Every enterprise depends on third parties – vendors, suppliers, and service providers – to keep operations running smoothly. But with that reliance comes risk. Over 60% of data breaches originate from third-party vendors, costing companies millions and damaging reputations. It’s not just cyber threats – compliance failures, operational disruptions, and financial fraud are real dangers lurking within vendor networks.
Many organizations struggle with limited visibility into vendor security, inconsistent risk assessments, and the sheer complexity of managing hundreds or thousands of third-party relationships. Without a structured approach, businesses risk financial loss, legal penalties, and reputational harm.
That’s where third party risk management service providers come in. These companies help enterprises assess, monitor, and mitigate risks, ensuring compliance, strengthening cybersecurity, and protecting critical business operations.
In this article, we’ll explore the top third party risk management service providers that enterprises trust, including a spotlight on Datacipher, a leader in this space.
9 Leading Third Party Risk Management Service Providers
- Datacipher Solutions
- Protiviti
- Deloitte
- KPMG
- Optiv
- EY
- Securium Solutions
- Aujas Cybersecurity
- Inspira Enterprise
Let’s look at each of them.
Datacipher Solutions – The Ultimate Third Party Risk Management Service Provider
Datacipher Solutions, established in 2009, is a leading provider of third party risk management services, specializing in assisting organizations to identify, assess, and mitigate risks associated with external vendors and partners. With a client base exceeding 500 companies across sectors such as telecommunications, information technology-enabled services, manufacturing, education, and government, Datacipher has demonstrated a robust capability in enhancing cybersecurity measures for diverse enterprises.
Datacipher offers a holistic suite of services designed to safeguard organizations from potential threats arising from third-party engagements:
- Due Diligence and Risk Profiling: The company conducts thorough evaluations of third-party security practices, ensuring alignment with industry standards and identifying potential vulnerabilities.
- Continuous Risk Monitoring: Datacipher provides ongoing surveillance of third-party risks, adapting to the evolving nature of vendor relationships and emerging threats.
- Mitigation Strategies: Developing tailored strategies to address identified risks, Datacipher collaborates with clients to implement effective solutions that reinforce security and compliance.
Recommended Read: To further understand how to identify and mitigate risks, explore our eBook on 10 Essential Use Cases for Attack Surface Management, which highlights critical strategies for managing and securing your attack surface. Download below.
Strategic Approach to Third Party Risk Management Service
Datacipher’s methodology encompasses a comprehensive lifecycle approach:
- Planning: Aligning resources and defining roles to execute risk assessments effectively, ensuring a structured and coordinated effort.
- Scoping: Categorizing third-party vendors to streamline the assessment process, reducing redundancy and improving efficiency.
- Execution: Performing detailed risk assessments, assigning appropriate questionnaires, and gathering necessary information to evaluate compliance and risk levels.
- Remediation: Analyzing identified issues and implementing corrective measures, with continuous feedback to vendors to address critical observations.
- Monitoring: Providing ongoing monitoring of vendor performance, comparing assessments over time to minimize risk scores and enhance security posture.
Incorporating Datacipher Solutions into your organization’s third party risk management strategy can provide a comprehensive, expert-driven approach to identifying and mitigating potential risks, ensuring robust security, compliance, and the protection of critical business operations.
Protiviti
Source – Protiviti
Protiviti is a global consulting firm offering third party risk management services designed to integrate seamlessly into daily business operations. Their approach focuses on identifying cost savings, enhancing process efficiencies, and mitigating risks associated with third-party relationships.
Their services include the development and implementation of customized Third-Party Risk Management programs, improvement of various risk domains such as operational resilience and IT security, conducting third-party audits, enabling technology solutions, and addressing issues through targeted remediation and incident response strategies.
Deloitte
Source – Deloitte
Deloitte‘s TRPM services assist organizations in identifying, assessing, and managing risks associated with their third-party relationships. Their managed services provide executives with a comprehensive view of risks and performance across the extended enterprise, covering areas such as resiliency, sustainability, environmental, social, and governance (ESG) factors, and financial crime.
Deloitte’s offerings include third-party screening, background checks, questionnaires, remote and on-site assessments, and continuous monitoring. They also provide a starter pack to help organizations accelerate third-party onboarding and assess risk areas, aiming to enhance strategic insights and outcomes.
KPMG
Source – KPMG
KPMG is a third party risk management service provider that assist organizations in identifying, assessing, and managing risks associated with third-party relationships. They offer advisory services to design and enhance TPRM programs, assessment services to evaluate risks throughout the third-party lifecycle, and digital transformation support to automate and streamline TPRM processes.
KPMG also provides enterprise-wide TPRM solutions, addressing various risk domains beyond cybersecurity, including environmental, social, governance, financial, legal, compliance, operational, and reputational risks.
Optiv
Source – Optiv
Optiv is a cybersecurity services firm offering comprehensive Third-Party Risk Management solutions. They assist organizations in evaluating and mitigating risks associated with third-party relationships through continuous assessments and tailored mitigation strategies. Optiv’s services are designed to help businesses defend their extended ecosystems and reduce cyber risks by identifying and addressing potential vulnerabilities within their third-party networks.
EY
Source – EY
EY is a third party risk management service provider that assist organizations in proactively managing risks associated with third-party relationships. They offer a comprehensive suite of services, including designing risk frameworks, enhancing governance, and implementing data modeling. Leveraging advanced technologies such as analytics, robotic process automation, and machine learning, EY streamlines third-party risk management processes, enabling businesses to make informed decisions swiftly.
