How Enterprises Evaluate Third-party Risk Management Platforms in 2026
Evaluating third-party risk management platforms? Use these 8 criteria to assess platforms across critical areas like vendor discovery and GRC integration.
Third-party risk management (TPRM) programs often fall short because they fail to identify vendors that are not explicitly recognized. According to Vanta's research, over half of an organization's vendor portfolio is now shadow IT, with only 2% receiving any security assessment. 70% of companies operate shadow AI without it being assessed.
Most TPRM programs follow an annual cycle that relies on existing vendor knowledge, leaving shadow inventory and AI unaccounted for, which compromises the entire risk management process. When assessing a TPRM platform today, the focus should shift from questionnaire features to crucial questions like whether the platform can automatically discover vendors and shadow IT, if review efforts can scale beyond a few hundred vendors without additional human resources, and if vendor findings reach the broader risk program or remain isolated.
The evaluation process should be based on eight key criteria, including automated discovery of vendors, shadow IT, and AI, inherent risk scoring and tiering, AI-assisted security reviews, continuous monitoring, and a comprehensive risk register integrated with governance, risk, and compliance (GRC) efforts.
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