The top 11 Diligent alternatives for third-party risk management
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When dealing with multiple suppliers, there are risks involved. What if these third parties run into problems? Like unexpected costs, bad publicity, data breaches, or legal issues that could lead to fines. That’s where third-party risk management software can help.
Diligent is one of those companies that provides software for managing third-party risks. They focus on governance, risk, and compliance (GRC) solutions. Founded in 2001 and based in New York, Diligent offers tools that help make board operations run more smoothly, improve risk management, and keep you compliant with regulations.
While Diligent could be an option for managing third-party risks, it’s important to do research on your other options too. This helps you select the software that best fits your organisation's needs. In this article, we’ve listed the top 11 Diligent competitors.
The third-party risk management software providers we’re covering in this article are:
- 3rdRisk
- UpGuard
- Aravo
- OneTrust
- Venminder
- Prevalent
- AuditBoard
- RiskConnect
- ServiceNow
- ProcessUnity
- SecurityScorecard
We'll discuss the pros and cons and also highlight the key features. Let’s dive in!
11 Best Diligent alternatives & competitors
Forrester has recognised Diligent as a top player in GRC software, especially for its comprehensive features. However, reviews on Gartner show that support isn’t always responsive, and the implementation process could cause some issues and limitations. So, it’s worth looking into other options as well.
These are our top alternatives to consider — in no particular order:
1. 3rdRisk
We’re kicking off the list with our own software: 3rdRisk. We believe handling third-party risks manually is outdated and inefficient, so we looked for a better way. 3rdRisk is a great Diligent alternative because it lets you automate, secure, and scale your third-party risk management (TPRM). It helps you identify and reduce supplier risks with confidence.
With 3rdRisk, inefficient and inaccurate Excel sheets are no longer needed. We’re the only European platform capable of managing multiple risk domains, from privacy and security to compliance and sustainability.
The software has a modern, user-friendly interface with special features like a chatbot. You can customise it with your own branding and tweak the platform to fit your needs, making it a better user experience and increasing stakeholder engagement.
What’s great about our third-party risk management platform is that it integrates with Diligent and other GRC systems. It also offers real-time insights, alerts, and notifications. And the implementation process? It’s super straightforward and only takes 10 days to get you up and running.
Key features:
- Smart, automated, and efficient third-party risk management processes
- Become compliant in a matter of weeks
- Real-time insights and alerts
- 10 day implementation process
- AI analyses saving you time for high-end tasks
- One platform for third-party risk management
- Fully branded platform, supplier portal, e-mail communication, etc.
- Virtual, AI powered chatbot (also in Microsoft Teams!)
2. UpGuard
UpGuard is a TPRM platform that integrates third-party security ratings, assessment questionnaires, and threat intelligence to give businesses a complete overview of their security risks. In short: UpGuard helps organisations manage cybersecurity risk.
This Diligent alternative offers security ratings on top of their TPRM assessment functionality. But, they don’t have DORA blueprints or best practices, so you'll have to start your TPRM projects from scratch. Good to know: UpGuard focuses mainly on cybersecurity and does not scale to other risk domains, like sustainability.
Key features:
- Vendor risk assessments
- Security ratings
- Data leaks detection
- Reporting & dashboards
- Security questionnaires
3. Aravo
Aravo is a cloud-based TPRM platform designed for usability, flexibility, security, and scalability. It offers strong features for automating governance, risk, and compliance, including a relational data model, document and content management, automated workflows, and interactive reporting and visualisation.
The cool part about Aravo is that it has an assessment-sharing network. On the downside, its interface might be considered as a bit outdated, and it doesn’t have AI integrated into the workflows (as far as we are concerned).
Key features:
- Risk management lifecycle
- Vendor due diligence
- Continuous monitoring
- Issue management and remediation
- GRC software platform
4. OneTrust
Another Diligent alternative is OneTrust. They believe that what’s good for society is good for business. Their platform enables responsible use of data and AI, bridging the gap between data activation and data risk.
This TPRM platform covers multiple areas, but is strong in privacy management workflows. Keep in mind they’re pricier than others in the list, and their implementation takes much longer than the 10-day setup of 3rdRisk. Plus, their non-privacy modules aren’t very intuitive.
Key features:
- Data security and governance
- Privacy automation
- AI governance
- Security and privacy compliance automation
- Consent and preference management
5. Venminder
Venminder is a platform designed for handling third-party risk programs. It’s used by over 1,200 customers to manage the whole vendor lifecycle, from onboarding to offboarding. This TPRM platform focuses on outsourced due diligence specifically for third-party risk and doesn’t offer other types of solutions.
