10 best third-party risk management software platforms for 2026
Most companies hand sensitive data to dozens of outside vendors, from payroll providers to cloud hosts. When one of those vendors gets breached, the company that hired it still answers for the damage. Third party risk management software gives security and compliance teams one place to vet each vendor before signing and keep watch on it afterwards.
Regulators now check for this. Since January 2025, the EU’s DORA rules have required financial firms such as banks and insurers to keep a register of every contract they hold with a technology supplier. In the US, the banking regulators issued joint guidance in 2023 that covers vendors from selection through to exit. SOC 2 and ISO 27001 auditors ask a similar question: which vendors hold your data, and how do you know they’re safe?
A spreadsheet can track a handful of vendors. Past that, it falls behind. Newer tools use AI to...
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