3rdRisk vs. Prewave: Third-Party Risk Management Platforms Compared

Introduction

Third-party risk management (TPRM) is now a critical focus for organisations as reliance on external suppliers and partners grows. With regulatory pressures intensifying, such as the EU’s Digital Operational Resilience Act (DORA) and sustainability-focused supply chain laws (CSDDD), companies must strengthen third-party oversight. As risks multiply and compliance demands escalate, specialised TPRM platforms are becoming essential tools.

Choosing the right platform can be daunting with so many options available. This comparison dives into 3rdRisk (yes, that's us) and Prewave, two leading solutions, to guide risk professionals, procurement teams, and compliance officers in making informed decisions. We’ll explore each company’s background and compare their offerings across key areas: scope, user experience, integrations, client base, capabilities, AI, regulatory compliance, partner ecosystem, and implementation speed.

About the Companies

3rdRisk

3rdRisk, a European-based platform, was founded by Dutch risk professionals frustrated with manual spreadsheet-based processes. Positioning itself as Europe’s leading third-party risk management platform, 3rdRisk helps businesses identify and mitigate supplier risks with a centralized, automated solution. It replaces ad-hoc emails and siloed tools, focusing on modern standards and compliance frameworks like DORA and NIS2.

Designed for flexibility and ease of use, 3rdRisk stands out for its intuitive interface. Though relatively new, it has earned industry recognition, notably from analysts like Verdantix and G2, and serves over 1,000 risk professionals across sectors. Specializing in third-party risk and internal control management, 3rdRisk excels in third-party engagement, risk assessments, issue tracking, control testing, and compliance workflows without the complexity of broader GRC suites.

Prewave

Prewave, an AI-driven platform from Austria, focuses on supply chain risk management and sustainability compliance. With academic origins, it aims to deliver supply chain superintelligence through big data and AI, enhancing transparency, compliance, and resilience. Prewave monitors over 140 risk types, from natural disasters to ESG violations, by scanning millions of data points across 400+ languages.

With a client base including global brands like Lufthansa, Toyota, and Ferrari, Prewave serves over 200 companies. Prewave specializes in real-time supplier monitoring and multi-tier supply chain insights, emphasizing sustainability and compliance.

Comparison

Scope and Focus

3rdRisk
3rdRisk provides comprehensive third-party risk management, covering third-party onboarding, risk assessments (e.g., security questionnaires, due diligence), ongoing monitoring, compliance management and internal controls. It supports multiple risk domains, cybersecurity, privacy, financial, ESG, within a unified workflow. Beyond third-party risk, 3rdRisk extends to internal control and enterprise risk management, offering an integrated view of operational risks.

Its regulatory focus is a key strength, with out-of-the-box templates for European regulations like DORA and NIS2, ideal for financial institutions and critical infrastructure providers. 3rdRisk manages the entire TPRM lifecycle, from onboarding to incident response and offboarding, making it perfect for organizations needing structured assessments, remediation tracking, and compliance alignment.

3rdRisk provides actionable insights by leveraging AI (e.g. for automatic risk profiling) and open, closed and premium data sources such as BitSight, SecurityScorecard, Lexis Nexis, Business Radar and Open Sanctions.

Prewave
Prewave specializes in supply chain risk intelligence and sustainability, acting as an early warning system for global supplier risks. It covers over 140 risk categories, including operational disruptions (e.g., factory fires, cyber incidents) and ESG issues (e.g., human rights violations). Prewave maps multi-tier supplier networks, identifying vulnerabilities beyond direct suppliers.

Aligned with supply chain due diligence laws like the EU Deforestation Regulation (EUDR) and Corporate Sustainability Due Diligence Directive (CS3D), Prewave is good at deep monitoring and analytics. It is suited for companies with complex, global supply chains needing visibility into external threats and regulatory compliance.

User Experience and Stakeholder Engagement

3rdRisk
3rdRisk prioritizes a user-friendly, collaborative experience, designed to minimize complexity. Its intuitive interface requires little training, with clear dashboards for risk metrics and streamlined workflows for tasks like third-party approvals and risk acceptance. A standout feature is its integration with tools like Microsoft Teams, enabling risk tasks to reach users in their daily workflows.

