3rdRisk vs.

Prewave

Scope and Focus

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 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 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.

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 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 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 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 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 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 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 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’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 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 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’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’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 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’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.