Key features:
- Lifecycle management
- Vendor questionnaires
- Contract management
- Risk assessments
6. Prevalent
Prevalent could also be a great alternative to Diligent. Their customers use the software and services to manage security and compliance risks with vendors and suppliers.
This TPRM platform takes a multidisciplinary approach and offers an assessment-sharing network. But there are some downsides to this Diligent alternative. It lacks innovation, and you can’t customise the design to fit your needs.
Key features:
- Vendor risk assessment and monitoring
- Supplier onboarding and risk monitoring
- ESG and sustainability monitoring
- SOC 2 review
- Incident response
7. AuditBoard
AuditBoard was born from a firm belief that managing enterprise, assurance, and compliance risk shouldn't be manual, and that teams freed from administrative tasks can create more business value.
They offer a full GRC suit and are trusted by clients like Dunkin Donuts and Columbia. This software comes with a high price tag and isn’t specifically designed for TPRM.
Key features:
- SOX management
- Vendor risk management
- ESG and sustainability operations
- Compliance management
- Internal audits
8. Riskonnect
Riskconnect offers a platform to manage risk and compliance across your organisation. They serve over 2,000 companies, representing a wide range of industries and spanning six continents. This Diligent alternative offers a full GRC suite.
On the downside, Riskonnect has a long implementation process and isn’t very user-friendly due to its complexity and rigidity. Plus, it’s more expensive compared to other options on this list, like 3rdRisk or Venminder.
Key features:
- Internal audit
- Project risk management
- Policy management
- Internal controls management
- Claims management
9. ServiceNow
ServiceNow is an AI platform for business transformation. This might sound a bit vague, but they help companies use AI to handle tasks that people would normally do. They offer apps that can predict problems and automate processes.
Like Riskonnect and Auditboard, this Diligent competitor also offers a full GRC suite. The implementation process can take a while, and they’re pricey. They do have some cool companies in their portfolio, like the NHL, Western Sydney University, and BT Group.
Key features:
- Application development
- Intelligent chatbot
- Performance analytics
- Platform security
10. ProcessUnity
ProcessUnity is a powerful software tool for third-party risk management and cybersecurity risk management. They have 50+ active customer use cases across multiple risk domains and are a leader in the Forrester Wave™: Third-Party Risk Management Platforms, Q1 2024 with the top scores in the Current Offering and Strategy categories.
When it comes to the platform, they offer an assessment-sharing network with a main focus on the TPRM module. Compared to others on the list, it's less user-friendly and has an outdated interface. Plus, it doesn't integrate with as many tools as other Diligent alternatives like 3rdRisk or OneTrust.
Key features:
- TPRM automation and assessments
- Vendor onboarding
- Continous monitoring
- Threat profiles
- Policy evaluator
11. SecurityScorecard
With SecurityScorecard, you can reduce third-party security incidents by up to 75% and completely change how your team identifies, monitors, reduces, and reports on risk. This TPRM platform is built with AI-powered technology.
The main advantage over Diligent is that this software tool is more user-friendly. However, it’s worth noting that it focuses only on security and doesn’t offer due diligence assessment capabilities. So, keep this in mind when weighing your options.
Key features:
- Security questionnaires
- External attack surface management
- Automatic vendor detection
- Cyber risk quantification
How to choose the best Diligent alternative for my organisation?
Diligent is an effective third-party risk management platform. To see if other software providers are a better fit for your needs, it's important to consider the following aspects:
- Does the platform offer smart, automated, and efficient processes?
- Will it make your organisation compliant within weeks?
- Does the software provide real-time insights and alerts?
- Can you manage all your risk domains in the supply chain from one platform?
- Is the interface user-friendly?
- How's the implementation process? Is it straightforward and smooth?
Does your Diligent alternative meet these requirements? That means the third-party risk management platform will give you control over your supplier risks, allowing you to manage them effectively and efficiently.
Why 3rdRisk is your go-to third-party risk management platform
Every third-party risk management platform has its advantages and disadvantages. But if you really want full control over managing your suppliers to avoid issues like unexpected costs, bad publicity, or data breaches, then 3rdRisk is your best option.
3rdRisk lets you automate, secure, and scale your third-party risk management. It gives real-time insights and integrates with Diligent and other GRC systems. The user-friendly design and cool features like a chatbot will help you get more engagement from your stakeholders. Plus, the implementation process is quick and easy, taking just 10 days.
Curious about what 3rdRisk's third-party risk management software can offer your organisation? Go to our platform page to learn more.
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