Buyer’s Guide: Third-Party Risk Management Software (2024)

Executive Summary

This report provides decision-makers in risk management roles who are responsible for the selection, implementation and management of software for third-party risk management with an analysis of 18 prominent software platforms available on the market today. The analysis leverages data collected from the 18 vendors via questionnaires. In addition, Verdantix has built a holistic picture of the third-party risk management vendor landscape, key product enhancement trends and buyer requirements, using a range of publicly available data, as well as insights generated from our annual global corporate survey of 200 executives in director roles and above (see Verdantix Global Corporate Survey 2023: Risk Management Budgets, Priorities & Tech Preferences). The market for third-party risk management is undergoing a period of accelerated innovation, driven by a greater focus on business resilience, incoming mandatory regulations, pressure to meet ESG expectations and unprecedented levels of scrutiny over data quality and reporting. Prospective buyers should use this report to support them in their search for third-party risk management software applications that fit their requirements.