North America Third Party Risk Management Market- Industry Trends and Forecast to 2028
- Published Date: 2022-11-21
- Report ID: 144517
- Pages: 200
-
Format:
Short Description
North America third party risk management market, By Component (Solutions and Services), Deployment Model (On-Premise and Cloud), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), End user (Banking, Financial Services and Insurance, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace and Defense, Retail and Consumer Goods, Manufacturing, Energy And Utilities and Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
Market Definition
Third party risk management refers to risk management concerned with identifying and reducing risks relating to the use of third parties. The discipline is designed to give organizations an understanding of the third parties they use, how they use them, and what safeguards their third parties have in place. Organizations are increasing their dependence on third parties for improved profitability, faster time to market, competitive advantage, and decreased costs. However, third-party relationships come with multiple risks that include strategic risks, operational risks, reputational risks, financial risks, transaction risks, compliance risks and information security risks among others. TPRM is the process of identifying, assessing and controlling these and other risks presented throughout the lifecycle of your relationships with third-parties. The third party risk management lifecycle refers to series of steps that outlines a typical relationship with a third party such as vendor identification, evaluation & selection, risk assessment, risk mitigation and monitoring.
Market Segmentation
North America Third Party Risk Management market is segmented into four notable segments based on component, deployment model, organization size and end user.
On the basis of component, the North America third party risk management market is segmented into solutions and services.
On the basis of deployment model, the North America third party risk management market is segmented into on premises and cloud.
On the basis of organization size, the North America third party risk management market is segmented into small and medium-sized enterprises and large enterprises.
On the basis of end user, the North America third party risk management market is segmented into banking, financial services and insurance, IT and telecom, healthcare and life sciences, government aerospace and defense, retail and consumer goods, manufacturing, energy and utilities and others.
Market Players
The key market players for North America third party risk management market are listed below:
Ernst & Young North America Limited
OneTrust, LLC
Deloitte Touche Tohmatsu Limited
KPMG International
Genpact
Alyne GmbH
Aravo Soutions, Inc.
BitSight Technologies
IBM Corporation
MetricStream
NAVEX North America, Inc.
Optiv Security Inc.
Prevalent, Inc.
ProcessUnity, Inc.
PwC
Rapid Ratings International Inc.
Resolver, Inc.
RSA Security LLC
SAI North America Compliance, Inc.
Venminder, Inc.
TABLE OF CONTENTS
1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 OVERVIEW OF NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET 16
