Smart Innovators: Third-Party Risk Management Software (TPRM)

Executive Summary

In today’s volatile and hyperconnected landscape, third-party risk has become a board-level concern. Disruption, inefficiency and reputational damage stemming from third-party relationships are no longer hypothetical risks: they are costly and frequent realities. The consequences of unmanaged third-party exposure continue to intensify, from payment errors and regulatory fines to supply chain breakdowns and ESG controversies. At the same time, unprecedented tariffs and regulatory U-turns are shuffling the board of supply chain relationships, prompting firms to pursue new partnerships in unfamiliar jurisdictions and emerging markets. Against this backdrop, this report serves as a valuable resource for buyers of third-party risk management (TPRM) software, offering a high-level benchmark of the capabilities of 21 solution providers. Risk executives, IT security, compliance and procurement teams should use this report to compare the relative capabilities of vendors across five key functionality areas to inform their TPRM software purchasing decisions for 2025. Software vendors should leverage this information to benchmark and enhance their solution capabilities to better meet evolving business demands.