ServiceNow is a Leader in third-party risk management (TPRM) platforms

Forrester Wave Leader 2024 Third-Party Risk Management Platforms

I’m excited to announce that ServiceNow has been named a Leader in the The Forrester Wave™: Third-Party Risk Management Platforms, Q1 2024.

In the competitive third-party risk management (TPRM) market, technology vendors must continue to deliver innovative solutions that meet customers where they are in their maturity journey. Global regulations such as the Digital Operational Resilience Act (DORA), Germany’s Act on Corporate Due Diligence Obligations in Supply Chains, and the NIS2 Directive are driving the need for an integrated risk management approach to increase operational resilience and enhance risk visibility.

Environmental, social, and governance (ESG) mandates are heightening the awareness of Scope 3 emissions reporting challenges across company networks. It's no longer just the company itself that needs to be considered, but also upstream and downstream suppliers, vendors, partners, and others.

Third-party risk is an integral component of a robust enterprisewide risk program to meet these growing challenges in a dynamic world. In the last few years, ServiceNow has proven our strong commitment to helping organizations grow their TPRM programs through continual enhancements to our Third-Party Risk Management product.

Connecting stakeholders across the organization

The report by Forrester states that ServiceNow’s “strategy builds on the success of its vast suite of products to weave third-party risk management into business priorities and connect key stakeholders across the organization around the TPRM lifecycle.”

The report also notes that “ServiceNow takes a broad view of third-party risk that encompasses all external entities, including customers.” We purposely built our product to address the unique needs of these third parties, as well as the needs of internal stakeholders across an organization.

We provide a customer-branded portal with multilingual support, a robust chat feature, and other capabilities that help foster communication with third parties. We also offer workflows and internal approval processes that help drive internal collaboration.

Extending workflows to drive results

ServiceNow received the highest possible score in the Workflow criterion in the Forrester report. To further enhance these capabilities, we recently extended the workflows in our Third-Party Risk Management product to help ensure end-to-end support across the entire TPRM lifecycle.

These enhancements enable quick onboarding, due diligence assessments, renewals, and off-boarding of all types of third parties.

Building a strong customer and partner ecosystem

The Forrester Wave™ report says ServiceNow’s “strong vision is supported by an expansive partner ecosystem that has built a library of certified applications, content, and integrations available for purchase in the ServiceNow Store and a highly engaged customer community.”

We’re proud of the deep relationships we’ve developed with our customers and partners and thank them for helping us achieve this milestone for TPRM.

Improving the user experience

The report provides several key market insights. One of those is the critical aspect of user experience in any TPRM platform. “According to reference customers, ease of use influences TPRM buying decisions more than breadth of capabilities, executive support, or price,” the report states.

To this end, we continue to make enhancements to Employee Center, recently enabling business users to:

Innovating to meet evolving needs

Based on our position in the Forrester report, ServiceNow is a leader among top TPRM vendors. But this doesn’t lessen our drive to deliver new enhancements to our Third-Party Risk Management offering. We’ll continue to innovate as organizations’ needs evolve.

Read the complete complimentary Forrester report.