7 Best Vendor Risk Assessment Questionnaire Tools & Templates
Manually managing vendor risk assessments can feel like a never-ending cycle of spreadsheets, emails, and follow-ups. A single vendor can introduce dozens of potential risks, and when you’re juggling multiple suppliers, the complexity skyrockets. The right vendor risk assessment questionnaire template or tool is essential for streamlining this process, ensuring you’re asking the right questions and getting the insights you need to protect your organization.
If you’re looking to move beyond manual tracking and adopt a more efficient system, you’re in the right place. We’ve compiled a list of the top platforms designed to simplify and automate your third-party risk management (TPRM) process, with a special focus on their questionnaire capabilities.
Here are seven of the best tools to help you manage your vendor risk assessment questionnaires.
1. Venminder
Venminder offers a comprehensive TPRM platform designed to manage the entire vendor lifecycle, from onboarding to offboarding. It’s a popular choice for organizations that need a robust, compliance-focused solution to streamline their due diligence processes.
The platform’s strength lies in its dedicated questionnaire tools, which allow you to build, send, manage, and score vendor assessments with unlimited templates. This flexibility means you can customize your approach for different types of vendors, ensuring your assessments are always relevant. Venminder combines these questionnaires with risk assessments, contract management, and continuous monitoring to provide a holistic view of your vendor ecosystem.
Key Features: Custom questionnaire builder, risk scoring and assessment, lifecycle management (onboarding, ongoing, offboarding), issue and SLA management, continuous monitoring for cybersecurity, financial health, and more.
Pricing: Venminder offers custom “Essentials” and “Enterprise” packages. You’ll need to contact their sales team for a quote.
Ideal For: Organizations of all sizes, particularly those in regulated industries, looking for a scalable, all-in-one platform to manage the entire vendor lifecycle with a strong focus on questionnaires.
2. ProcessUnity
ProcessUnity provides a highly configurable platform focused on automating and streamlining third-party risk and cybersecurity management. It helps organizations replace manual, spreadsheet-based processes with automated workflows and intelligent risk analysis.
The Third-Party Risk Management solution covers the full vendor lifecycle, with a heavy emphasis on due diligence and performance monitoring. Its powerful workflow engine allows you to automate assessment routing, manage approvals, and track remediation efforts efficiently. The platform’s configurable risk-scoring and real-time dashboards give you clear visibility into your overall risk posture.
Key Features: Automated workflows, configurable risk scoring, real-time reporting and dashboards, vendor onboarding and due diligence tools, contract management, and issue tracking.
Pricing: Pricing information is not publicly available on their website.
Ideal For: Companies that need a highly customizable and automated solution to integrate third-party risk into their broader governance, risk, and compliance (GRC) strategy.
3. Prevalent
Prevalent offers a flexible, hybrid approach to TPRM, combining software with managed services to help companies eliminate security and compliance risks from their supply chain. The platform is designed to automate assessments, analyze results, and provide a unified view of vendor risk.
A standout feature is its combination of risk assessments with continuous monitoring. The platform uses AI to analyze data and automate the assessment process, while its Vendor Threat Monitor keeps an eye on cyber, business, operational, and financial risks in real-time. Prevalent also offers access to a network of completed, standardized vendor risk assessments, which can significantly speed up the due diligence process.
Key Features: Automated risk assessments, continuous threat monitoring, a single risk register to correlate data, AI-powered analysis, and optional managed services to handle vendor assessments for you.
Pricing: Prevalent does not list pricing on its website; a quote must be requested.
Ideal For: Organizations looking for a comprehensive solution that blends powerful automation with the option of outsourcing the heavy lifting of conducting assessments.
4. Panorays
Panorays delivers a third-party security platform that uniquely combines automated, dynamic security questionnaires with an external attack surface assessment. This dual approach provides a rapid and accurate view of a supplier’s cyber risk, moving beyond self-reported answers to include externally verifiable data.
The platform is designed to be user-friendly for both the company and its suppliers, fostering collaboration to remediate security gaps. Panorays automates the entire process, from calculating inherent risk and sending questionnaires to continuous monitoring and reporting. It also offers fourth-party discovery, giving you visibility into your vendors’ supply chains.
Key Features: Automated and customizable security questionnaires, external attack surface assessments, “Risk DNA” ratings tailored to your risk appetite, remediation and collaboration tools, and fourth-party risk discovery.
Pricing: Pricing is not available on the Panorays website; potential customers need to request a demo.
Ideal For: Businesses that want to validate questionnaire responses with external security data and accelerate the remediation process through efficient collaboration with vendors.
5. OneTrust
OneTrust is a widely recognized trust intelligence platform that connects privacy, GRC, ethics, and ESG programs. Its GRC & Security Assurance Cloud includes a robust solution for third-party risk management, designed to help organizations assess, mitigate, and monitor their vendors.
Within this module, OneTrust provides tools to streamline audits, automate compliance, and manage the entire third-party risk lifecycle. Given its broad focus, OneTrust is a great choice for companies that want to embed their vendor risk assessment process within a larger, integrated GRC framework that also covers data privacy, ethics, and ESG.
Key Features: Part of an integrated Trust Intelligence Platform, third-party risk assessment and monitoring, audit and compliance automation, and IT risk management.
Pricing: OneTrust does not publicly list its pricing.
Ideal For: Large enterprises or companies with mature compliance programs that need to manage vendor risk as part of a holistic, enterprise-wide GRC strategy.
6. SecurityScorecard
SecurityScorecard is a global leader in cybersecurity ratings, providing an “A-F” grading system that makes it easy to understand the security posture of any organization. While its core strength is in external monitoring, its platform is a vital component of modern third-party risk management.
The platform continuously monitors millions of organizations, offering insights for TPRM, board reporting, and self-assessment. For vendor assessments, SecurityScorecard allows you to monitor your entire supply chain, receive daily alerts on security changes, and use their ratings as a data-driven starting point for deeper due diligence, which can then be supplemented with questionnaires. Their MAX Managed Service can even handle direct vendor engagement and remediation support.
Key Features: Easy-to-understand A-F security ratings, continuous monitoring, automated alerts, board-level reporting, and an extensive marketplace of integrations.
Pricing: Offers a free plan for monitoring your own scorecard. The “Business” plan starts with monitoring up to 5 companies, and custom “Enterprise” and “MAX” plans are also available.
Ideal For: Organizations that want to use data-driven, external security ratings to prioritize their vendor assessments and continuously monitor for emerging risks.
7. BitSight
BitSight is a cyber risk intelligence platform that provides data-driven security ratings and analytics to help organizations manage their own security performance and their third-party risk. Like SecurityScorecard, BitSight is a pioneer in the security ratings space.
The BitSight for Third-Party Risk Management solution enables you to scale your TPRM program through continuous monitoring and efficient prioritization. The platform provides deep, contextualized data that goes beyond a simple score, helping you understand the “why” behind a vendor’s risk level. This information is invaluable for validating questionnaire responses and focusing your due diligence efforts where they’re needed most.
Key Features: Continuous monitoring of third and fourth parties, data-driven security ratings, contextual analytics, TPRM program automation, and custom reporting.
Pricing: BitSight’s pricing is available upon requesting a demo.
Ideal For: Companies that want to build a data-centric TPRM program, using objective security performance metrics to validate vendors and make informed risk decisions.
While these tools are excellent for assessing your vendors, what about when the roles are reversed? Answering security questionnaires from your customers can stall sales cycles and drain valuable resources. Targhee Security uses AI to automate security questionnaire responses, helping you build a centralized Trust Center to accelerate due diligence and close deals faster.
