Vendor Risk Management Market is a methodology of guaranteeing that the utilization of merchants and specialist co-ops doesn’t make unsatisfactory potential that makes adverse consequence on business. It envelops all the actions that association can require to forestall expected risk, information breaks, and to guarantee coherence in the business.
Because of expanding utilization of innovation in business extension, the intricacy of merchant risk the executives increments. Seller risk the board assist organizations with examining, distinguish and moderate possible gamble.
Seller risk the board is continuous cycle that business executes with each merchant entering the production network process. Merchant risk the board safeguards organizations dangers like monetary effect, functional effect, lawful and notoriety influence.
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Impact of COVID-19 Pandemic Outbreak on Vendor Risk Management Market
COVID-19 pandemic is challenging businesses to think in different ways. The disruption caused by pandemic have left deep impact on supply chain. In the pandemic situation many organizations are accelerating their reliance on third party vendors, suppliers and partners which are also accelerating risk.
According to survey by Banadio Group firm, 76% of respondent said that they have experienced many issues that impacted vendor performance and 55% respondent indicated that vendors have done compliance violation.
The survey also highlighted that due to change in business models, third party vendors pose serious risk of disruption due to which businesses can witness loss of revenue and non- availability of services. So it is important for organization to focus on discovering the contracts across organization and make it digitally accessible to drive business value and insight.
Organizations are adopting vendor risk management system to reduce cost, avoid unnecessary expenditures, and avoid breaches with better risk intelligence. Adoption of vendor risk management is increasing in this pandemic situation as it helps organization to identify the critical suppliers so that organization can find a way to easily replace or backup dual supplier to reduce risk of failure.
The Vendor Risk Management has generated revenue of approximately US$ 3.0 Bn in 2019 and is expected to witness growth of nearly 15% during Q2-Q4, 2020.
However, the longevity of the COVID-19 crisis will lead organizations to adopt vendor risk management systems to reduce the efforts for identifying the key parameters of vendor performance and to identify the critical issues in sourcing products and services from third party vendors.
Vendor Risk Management Market: – Market Dynamics
Need for Vendor Risk Intelligence is Spurring the Market Growth
Vendor risk management is necessary step for organization to protect against fraud. It helps organization to choose partners that are capable of delivering products and services.
To acquire new vendors in the business, organization needs to negotiate and to beat the competition, organization adopt vendor risk management to know the risk profile of a vendor that gives them leverage to warn the vendor regarding their behavior change in certain ways. It is also used as tool for negotiating the price, as organization seek to reduce the cost of vendor to allocate funds towards risk mitigation.
However, this tool helps organization in cost reduction, that results positive impact on business and vendor relationship.
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Increasing Demand for Cloud-based Solutions among the SMEs
Demand is increasing for cloud-based vendor risk management solution among the small and medium enterprises (SMEs) as cloud-based solution helps SMEs to efficiently and effectively assess and monitor both new and existing vendors right from initial on-boarding to ongoing due diligence and monitoring.
Cloud-based vendor risk management solution provides real time visibility into state of vendors’ risk. However, due to beneficial features of cloud-based solution such as high scalability, flexibility, 24×7 support and other benefits, the demand is increasing among the SMEs.
Vendor Risk Management Market: – Key Players
The key players in the Vendor Risk Management are MetricStream Inc., IBM Corporation, LogicManager Inc, BWise B.V., LexisNexis Group Inc., LockPath Inc., Genpact Limited, Relational Security Corporation, among others.
Vendor Risk Management Market: – Segmentation
|By Enterprise Size||
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