2019 Was A Banner Year for Vendor Risk Management. What Will 2020 Look Like?
ProcessUnity just finished up another banner year – it’s an exciting time to be in Vendor Risk Management and I’m proud to be part of an organization with this much momentum.
This past year was full of records for ProcessUnity (you can find a full list here). A record amount of new subscriptions. Two Gartner reports that recognized that our Vendor Risk Management software is the best in the business. Talented new employees joining the team almost every week. The list goes on.
What these successes tell me is that we are building our business the right way. We listen to our customers and understand their problems, and we build world-class solutions to solve those problems. Our goal as a company is to advance each and every one of our customers’ Third-Party Risk Management programs and provide them the tools to succeed.
Based on 2019’s results – I’d say we did a pretty good job of that. It is not just our product alone that drives results. Our team, our partners and our customers are all being recognized for the great work we are doing together.
But it doesn’t stop there. Vendor Risk Management (VRM) is a hot market and I predict 2020 will only continue to bring new problems (and new solutions) to this growing industry.
Demand for Vendor Risk Management Solutions Will Explode
EY says 30% of organizations have experienced a third-party breach within the past two years. And that number will only continue to grow.
Gone are the days when highly-regulated industries were the only organizations in need of vendor risk automation. With third-party data breaches affecting organizations of all sizes and industries, demand for automated Third-Party Risk programs will skyrocket as executives recognize that a systematic, repeatable program is necessary to help safeguard their organization from an attack. The myriad mails, Excel spreadsheets and calendar reminders that vendor managers sift through each day aren’t cutting it.
This means that as demand continues to grow, new companies (and new competitors for us) will crop up promising to solve VRM inefficiencies. An expanded market means more evaluation from managers looking to automate their Vendor Risk Management program. (Ready to make the leap? Download our RFP template to help streamline the process.)
Vendor Risk Management Will Become a Replacement Market
While new markets are purchasing VRM solutions for the first time, other industries are ready to make a change.
Highly-regulated industries, like financial services, have been using automated solutions to streamline their VRM programs for years. These organizations implemented legacy solutions to take the first step into program automation but now need a new solution that can keep up with changing industry regulations and maturing program requirements.
Vendor risk management teams overseeing mature programs will be ready to take their program to the next level. These teams want to move away from the out-of-date products that locked them into a one-size-fits-no-one VRM program in favor of a flexible solution that will grow with them as their requirements inevitably change over time.
ProcessUnity Can Future-Proof Your Vendor Risk Management Program
ProcessUnity is prepared. We have the best tools, backed by the smartest people in Third-Party Risk.
Our Vendor Risk Management software protects companies and their brands by reducing risks from third-party vendors and suppliers. Our program helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and vendor onboarding, through ongoing monitoring and vendor termination. Through automation and standardization, our customers reduce busy work, streamline regulatory reporting and improve overall visibility into vendor performance.
Schedule a demo with a ProcessUnity expert today to learn how you can prepare for 2020 and future-proof your Third-Party Risk Management program.
This post originally appeared on LinkedIn. To view the original article, click here.