. Venminder
Venminder's third-party risk management software provides comprehensive risk assessment for your vendors regarding information security, data protection, cybersecurity, and financial health. Venminder deploys a combination of automation, risk intelligence and expert assessments to achieve this.
Stand-out features
‒ Lifecycle management: Provides complete vendor lifecycle management from onboarding to offboarding.
‒ Continuous monitoring: Provides continuous vendor risk monitoring for proactive action.
‒ Customizable Questionnaires: Helps build and deploy detailed vendor questionnaires for in-depth risk assessment.
Pricing
Available on request.
G2 rating
7. LogicGate
LogicGate's centralized vendor risk management software streamlines risk identification and mitigation through OpenAI integration. It provides heat maps, letter grades, and scores to vendors to clarify vendor risks immediately.
Stand-out features
‒ Risk Scores: Provides heatmap, letter grades and risk scores to simplify risk identification.
‒ Automated workflows: Automates vendor onboarding, reassessment and offboarding, saving time.
‒ Third-party Risk Quantification: Provides potential financial impact of third-party risk using Monte Carlo simulations.
Pricing
Available on request.
G2 rating
8. Diligent
Diligent's third-party risk management software leverages the power of secure, private, generative AI to help businesses reduce vendor risks. It provides practice templates from industry thought leaders to help you generate reports that give clear and practical insights into vendor risks for boards, committees and executives.
Stand-out features
‒ Clear risk insights: Helps generate reports with clear insights into vendor risks.
‒ Automation: Speeds up vendor renewal, approval and risk assessment through automation.
‒ Custom risk models: Provides customizable risk models to fit your business needs.
Pricing
Available on request.
G2 rating
9. Prevalent
Prevalent provides a one-stop solution to vendor risk management for your business. It combines vendor management, risk assessment and threat monitoring in a single platform to provide a comprehensive risk assessment.
Stand-out features
‒ Unified risk management: Provides a single vendor onboarding, assessment and risk minimization platform.
‒ AI-powered insights: leverages AI to analyze and correlate vendor risk data.
‒ Custom questionnaires: Provides custom vendor questionnaires along with standard ones for your unique business needs.
Pricing
Available on request.
G2 rating
10. Camms
Camms, now a part of RiskConnect, provides a highly configurable third-party risk management platform to streamline vendor risk identification and mitigation. It provides out-of-the-box templates and forms for your unique business needs, designed with the best business practices in mind.
Stand-out features
‒ Centralized vendor management: Consolidates vendor data in a single place for a complete view of vendors' risk.
‒ Real-time monitoring: Tracks vendor performance in real-time to mitigate risks proactively.
‒ Automation: Automates vendor onboarding, assessment and offboarding, improving time efficiency.
Pricing
Available on request.
G2 rating
How to Choose the Best Vendor Risk Management Software
Before deciding on the best vendor risk management software for your business, consider these metrics:
1. Pricing and Value
Depending on your dedicated budget and purpose, you can consider a standalone vendor risk management tool (lower price) or a holistic compliance solution (higher price).
2. Data Integrity
A reliable vendor risk management software should have positive answers to these questions:
- Is data from reputed sources being used for risk assessment?
- Are the data sources being updated regularly?
- Is the data integration facility available with existing platforms?
3. Learning Curve
The tool you choose should be easy for a first-time user and offer detailed manuals for familiarization. In particular, consider the answer to the following questions:
- Does the platform offer customization?
- Does the platform integrate well with your existing systems?
- Does the platform provide detailed onboarding?
How Spendflo Can Help
Spendflo's third-party risk management tool provides your business with a comprehensive one-stop vendor risk management solution.
With features such as automated risk assessments, real-time monitoring and custom workflows, Spendlo ensures proactive vendor risk identification and mitigation, saving crucial time, expense and effort.
With Spendflo, you can also coordinate vendor risk management across departments by involving IT, legal, infosec, and finance to request and review essential security documents from the vendor. Therefore, you can be assured that nothing slips through the cracks regarding third-party vendor risks. Discover more and get a free savings analysis with us today!
FAQs
1. What is vendor risk management?
Vendor risk management is a process to avoid business disruption and minimize adverse effects from engagement with third-party software companies.
2. What are the benefits of vendor risk management?
- Risk minimization
- Regulatory compliance
- Efficient time and cost management
- Strengthened defense mechanisms
3. Is vendor risk management software necessary for businesses?
Businesses that use third-party software must have vendor risk management to avoid business disruption and problems caused by issues at the third-party vendor.
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