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 companies step 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 companies that enterprises trust, including a spotlight on Datacipher, a leader in this space.
Below listed are top third party risk management companies trusted by enterprises.
- Datacipher Solutions
- Protiviti
- Deloitte
- KPMG
- Optiv
- EY
- Securium Solutions
- Aujas Cybersecurity
- Inspira Enterprise
Let’s look at each of them.
#1. Datacipher Solutions – A Leading Third Party Risk Management Company for Enterprises
Source – Datacipher
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.
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Datacipher’s Strategic Approach to Third Party Risk Management Services
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.
#2. 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.
#3. 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.
#4. KPMG
Source – KPMG
KPMG is a third party risk management service company that assists 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.
#6. 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.
#5. EY
Source – EY
EY is a third party risk management service provider that assists 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.
#7. 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.
#8. 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.
#9. 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.
How to Choose the Right Third Party Risk Management Company?
Choosing a third party risk management company isn’t just about outsourcing questionnaires. It’s about finding a partner who understands the stakes and can translate that understanding into consistent protection for your business.
Here are five critical factors to evaluate before making a decision:
#1. Full Lifecycle Coverage Matters
Vendor risk isn’t a one-time exercise. It begins before onboarding and doesn’t end after contract signing. The right TPRM partner should support every stage — from initial due diligence and onboarding to continuous monitoring, remediation, and offboarding.
If a company focuses only on initial assessments, you’re left exposed for the rest of the vendor relationship. Look for providers who treat risk as a living, evolving challenge, and not a checkbox.
#2. Customization Over Templates
Every industry faces different threats and compliance pressures. Healthcare, finance, telecom, and SaaS companies each have unique obligations. A generic framework won’t cut it.
You need a provider that tailors its risk model to your environment. That includes the right regulatory controls, risk-scoring methodology, and assessment cadence, not just a recycled ISO checklist.
3. Real-Time Risk Intelligence, Not Just Static Reports
One of the most common blind spots in TPRM is relying on outdated assessments. A vendor that was low-risk six months ago might be a ticking time bomb today.
That’s why real-time risk intelligence is essential. Your third party risk management company should detect changes in vendor posture. Be it data breach, policy shift, or financial instability, they should alert you before it becomes your problem.
4. Seamless Integration with your Existing Stack
Good risk intelligence is useless if it’s trapped in a PDF or disconnected system. If your provider’s output doesn’t integrate with your GRC platform, ticketing system, or workflow engine, you’re creating more overhead than value.
The best TPRM companies don’t just deliver reports — they connect. They make risk actionable by embedding insights directly into your day-to-day processes, giving your teams the visibility they need without added friction.
5. Strategic Support at the Executive Level
Third party risk has evolved into a board-level concern. It’s not just about vendor security; it’s about business resilience. You need a provider that understands this shift.
Look for companies that can deliver more than operational data. Dashboards for leadership, strategic planning input, even virtual CISO support. These are signs you’re working with a true partner, not just another service vendor.
Want to dive deeper? Our full guide on how to choose the right third party risk management company explores real-world evaluation frameworks, must-ask questions, and overlooked red flags.
Datacipher: Built for the Realities of Modern Third Party Risks
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. Datacipher is built to solve exactly that, with a full-lifecycle approach designed for today’s complex threat landscape.
Unlike firms that stop at onboarding checklists, Datacipher offers continuous protection across every stage of the third-party relationship: from risk profiling to real-time monitoring and remediation.
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.
An year ago, a fintech company approached us after failing a third-party audit tied to regulatory compliance gaps. Within 45 days, we helped them reclassify vendors by risk level, shut down high-risk access, and implement a continuous monitoring system. The result? A 58% reduction in unresolved vendor risks and a successful re-audit without a single critical issue flagged.
If you’re looking for a partner who meets all five criteria we laid out above, from lifecycle coverage to real-time visibility and leadership alignment, Datacipher delivers on every front.
Don’t wait for a crisis to expose your vulnerabilities. Partner with Datacipher today – the enterprise-ready third party risk management company – and take control of your risk landscape before it takes control of you.
Frequently Asked Questions Related to Third party Risk Management Companies
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 companies help improve compliance?
Top third party risk management companies 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 company?
You should 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. However, there are a lot of other intangible factors to consider, which we have covered in detail here.
