The Gartner® Market Guide for Third-Party Risk Management Solutions offers key recommendations for organizations looking to identify solutions that address the risk domains most-relevant to their needs and business functions.
The Market Guide highlights a continued growth in the investment companies are making in TPRM solutions – and the growing desire for holistic risk management tools that can automate continued risk assessment across the entire vendor lifecycle. This comes as no surprise given that Interos’ independent research found that the average cost of supply chain disruption to large enterprises in 2022 was ~$180M annually.
Key highlights from the Gartner® report include:
- “Perform a gap analysis of existing TPRM capabilities versus requirements by reviewing your current TPRM tools and data sources and engaging relevant stakeholders with TPRM responsibilities. Define a target state to address the risk domains relevant to your third parties.”
- “Increasingly, organizations are looking for third-party risk management tools to manage risk holistically through risk evaluation processes (including real-time monitoring), response workflows and automated actions.”
- “Organizations are progressively managing third-party risk across the life cycle of the relationship, not just initial “certification,” by implementing monitoring requirements that help them respond dynamically to risk events and stay compliant with internal policies and external regulations.”
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