3rdRisk vs. OneTrust: Third-Party Risk Management Platform Comparison

Introduction

Third-party risk management (TPRM) is critical as businesses navigate expanding vendor ecosystems, often managing thousands of suppliers. According to research, over 90% of risk professionals prioritize strengthening TPRM programs due to increasing regulatory pressures (e.g., NIS-2, DORA, GDPR) and high-profile data breaches. Selecting the right TPRM platform can be complex, with options ranging from specialized tools to integrated risk suites. This comparison evaluates 3rdRisk and OneTrust, two leading platforms, across scope, usability, integrations, client base, capabilities, AI, compliance, partnerships, and implementation speed to guide risk managers, procurement teams, and compliance officers.

Overview

3rdRisk

• Founded: 2018, Europe-based. Based in Amsterdam, the Netherlands.
• Focus: Dedicated third-party risk and compliance platform for automating and centralizing vendor risk, internal controls, and compliance across cybersecurity, data privacy, ESG, and operational resilience.
• Key Strengths: Intuitive AI-powered interface, rapid deployment (often <2 weeks), 40+ integrations, and partnerships with firms like Deloitte, Protiviti and NTT Data.
• Target Market: Mid-sized to large enterprises, particularly in Europe, seeking a focused TPRM or compliance solution.

OneTrust

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• Founded: 2016, USA-based. Headquartered in Atlanta, Georgia.
• Focus: Comprehensive trust intelligence platform with TPRM as a module, alongside privacy, security, GRC, ethics, and ESG solutions.
• Key Strengths: Serves 14,000+ clients (75% of Fortune 100), supports integrations, and offers Third-Party Risk Exchange.
• Target Market: Large enterprises needing an integrated risk and compliance solution across global operations.

Comparison

1. Scope and Focus

• 3rdRisk: Specialized TPRM platform unifying cybersecurity, ESG, privacy, and operational risks. Features a branded supplier portal for collaboration. Ideal for dedicated TPRM needs.
• OneTrust: Broad trust intelligence suite with TPRM as one component. Offers visibility across privacy, security, and ethics, reducing enterprise-wide blind spots.
• Verdict: 3rdRisk excels for TPRM-specific needs; OneTrust is better for integrating TPRM with broader (privacy) compliance.

2. User Experience and Stakeholder Engagement

• 3rdRisk: Modern, intuitive interface requiring minimal training. Includes gamification, a human-like chatbot, and a branded supplier portal to boost engagement.
• OneTrust: Polished dashboards with dynamic workflows, but broader feature set may involve a learning curve.
• Verdict: 3rdRisk prioritizes simplicity and interactivity; OneTrust offers scalable usability for complex environments.

3. Integrations

• 3rdRisk: 40+ out-of-the-box integrations (e.g., procurement, ERP, GRC tools) and external risk intelligence (adverse media, sanctions). API supports custom integrations.
• OneTrust: Extensive ecosystem with connectors to BitSight, ServiceNow, and more.
• Verdict: Both 3rdRisk and OneTrust cover TPRM integration essentials.

4. Client Base

• 3rdRisk: Mid-sized to large European firms (e.g., Jumbo, NTT Data, Finch Capital) in retail, finance, and tech. Growing via partnerships.
• OneTrust: 14,000+ global clients, including 75% of Fortune 100 (e.g., Aetna, Carrefour). Strong in regulated industries like healthcare and finance.
• Verdict: 3rdRisk suits agile, purpose-driven and EU-focused organizations; OneTrust dominates large, global enterprises in the United States.

5. Capabilities

• 3rdRisk:
  • Pre-built workflows for supplier onboarding and vetting.
  • Data-driven, automatic inherent third-party risk profiling.
  • 60+ pre-built assessment templates (cybersecurity, GDPR, anti-bribery).
  • AI-driven review and real-time monitoring for financial, media, and cyber risks.
  • Risk, issue and action plan registers for centralized tracking.
  • Extensive self-service options and design configuration options.
• OneTrust:
  • Centralized vendor inventory with automated risk scoring.
  • Extensive templates (ISO 27001, SIG, privacy assessments).
  • Third-Party Risk Exchange for pre-completed vendor profiles.
  • Continuous monitoring via data feeds (breaches, sanctions).
  • Audit-ready reporting for regulators.
• Verdict: 3rdRisk streamlines TPRM with automation and best-practice content; OneTrust offers comprehensive features with privacy management in mind.