1.4 CURRENCY AND PRICING 18
1.5 LIMITATIONS 18
1.6 MARKETS COVERED 18
2 MARKET SEGMENTATION 20
2.1 MARKETS COVERED 20
2.2 GEOGRAPHICAL SCOPE 21
2.3 YEARS CONSIDERED FOR THE STUDY 22
2.4 DBMR TRIPOD DATA VALIDATION MODEL 23
2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 26
2.6 DBMR MARKET POSITION GRID 27
2.7 VENDOR SHARE ANALYSIS 28
2.8 END USER COVERAGE GRID 29
2.9 MULTIVARIATE MODELING 30
2.10 PRODUCTS TIMELINE CURVE 30
2.11 SECONDARY SOURCES 31
2.12 ASSUMPTIONS 32
3 EXECUTIVE SUMMARY 33
4 PREMIUM INSIGHTS 36
5 MARKET OVERVIEW 37
5.1 DRIVERS 39
5.1.1 SURGE IN CYBERATTACKS AND RANSOMWARE 39
5.1.2 INCREASING DEPENDENCE OF VARIOUS ORGANIZATIONS ON THIRD PARTY VENDORS 40
5.1.3 INCREASING EMPHASIS ON DATA GOVERNANCE AND PRIVACY BY REGULATORY BODIES 41
5.1.4 INCREASING PACE OF DIGITALIZATION IN BUSINESSES 42
5.1.5 SURGE IN THE THIRD PARTY SUPPLY CHAIN BREACHES 43
5.2 RESTRAINTS 44
5.2.1 CONSTANT CHANGES IN COMPLIANCE LAWS AND REGULATIONS 44
5.2.2 LACK OF AWARENESS AND DEPENDENCE ON CONVENTIONAL AND MANUAL RISK MANAGEMENT PROCESSES 44
5.3 OPPORTUNITIES 45
5.3.1 ESG-RELATED THIRD PARTY RISK IS AN EMERGING CONCERN FOR MANY ORGANIZATIONS 45
5.3.2 INCREASING APPLICATION OF AI AND ML TECHNOLOGIES FOR THIRD PARTY DUE TO DILIGENCE 46
5.3.3 THIRD PARTY RISK MANAGEMENT USING BLOCKCHAIN 47
5.3.4 INCREASING USE OF CLOUD ENVIRONMENT FOR BUSINESS APPLICATION 47
5.4 CHALLENGES 48
5.4.1 HIGH INITIAL INVESTMENT COST 48
5.4.2 LACK OF SKILLED EMPLOYEES TO PERFORM AND MANAGE RISK ASSESSMENTS 49
5.4.3 COMPANIES ARE INCONSISTENT IN THEIR APPROACH TO TPRM 49
6 COVID-19 IMPACT ON NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET 51
6.1 ANALYSIS ON IMPACT OF COVID-19 ON THE MARKET 51
6.2 AFTERMATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST THE MARKET 51
6.3 STRATEGIC DECISIONS FOR MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE 52
6.4 IMPACT ON DEMAND 53
6.5 IMPACT ON SUPPLY CHAIN 54
6.6 PRICE IMPACT 54
6.7 CONCLUSION 54
7 NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET, BY COMPONENT 55
7.1 OVERVIEW 56
7.1 SOLUTIONS 57
7.1.1 COMPLIANCE MANAGEMENT 58
7.1.2 FINANCIAL CONTROL MANAGEMENT 58
7.1.3 OPERATION RISK MANAGEMENT 58
7.1.4 CONTRACT MANAGEMENT 58
7.1.5 AUDIT MANAGEMENT 58
7.1.6 OTHERS 58
7.2 SERVICES 58
7.2.1 PROFESSIONAL SERVICES 59
7.2.1.1 CONSULTING 59
7.2.1.2 INTEGRATION AND DESIGN 59
7.2.1.3 SUPPORT AND MAINTENANCE 59
7.2.2 MANAGED SERVICES 59
8 NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET, BY DEPLOYMENT MODEL 60
8.1 OVERVIEW 61
8.2 ON-PREMISE 62
8.3 CLOUD 62
9 NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET, BY ORGANIZATION SIZE 63
9.1 OVERVIEW 64
9.2 LARGE ENTERPRISES 65
9.3 SMALL AND MEDIUM-SIZED ENTERPRISES 65
10 NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET, BY END USER 66
10.1 OVERVIEW 67
10.2 GOVERNMENT, AEROSPACE, AND DEFENSE 68
10.2.1 LARGE ENTERPRISES 69
10.2.2 SMALL AND MEDIUM-SIZED ENTERPRISES 69
10.3 BANKING, FINANCIAL SERVICES AND INSURANCE 69
10.3.1 LARGE ENTERPRISES 70
10.3.2 SMALL AND MEDIUM-SIZED ENTERPRISES 70
10.4 IT AND TELECOM 70
10.4.1 LARGE ENTERPRISES 71
10.4.2 SMALL AND MEDIUM-SIZED ENTERPRISES 71
10.5 HEALTHCARE AND LIFE SCIENCES 71
10.5.1 LARGE ENTERPRISES 72
10.5.2 SMALL AND MEDIUM-SIZED ENTERPRISES 72