Their approach emphasizes a centralized methodology to develop and enhance TPRM programs, monitor emerging risks, and manage third-party populations effectively throughout the relationship lifecycle.
Securium Solutions
Source – Securium Solutions
Securium Solutions is at third party risk management service provider that helps organizations identify, assess, and mitigate risks associated with external partners. Their approach includes evaluating current IT governance, risk management, and compliance structures for effectiveness.
Leveraging advanced technologies, Securium Solutions streamlines TPRM processes, enabling businesses to make informed decisions swiftly. Their services encompass cybersecurity evaluations, continuous monitoring, compliance and regulatory alignment, enforced due diligence, and establishing contractual safeguards. This strategy aims to enhance operational efficiency, protect sensitive data, and ensure compliance with evolving regulatory standards.
Aujas Cybersecurity
Source – Aujas
Aujas Cybersecurity‘s TPRM services empower organizations to proactively identify, assess, and mitigate risks associated with third-party relationships. They offer a comprehensive suite of services, including designing risk frameworks, enhancing governance, and implementing data modeling. Leveraging advanced technologies such as analytics, robotic process automation, and machine learning, Aujas streamlines third-party risk management processes, enabling businesses to make informed decisions swiftly.
Their approach emphasizes a lifecycle methodology—planning, assessment, remediation, and continuous monitoring—to develop and enhance TPRM programs, monitor emerging risks, and manage third-party engagements effectively throughout the relationship lifecycle.
Inspira Enterprise
Source – Inspira
Inspira Enterprise‘s TRPM services assist organizations in proactively managing risks associated with third-party relationships. They offer a comprehensive suite of services, including due diligence to classify third parties, risk profiling to assess potential impacts, and various risk assessment execution models.
Leveraging advanced technologies such as continuous monitoring and automated workflows, Inspira streamlines TPRM processes, enabling businesses to make informed decisions swiftly. Their approach emphasizes a lifecycle methodology to effectively manage third-party risks. This strategy aims to enhance operational efficiency, ensure compliance, and strengthen relationships within the extended enterprise.
Datacipher: The Ultimate Third Party Risk Management Service Provider
Third-party risk management isn’t just about ticking compliance boxes. It’s a critical business safeguard. A single vulnerable vendor can expose your organization to severe breaches, costly regulatory penalties, and operational disruptions. That’s why Datacipher offers a proactive, intelligence-driven approach to third-party risk management that goes beyond the basics.
Here’s why it stands out:
- Comprehensive Vendor Risk Assessments – Thorough evaluations of third-party security practices to uncover hidden vulnerabilities that could compromise your organization’s integrity.
- Continuous Risk Monitoring – Real-time tracking of vendor risks spanning cybersecurity, financial stability, and compliance, ensuring nothing slips through the cracks.
- Regulatory Compliance Expertise – Datacipher ensures your vendors meet critical industry standards such as ISO 27001, NIST, GDPR, HIPAA, and SOC 2, keeping your organization compliant and secure.
- AI-Powered Risk Assessments – Automated, dynamic risk scoring that moves beyond static reports, providing actionable insights to help you stay ahead of emerging threats.
- Virtual CISO Leadership – Executive-level security guidance that strengthens your entire risk management strategy, with Datacipher’s expert virtual CISO support.
Don’t wait for a crisis to expose your vulnerabilities. Partner with Datacipher today – the ultimate third party risk management service provider – and take control of your risk landscape before it takes control of you.
Recommended Read: 7 Things Best Third-Party Risk Management Companies Do That Others Don’t.
Frequently Asked Questions on Third party risk management service providers
1. What exactly is third party risk management, and why is it important?
Third party risk management involves assessing, monitoring, and mitigating risks arising from external vendors and service providers. It’s essential because third-party relationships can expose your organization to cyber threats, financial risks, and compliance failures, potentially jeopardizing business operations, security, and reputation. A strong strategy minimizes these vulnerabilities.
2. How do I know if my third-party risk management program is effective?
An effective program includes continuous risk assessments, clear communication with vendors, and real-time monitoring. Key performance indicators, regular audits, and remediation plans show how well you’re managing risks. If your program aligns with industry standards and helps mitigate risks promptly, it’s a strong indication of effectiveness.
3. How can third-party risk management providers help improve compliance?
Third party risk management service providers ensure your vendors meet industry compliance standards such as GDPR, ISO 27001, and SOC 2. They assist in monitoring vendor compliance, implementing best practices, and conducting audits, thereby reducing your risk of penalties and fines due to non-compliance while maintaining a secure business environment.
4. How does AI enhance third-party risk management assessments?
AI automates risk assessments by analyzing large datasets, providing real-time insights, and identifying potential risks faster than manual processes. It helps in scoring risks dynamically, detecting anomalies, and predicting future vulnerabilities, making it easier to mitigate risks proactively and enhance overall decision-making in third-party risk management.
5. What should I look for when selecting a third-party risk management service provider?
Look for a provider with industry expertise, a proven track record, and a comprehensive risk management framework. They should offer continuous monitoring, tailored solutions, regulatory compliance support, and advanced tools like AI-driven assessments. Evaluate their customer service, adaptability, and ability to scale with your business needs.
5. How do third-party risk management providers protect sensitive business data?
Third-party risk management providers safeguard sensitive data by conducting thorough security assessments of vendors, ensuring they adhere to encryption, access controls, and compliance requirements. They implement secure data-sharing practices, monitor ongoing risk exposure, and ensure vendors maintain high standards to prevent data breaches, fraud, or unauthorized access.
