Vendor Risk Management (VRM) helps in reducing the potential impact of vendor-related risks on an organization’s operations and reputation. VRM identifies and prioritize vendors based on their importance to the organization, assessing the potential risks associated with each vendor, and implements risk mitigation strategies to minimize or eliminate those risks. It is an important aspect of overall risk management for any organization, as vendors can introduce various types of risks, such as data breaches, cyber-attacks, operational failures, financial instability, and reputational damage.
Quadrant Knowledge Solutions’ vendor Risk Management (VRM) market research includes a detailed global market analysis of major vendors. The research comprises vendors’ product features and functionalities, as well as competitive differentiating factors. The research provides competitive landscape and vendor analysis to enable technology vendors to enhance their understanding of the market and implement a growth-oriented technical roadmap.
The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK MatrixTM analysis. The SPARK MatrixTM includes ranking and positioning of leading VRM vendors with a global impact. The SPARK MatrixTM includes an analysis of vendors, including Allgress, Aravo, Coupa, C2 Cyber, Diligent, Fusion Risk Management, LogicGate, LogicManager, MetricStream, Mitratech, NAVEX Global, Ncontracts, OneTrust, Prevalent, ProcessUnity, Quantivate, Resolver, RSA (Archer), SAI360, ServiceNow, SureCloud, ThirdPartyTrust, and Venminder.
According to Siddharth Kumar, Analyst at Quadrant Knowledge Solutions, “VRM market is driven by the increasing number of third-party vendors across the region and effective management of complex vendor ecosystem. Due to high dependency on third-party vendors for outsourcing, organizations are looking for reliable solutions that can manage end to end vendor lifecycle right from onboarding to offboarding as well as manage the risks factors associated with those vendors. VRM landscape is highly competitive with vendors of varied sizes and market focus. Some of the common features offered by leading VRM vendors includes Risk Scoring, Risk Assessment, Audit Management, Compliance Management, Contract Lifecycle Management, SLA & Performance Monitoring, Offboarding & Termination, and Analytics & Reporting.”
Q4 2022 Vendor Risk Management SPARK Matrix
Source: Quadrant Knowledge Solutions
Table of Contents
- Key Research Findings
Competition Landscape and Analysis
- Competitive Overview and Analysis
- Key Competitive Factors and Technology Differentiators
SPARK Matrix™: Vendor Risk Management (VRM), Q4 2022
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