Question: Do you know of a tool that can provide rapid and cost-effective vendor assessments, with easy-to-use reporting and recommendations?

One top option is Whistic, which automates assessments and offers a streamlined process through its AI-powered interface. Features include automated assessments, a Trust Center for centralizing information, a Network Exchange for sharing information efficiently, and access to more than 40 questionnaires and frameworks. Whistic offers tiered pricing and a free basic profile setup, so it can be a relatively affordable option for companies trying to modernize their third-party risk assessment processes.

Another strong contender is Prevalent. This service uses AI and automation to assess and reduce security risks from vendors and suppliers. It offers a unified view of risk assessment and monitoring, including due diligence collection and analysis, contextual risk reporting, and risk remediation. Prevalent is geared for industries like finance, health care and insurance, and is designed to be a scalable, efficient way to manage third-party risk.

For smaller businesses, Proof & Trust offers an automated vendor risk assessment service that offers fast and low-cost results. The service has a simple interface and 32 questions that are easy to answer, and the service offers sophisticated AI-powered analysis and recommendations through detailed reports. It's geared for small and medium-size businesses, with a focus on speed, security and cost.

Last, Panorays is a third-party cyber risk management service that assigns real-time Risk DNA ratings to each third-party connection. It offers continuous supply chain detection and monitoring, threat alerts that can be acted on, and AI-powered risk assessments. Panorays is a more mature option for companies that want to improve their cybersecurity and optimize third-party risk management.