Top Third-Party Risk Management Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Third-Party Risk Management Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Third-Party Risk Management industry players.

Third-Party Risk Management Market Competitive Landscape

The global third-party risk management market is highly competitive, with major players focusing on establishing strategic partnerships, acquiring businesses, and improving technically to gain more market share. To provide TPRM systems that are more efficient and reliable, companies are incorporating artificial intelligence, machine learning, and cloud solutions. As an example, leading firms are widening their service capabilities to include compliance management, supply chain risk analysis, and integration of cybersecurity. Moreover, they are adding real-time risk monitoring features to their platforms.

  • Calvin Risk (2022): Calvin Risk offers advanced third-party risk management solutions. These solutions help in automating the process of assessing the risk of vendors, tracking compliance, and conducting due diligence. The features of their platform are the application of machine learning algorithms, which improve the detection of potential risks in collaborations with third parties. By providing real-time risk analysis and reporting, it helps businesses reduce their exposure to cyber-attacks, financial risks, and regulatory non-compliance.
  • Sprinto (2020): Sprinto is an expert in third-party risk assessment automation and compliance processes, which allows companies to assess and monitor the cybersecurity stance of their suppliers effectively. Sprinto provides a platform that allows companies to automate monitoring their third-party suppliers, thereby making it simple for companies to stay compliant and manage risks. Sprinto's solutions are meant to automate the process of bringing on new vendors and to perform ongoing monitoring in an effort to keep businesses in compliance with the constantly changing requirements of their respective industries.

Top Player’s Company Profile

  • Moody’s
  • IBM Corporation
  • Safe Security
  • BitSight Technologies, Inc.
  • Prevalent, Inc.
  • Riskified
  • Vero
  • Tivly
  • Coupa Software
  • ProcessUnity
  • Diligent Corporation
  • OneTrust
  • Fairmarkit
  • Aon
  • NortonLifeLock

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Global Third-party Risk Management Market size was valued at USD 7.42 Billion in 2023 and is poised to grow from USD 8.58 Billion in 2024 to USD 27.57 Billion by 2032, growing at a CAGR of 15.7% in the forecast period (2025-2032).

The global third-party risk management market is highly competitive, with major players focusing on establishing strategic partnerships, acquiring businesses, and improving technically to gain more market share. To provide TPRM systems that are more efficient and reliable, companies are incorporating artificial intelligence, machine learning, and cloud solutions. As an example, leading firms are widening their service capabilities to include compliance management, supply chain risk analysis, and integration of cybersecurity. Moreover, they are adding real-time risk monitoring features to their platforms. 'Moody’s', 'IBM Corporation', 'Safe Security', 'BitSight Technologies, Inc.', 'Prevalent, Inc.', 'Riskified', 'Vero', 'Tivly', 'Coupa Software', 'ProcessUnity', 'Diligent Corporation', 'OneTrust', 'Fairmarkit', 'Aon', 'NortonLifeLock'

There has been an impressive increase in demand for third-party risk management (TPRM) solutions due to the increased rate of cyberattacks that have been carried out on third-party vendors. Due to the fact that businesses are looking at outside suppliers as a source of danger, they are putting their energies towards conducting more detailed vendor audits, having regular surveillance, and overseeing compliance. Threat response and prevention management (TPRM) systems provide threat detection in real-time, which allows companies to fight off possible security threats and protect sensitive information from being compromised.

Integration of Machine Learning and Artificial Intelligence: TPRM systems are currently in the process of integrating artificial intelligence and machine learning technologies to facilitate better risk assessment, predictive analytics, and automation. For this purpose, machine learning technologies and artificial intelligence can identify the newly developing threats, can automatize the system for the supplier evaluation process, and give insights in real time, through which organizations can anticipate risks by third-party suppliers. There is no doubt that technology will further amplify the impact on TPRM and its increase with the passage of time, hence enhancing the level of overall efficiency and accuracy.

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Global Third-Party Risk Management Market
Third-Party Risk Management Market

Report ID: SQMIG45D2141

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