Third-Party Risk Management Market is driven by increasing globalisation of businesses | Genpact, MetricStream, Deloitte, KPMG, BitSight Technologies

New York, According to a new market research report published by Global Insight Services "Third-Party Risk Management Market" is expected to grow by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Third-party risk management (TPRM) is the process of assessing, monitoring, and managing the risks associated with outsourcing to service providers or other third parties. TPRM helps organizations identify, assess, and mitigate risks that could arise from working with third parties. It also helps ensure that risks are managed effectively and that contracts are in place to protect the organization.

Organizations outsource a variety of services, including IT, accounting, and human resources. When outsourcing, organizations transfer some degree of control over the service to the third party. This can create risks, such as the potential for data breaches or the loss of confidential information. TPRM helps organizations identify and manage these risks.

Key Trends

There are a few key trends in third-party risk management technology:

1. Increased focus on automation and data-driven decision making – With the increasing complexity of the supply chain and the number of third-party relationships, organizations are turning to technology to help automate and streamline the risk management process. This includes using data analytics to identify and assess risks, as well as automating key steps in the risk management process such as onboarding, monitoring, and contract management.

2. Greater integration with enterprise risk management – As third-party risk management becomes more strategic and complex, there is a trend towards integrating it with enterprise risk management. This includes sharing data and risk information between the two functions, as well as using common risk assessment frameworks and tools.

3. Increased use of cloud-based solutions – Cloud-based solutions are becoming increasingly popular in third-party risk management as they offer flexibility, scalability, and cost savings. These solutions are often used for data storage and analysis, as well as for automating key processes such as onboarding and contract management.

4. Increased focus on cyber security – With the growing importance of data security and privacy, cyber security is becoming a key concern in third-party risk management. Organizations are increasingly looking for vendors that offer robust cyber security controls and are taking steps to ensure that their own internal systems are secure.

Key Drivers

There are a number of key drivers of the third-party risk management market. One of the most important drivers is the increasing regulation of the financial sector. In particular, the introduction of the Dodd-Frank Act in the United States and the Basel III Accord in Europe have placed increased emphasis on the need for banks and other financial institutions to effectively manage their risks. This has led to a greater demand for third-party risk management solutions that can help financial institutions comply with these regulations.

Another key driver of the third-party risk management market is the increasing globalisation of businesses. As businesses expand their operations into new markets, they are exposed to a greater range of risks. This has led to a need for third-party risk management solutions that can help businesses manage these risks.

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Market Segments

The Third-Party Risk Management Market is segmented on the basis of component, service, and region. On the basis of component, the market is categorized into solution, financial control, contract, operational risk, audit, and compliance. As per service, it is divided into professional and managed. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players

The Third-Party Risk Management Market report includes players such as Genpact, MetricStream, Deloitte, KPMG, BitSight Technologies, Ernst & Young, PwC, ProcessUnity, Venminder, Resolver and NAVEX Global.

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Reasons to buy Third-Party Risk Management Market Report:

• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges

• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest

• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses

• Develop business and M&A strategies through understanding of latest trends and emerging players in the market

• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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