Technology automation is the only effective approach to a systematic, consistent vendor risk program.
Boston, June 30, 2016 – A risk issue in a firm’s third-party-risk management can significantly impact its profitability and reputation, but vendor risk management teams are lightly staffed, often relying on technology adapted from other divisions and leveraging staff from other functional areas. The lack of automation in the process is not sustainable, given the volume of vendor deals, ongoing risk assessments, and regulation-required oversight of both the VRM program and third parties; automation is the only solution to this predicament.
This report reviews the state of the relatively new VRM technology market in the global financial services industry, including core solution attributes, latest developments, and product roadmaps. It is based on Aite Group interviews of strategy staff, product managers, implementation representatives, and/or sales managers from nine vendors serving the financial services industry: Brinqa, FIS Global, Hiperos, Markit, MetricStream, Prevalent, ProcessUnity, RiskVision, and Rsam.
This 47-page Impact Report contains seven figures and 17 tables. Clients of Aite Group’s Institutional Securities & Investments or Wealth Management services can download this report.
This report also mentions Aravo, RSA Archer, IBM, Wolters Kluwer, BitSight Technologies, iSight Partners, FICO, Rapid7, SecurityScorecard, Veracode, Acquire Media, LexisNexis Risk Solutions, Thomson Reuters Risk Management Solutions, Argos Risk, Dun & Bradstreet, Rapid Ratings International, and S&P Capital IQ.