The platform fosters stakeholder engagement through a fully branded supplier portal, where vendors can respond to questionnaires, and internal notifications via Teams or email, ensuring high participation. As one user noted, 3rdRisk makes risk management “pleasant” and accessible, driving buy-in across procurement, IT, and legal teams.

Prewave
While Prewave offers real-time insights, its interface is designed more for alert generation than for structured stakeholder engagement or user customisation. Compared to platforms like 3rdRisk, Prewave places less emphasis on intuitive workflows for assessments, action management, or cross-department collaboration, which can make it less suited for organisations aiming to embed (third-party) risk management broadly across business units.

Integrations

3rdRisk
3rdRisk is an open platform with robust integration capabilities, offering an API and out-of-the-box connectors. It integrates with risk data providers like BitSight (cybersecurity), Creditsafe (financial health), EcoVadis (sustainability), and OpenSanctions (compliance screening). Internal system integrations include SAP, ServiceNow, JIRA, Slack, and Microsoft Teams, with Teams being a highlight for real-time alerts.

Single sign-on via Azure AD and Okta enhances accessibility. 3rdRisk acts as a hub, aggregating risk data and fitting seamlessly into existing workflows, reducing silos and enhancing efficiency.

Prewave
Prewave emphasizes seamless integrations, likely including APIs for ERP systems (e.g., SAP) and supply chain platforms. Partnerships, such as with o9 Solutions, embed Prewave’s risk alerts into planning tools. It also integrates with data providers like Coface for financial risk insights.

While specific integrations are less publicized, Prewave’s API-first approach and growing partner network ensure it fits into supply chain workflows, importing supplier data and exporting alerts to communication tools.

Client Base

3rdRisk
3rdRisk serves a growing European client base across retail, finance, and technology, including companies like De Bijenkorf, HEMA, and Jumbo. Consulting firms like Deloitte and NTT Data use 3rdRisk for compliance with laws like the German Supply Chain Act. Its users, often “new-generation risk professionals,” value its agility and focus.

Recommended by partners like Deloitte and Protiviti, 3rdRisk appeals to mid-market and enterprise clients needing rapid TPRM deployment, particularly in regulated sectors.

Prewave
Prewave boasts over 200 corporate clients, including global leaders like Lufthansa, Toyota, and Ferrari. Serving industries like automotive, electronics, and pharmaceuticals, it caters to enterprises with complex supply chains. Prewave’s clients, recognized by Gartner, rely on its AI-driven insights for business continuity and compliance, making it a good choice for business continuity threat management.

Capabilities

3rdRisk
3rdRisk covers the full TPRM lifecycle:

• Onboarding: Builds a third-party inventory and segments suppliers by risk.
• Due Diligence: Streamlines questionnaires aligned with ISO 27001, GDPR, and DORA.
• Real-time Monitoring: Enriches profiles with external data (cyber scores, sanctions).
• Remediation: Tracks action plans, as seen in De Bijenkorf’s use case.
• Incident Management: Records and responds to third-party incidents.
• Reporting: Offers dashboards, heat maps, and compliance reports.

Its flexibility supports enterprise risk and internal controls, making it a versatile, focused TPRM tool.

Prewave
Prewave is good at continuous risk monitoring:

• Network Mapping: Maps multi-tier supplier networks.
• Risk Detection: Scans global data for 200+ risk types in real time.
• Predictive Alerts: Flags potential issues like supplier insolvency.
• Compliance Management: Tracks ESG and regulatory indicators for laws like CSRD.
• Action Platform: Assigns and tracks mitigation tasks.
• Reporting: Generates risk trend and compliance reports.

Prewave acts as a proactive control tower for supply chain resilience.

