target audience: TECH BUYER Publication date: Sep 2022 - Document type: IDC MarketScape - Doc Document number: # US48295522
IDC MarketScape: Worldwide Third-Party Risk Management Software 2022 Vendor Assessment
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Abstract
This IDC study assesses third-party risk management (TPRM) platforms provided by TPRM vendors through the IDC MarketScape model. The research includes both quantitative and qualitative criteria that can be used to evaluate a vendor's offerings as well as current and future success in the marketplace. 12 TPRM platform vendors were analyzed through buyer feedback and vendor interviews. Vendors were evaluated on various criteria categories, including user experience, functionality, innovation, and delivery.
"As risks presented by third-party providers expand to include areas of cybersecurity, operational resiliency, and ethics management, organizations are seeking robust third-party risk management solutions to help automate and improve upon vendor risk management program," says Amy Cravens, research manager, Governance, Risk, and Compliance, IDC. "With this in mind, TPRM vendors continue to evolve their approach to the market, providing increasingly robust solutions that combine onboarding efficiency capabilities with tools to improve the efficacy of their ongoing vendor monitoring."