6. Artificial Intelligence (AI)

• 3rdRisk: Embedded AI for document analysis (e.g., SOC 2 reports), inherent risk profiling, contract term extraction, and assessment reviews. Privacy-conscious, client-isolated data with explainable AI.
• OneTrust: Limited AI in TPRM; focuses on automation rules and data analytics. Separate AI Governance module addresses AI risks, not TPRM tasks.
• Verdict: 3rdRisk leads with TPRM-specific AI; OneTrust relies on automation and data-driven intelligence.

7. Regulatory Compliance Readiness

• 3rdRisk: Strong EU focus with built-in NIS-2, DORA, GDPR, and ESG (CSDDD, CSRD) frameworks. Generates compliance reports and simplifies DORA registers.
• OneTrust: Global compliance support (GDPR, CCPA, FCPA, LkSG, DORA) with templates and Regulatory Intelligence feed for updates.
• Verdict: 3rdRisk excels for EU regulations; OneTrust might be slightly better for USA-based regulations

8. Partner Ecosystem

• 3rdRisk: Partnerships with Deloitte, NTT Data, Protiviti, and others for implementation and managed services. Focused on quality and regional expertise.
• OneTrust: Vast network with Big Four, integrators (Accenture, Wipro), and tech partners (BitSight, ServiceNow). Marketplace for integrations and resellers.
• Verdict: Both OneTrust and 3rdRisk provide an extensive partner ecosystem.

9. Implementation and Time to Value

• 3rdRisk: Rapid deployment (<10 days) with pre-configured templates and integrations. Full setup in weeks, ideal for urgent needs.
• OneTrust: Variable timeline (weeks to months) depending on customization and scope. Phased rollouts possible but often requires partner support.
• Verdict: 3rdRisk delivers quick wins; OneTrust needs long-term deployments.

Conclusion

• Choose 3rdRisk for:
  • Focused TPRM with rapid deployment.
  • AI-driven efficiency and intuitive usability.
  • EU regulatory compliance (NIS-2, DORA, GDPR).
  • Mid-sized to large organizations seeking simplicity and speed.
  • Organisations that want to add a specialised TPRM platform to their GRC suite
• Choose OneTrust for:
  • Integrated risk and compliance across privacy, security, and ESG.
  • Large-scale enterprise needs with global operations.
  • Organizations with complex, multi-regulatory requirements.
• Recommendation: Evaluate based on urgency, scale, and integration needs. Contact vendors for the latest feature updates, as both platforms evolve rapidly.

3rdRisk stands out as an innovative, TPRM-focused platform that redefines third-party risk management with its AI-driven automation, rapid deployment (<10 days), and intuitive design. Its embedded AI tools—such as document analysis and assessment summarization—streamline complex workflows, saving time and enhancing decision-making. Tailored for EU regulations (NIS-2, DORA, GDPR), 3rdRisk offers unmatched agility and compliance readiness, making it ideal for organizations seeking a powerful, specialized solution with quick ROI. Its collaborative features, like the branded supplier portal and gamified interface, further elevate stakeholder engagement, setting a new standard in TPRM innovation.

OneTrust, while a leader in privacy compliance (e.g., GDPR, CCPA), offers a broader trust intelligence platform where TPRM is just one module. Its strength lies in integrating vendor risk with enterprise-wide GRC needs, supported by a vast client base (75% of Fortune 100), extensive integrations, and the Third-Party Risk Exchange. However, its TPRM capabilities are less innovative and specialized compared to 3rdRisk, relying more on traditional automation than cutting-edge AI. OneTrust suits large, global enterprises needing a comprehensive compliance solution but may feel complex for TPRM-focused needs.

Recommendation: Choose 3rdRisk for a forward-thinking, TPRM-specific platform with superior innovation and speed, especially in EU-regulated environments. Opt for OneTrust if privacy compliance and a holistic GRC framework are priorities. Contact vendors for the latest updates, as both platforms evolve.

‍Sources: 3rdRisk.com, OneTrust.com