Artificial Intelligence (AI)

3rdRisk
3rdRisk uses context-aware, privacy-first AI to enhance workflows:

• Document Analysis: Extracts insights from vendor reports in seconds.
• Contract Intelligence: Parses contracts for compliance terms.
• Assessment Analysis: Summarizes questionnaire results and flags risks.
• Inherent risk profiling: Provides a real-time risk profile of third-parties and countries driven by AI.
• Tier mapping (upcoming): Using AI to identify and map 4th, 5th and beyond parties

Its AI acts as a smart assistant, speeding up reviews and ensuring tailored, secure insights for faster decision-making.

Prewave

Prewave’s AI is highly effective in external data mining but does not extend into internal process automation, document review, or supplier contract analysis. For organisations looking for AI that also supports decision-making inside TPRM workflows (e.g., reviewing risk questionnaires, contracts, audit reports), 3rdRisk offers more integrated AI features.

Regulatory Compliance Readiness

3rdRisk
3rdRisk is tailored for compliance, offering pre-configured modules for DORA, NIS2, and the German Supply Chain Act. It provides templates, risk registers, and reporting tools, enabling rapid compliance (e.g., NTT Data achieved LkSG compliance in 5 weeks). Its integrations ensure continuous monitoring for sanctions or adverse news, ideal for regulated industries like finance and healthcare.

Prewave
Prewave aligns with supply chain laws like EUDR, CS3D, and CSRD, automating due diligence and ESG tracking. Its alerts and Action Platform create audit trails, while supplier scoring prioritizes high-risk issues. Prewave simplifies compliance reporting, reducing manual effort for global enterprises.

Partner Ecosystem

3rdRisk
3rdRisk’s ecosystem includes:

• Data Partners: BitSight, EcoVadis, LexisNexis for enriched risk data.
• Consulting Partners: Deloitte, Protiviti, and NTT Data for implementation.
• Community Partners: Industry associations and referral networks.

This network enhances functionality and global reach, ensuring expert support and seamless adoption.

Prewave
Prewave’s ecosystem features:

• Solution Partners: o9 Solutions for integrated risk alerts.
• Data Partners: Coface for financial risk data.
• Consulting Partners: Likely Big 4 or supply chain consultancies.

Its partnerships embed Prewave into supply chain workflows and expand its data coverage.

Implementation and Time to Value

3rdRisk
3rdRisk promises deployment in as little as 10 days, thanks to its cloud-based SaaS model and pre-configured templates. Implementation involves importing vendor data, setting risk criteria, and enabling integrations. Partners like Deloitte accelerate setup, and its intuitive design minimizes training. Clients like NTT Data saw value in 5 weeks, making 3rdRisk ideal for urgent compliance needs.

Prewave
Prewave’s SaaS platform enables quick setup, focusing on supplier data onboarding and risk configuration. Full operationalization may take weeks, depending on data quality and workflow integration. Prewave’s rapid insight generation ensures timely risk reduction.

Conclusion

Both 3rdRisk and Prewave offer valuable tools for third-party risk management, but they serve distinctly different needs.

3rdRisk stands out as a comprehensive, structured platform that streamlines the entire third-party risk lifecycle—onboarding, assessment, monitoring, remediation, and reporting. It is especially well-suited for mid-sized and regulated organisations that require rapid implementation, stakeholder engagement, internal control management, and alignment with frameworks like DORA and NIS2. With a strong focus on usability and compliance, 3rdRisk enables businesses to operationalise risk management efficiently without unnecessary complexity.

Prewave, by contrast, positions itself primarily as a supply chain risk intelligence tool. Its real strength lies in external risk detection through AI-based media monitoring. However, it is less focused on structured, internal TPRM processes such as onboarding workflows, contractual reviews, or internal risk scoring methodologies. While Prewave can provide early warning signals, it may not fully support companies needing detailed third-party management workflows, documentation management, or integrated remediation tracking. It is best suited for large enterprises with extended global supply chains that prioritise external threat visibility over internal process maturity.

For organisations seeking a full TPRM solution that drives compliance, risk ownership, and accountability across departments, 3rdRisk offers a more complete and tailored fit. Prewave, meanwhile, may complement (but not replace) a dedicated TPRM platform when organisations need additional external intelligence.

Contact vendors for the latest updates, as both platforms evolve.

Sources: www.3rdrisk.com and www.prewave.com.