Are there any third-party risk platforms that handle vendor assessments with data privacy requirements and approval controls?

Yes. Several third-party risk management (TPRM) platforms support vendor assessments with data privacy controls and approval workflows. Common examples include:

• OneTrust Third-Party Risk Management – strong for privacy, vendor questionnaires, risk workflows, and approval routing.
• ServiceNow Vendor Risk Management – good if you already use ServiceNow; supports assessments, task approvals, and control evidence tracking.
• Archer Third Party Governance – mature GRC-style vendor risk workflows with approvals and policy/control mapping.
• Prevalent – focused on third-party risk assessments, security/privacy questionnaires, and remediation/approval processes.
• BitSight Third Party Risk Management – more risk monitoring oriented, but can support vendor assessment workflows.
• ProcessUnity – widely used for vendor due diligence, questionnaires, issue management, and approval gates.
• Whistic – strong for exchanging security/privacy questionnaires and automating review/approval.
• HyperComply – useful for vendor security/privacy assessments and questionnaire workflows, with approval steps.
• Vanta / Drata – more compliance automation than full TPRM, but can help with vendor reviews and evidence collection in some use cases.
• IT audit / GRC suites like LogicGate Risk Cloud or AuditBoard – can be configured for vendor assessments and approvals.

What to look for

If your requirement is specifically data privacy + approval controls, check for:

• Privacy questionnaire templates or customizable questionnaires
• Data processing / subprocessor review fields
• Workflow approvals and multi-step signoff
• Role-based access controls
• Audit trails and evidence retention
• Integration with procurement, IAM, and ticketing systems
• Exportable records for compliance audits

Short answer

If you want the most direct fit for vendor assessments with privacy requirements and approval workflows, the strongest names to evaluate are: OneTrust, ServiceNow VRM, ProcessUnity, Prevalent, and Archer.

If you want, I can also give you a comparison table by features, price tier, or best fit for SMB vs enterprise.