No matter what business or industry you’re in, you want your business partners to deliver. Sometimes what we get is unexpected: toxic ingredients, software bugs, data breaches, sketchy hiring practices, unvetted subcontractors.
As hundreds and even thousands of third and fourth parties become more integral to business, your risk posture and success trajectory are heavily influenced by your partners’ business practices. That’s why you need automated third-party risk management.
Manual processes don’t cut it
According to The Forrester Wave™: Third-Party Risk Management Platforms, Q2 2022, “70% of enterprise risk decision-makers surveyed agree that third-party risk is a business priority, but 69% reveal that their third-party risk program is manual.”
Where once a single person could “spreadsheet jockey” their way through dozens of vendor assessments annually, that model doesn’t cut it today. Why?
Too many vendors and suppliers onboarding at too fast of a pace
Increased array of risks to be assessed, with rapid changes in status
Shortage of people, and the ones you can find don’t want to jockey spreadsheets
Too many connections to other parts of the organization to keep up in email
Regulators, governance teams, and investors want to see defensible data more frequently
These realities explain why products that help you manage third-party risk are flying off the shelves. Luckily, cloud software is easy to keep in stock.
Microsoft is using ServiceNow® Vendor Risk Assessment to reduce manual effort by more than 50%, simplify communication, and better understand Internet of Things (IoT) security assessment health. Using the product has “vastly improved the end-to-end experience for our employees, vendors, and the IoT security team,” Microsoft says.
Flexibility and scale
In The Forrester Wave: Third-Party Risk Management Platforms, Q2 2022, ServiceNow Vendor Risk Management was named as one of only three Leaders. The Forrester report recognized ServiceNow with the highest possible scores in the scoring and correlation, workflow, product, vision, planned enhancements, partner ecosystem, and customer community criteria.
Although Forrester didn’t explicitly score these items, the report states, “TPRM customers should look for providers that are dedicated to platform flexibility and scalability.” We believe these are core strengths of the ServiceNow unified architecture and cloud platform.
Importantly, we shipped new enhancements in our San Diego release after the evaluation, so there’s even more to like, including:
The awesome Next Experience and integration with EcoVadis
The ability to add fourth-party vendors to identify and manage potential downstream risks associated with your third-party vendors
Download the complimentary Forrester report. And let us know when we can help you manage risk from your third and fourth parties more easily, efficiently, and at scale.
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