10.6 RETAIL AND CONSUMER GOODS 72
10.6.1 LARGE ENTERPRISES 73
10.6.2 SMALL AND MEDIUM-SIZED ENTERPRISES 73
10.7 MANUFACTURING 73
10.7.1 LARGE ENTERPRISES 74
10.7.2 SMALL AND MEDIUM-SIZED ENTERPRISES 74
10.8 ENERGY AND UTILITIES 74
10.8.1 LARGE ENTERPRISES 75
10.8.2 SMALL AND MEDIUM-SIZED ENTERPRISES 75
10.9 OTHERS 75
10.9.1 LARGE ENTERPRISES 76
10.9.2 SMALL AND MEDIUM-SIZED ENTERPRISES 76
11 NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET, BY REGION 77
11.1 OVERVIEW 78
11.2 NORTH AMERICA 79
11.2.1 U.S. 83
11.2.2 CANADA 88
11.2.3 MEXICO 93
12 NORTH AMERICA THIRD PARTY RISK MANAGEMENT MARKET: COMPANY LANDSCAPE 98
12.1 COMPANY SHARE ANALYSIS: NORTH AMERICA 98
13 SWOT ANALYSIS 99
14 COMPANY PROFILE 100
14.1 ERNST & YOUNG GLOBAL LIMITED 100
14.1.1 COMPANY SNAPSHOT 100
14.1.2 PRODUCT PORTFOLIO 100
14.1.3 RECENT DEVELOPMENTS 100
14.2 ONETRUST, LLC 102
14.2.1 COMPANY SNAPSHOT 102
14.2.2 PRODUCT PORTFOLIO 102
14.2.3 RECENT DEVELOPMENTS 102
14.3 DELOITTE TOUCHE TOHMATSU LIMITED 104
14.3.1 COMPANY SNAPSHOT 104
14.3.2 . PRODUCT PORTFOLIO 104
14.3.3 RECENT DEVELOPMENTS 105
14.4 KPMG INTERNATIONAL 106
14.4.1 COMPANY SNAPSHOT 106
14.4.2 PRODUCT PORTFOLIO 106
14.4.3 RECENT DEVELOPMENT 106
14.5 GENPACT 107
14.5.1 COMPANY SNAPSHOT 107
14.5.2 REVENUE ANALYSIS 107
14.5.3 PRODUCT PORTFOLIO 108
14.5.4 RECENT DEVELOPMENT 109
14.6 ALYNE GMBH 110
14.6.1 COMPANY SNAPSHOT 110
14.6.2 PRODUCT PORTFOLIO 110
14.6.3 RECENT DEVELOPMENTS 111
14.7 ARAVO SOLUTIONS, INC. 112
14.7.1 COMPANY SNAPSHOT 112
14.7.2 PRODUCT PORTFOLIO 112
14.7.3 RECENT DEVELOPMENTS 113
14.8 BITSIGHT TECHNOLOGIES 114
14.8.1 COMPANY SNAPSHOT 114
14.8.2 PRODUCT PORTFOLIO 114
14.8.3 RECENT DEVELOPMENTS 115
14.9 IBM CORPORATION 116
14.9.1 COMPANY SNAPSHOT 116
14.9.2 REVENUE ANALYSIS 116
14.9.3 PRODUCT PORTFOLIO 117
14.9.4 RECENT DEVELOPMENT 117
14.10 METRICSTREAM 118
14.10.1 COMPANY SNAPSHOT 118
14.10.2 PRODUCT PORTFOLIO 118
14.10.3 . RECENT DEVELOPMENTS 118
14.11 NAVEX NORTH AMERICA, INC. 120
14.11.1 COMPANY SNAPSHOT 120
14.11.2 PRODUCT PORTFOLIO 120
14.11.3 . RECENT DEVELOPMENTS 120
14.12 OPTIV SECURITY INC. 122
14.12.1 COMPANY SNAPSHOT 122
14.12.2 PRODUCT PORTFOLIO 122
14.12.3 RECENT DEVELOPMENTS 122
14.13 PREVALENT, INC. 124
14.13.1 COMPANY SNAPSHOT 124
14.13.2 PRODUCT PORTFOLIO 124
14.13.3 RECENT DEVELOPMENTS 124
14.14 PROCESSUNITY, INC. 126
14.14.1 COMPANY SNAPSHOT 126
14.14.2 PRODUCT PORTFOLIO 126
14.14.3 RECENT DEVELOPMENTS 127
14.15 PWC 128
14.15.1 COMPANY SNAPSHOT 128
14.15.2 REVENUE ANALYSIS 128
14.15.3 PRODUCT PORTFOLIO 129
14.15.4 RECENT DEVELOPMENT 129
14.16 RAPID RATINGS INTERNATIONAL INC. 130
14.16.1 COMPANY SNAPSHOT 130
14.16.2 PRODUCT PORTFOLIO 130
14.16.3 RECENT DEVELOPMENTS 130
14.17 RESOLVER INC. 132
14.17.1 COMPANY SNAPSHOT 132
14.17.2 PRODUCT PORTFOLIO 132
14.17.3 RECENT DEVELOPMENTS 133
14.18 RSA SECURITY LLC 134
14.18.1 COMPANY SNAPSHOT 134
14.18.2 PRODUCT PORTFOLIO 134
14.18.3 RECENT DEVELOPMENTS 134
14.19 SAI GLOBAL COMPLIANCE, INC. 136
14.19.1 COMPANY SNAPSHOT 136
14.19.2 PRODUCT PORTFOLIO 136
14.19.3 RECENT DEVELOPMENTS 136
14.20 VENMINDER, INC. 138
14.20.1 COMPANY SNAPSHOT 138
14.20.2 PRODUCT PORTFOLIO 138
14.20.3 RECENT DEVELOPMENTS 139
15 QUESTIONNAIRE 140
16 RELATED REPORTS 143
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