Third Party Risk Management Market Trends

Third Party Risk Management Market Trends

Focus on continuous monitoring and dynamic risk assessment could emerge as a prominent trend across the third party risk management industry. Traditionally, risk assessments in TPRM have often been periodic and point-in-time. However, an upcoming trend could involve a shift towards continuous monitoring and dynamic risk assessments. This approach enables organizations to stay vigilant in real-time, promptly identifying and addressing emerging risks in their third-party relationships.
 

Continuous monitoring can involve the use of tools that provide ongoing visibility into vendor activities, security postures, and compliance status. By seamlessly integrating external risks with internal risk profiles, this holistic approach ensures a unified and transparent perspective on potential exposures across the organization, facilitating effective and efficient third-party risk management.
 

In this regard, in December 2023, Drata, a renowned continuous security and compliance automation platform, unveiled its Third-Party Risk Management (TPRM) solution. This empowers users to centralize the identification, evaluation, and monitoring of third-party risks within an integrated platform. Drata's TPRM offering is equipped with various enhancements, providing security teams with a robust tool to identify, assess, and continually monitor risks comprehensively.