PUBLISHER: QKS Group | PRODUCT CODE: 1445900
PUBLISHER: QKS Group | PRODUCT CODE: 1445900
Quadrant Knowledge Solutions Reveals that Vendor Risk Management Market is Projected to Register a CAGR of 14.80 % by 2027.
Organizations across the globe partner with various third parties such as vendors, suppliers, and contractors for outsourcing their products and critical services in order to minimize the overall operational costs, improve profitability, gain competitive advantage, attain faster time to the market, and boost the organization's productivity. While partnering, a large amount of private data, including personally identifiable information (PII), is shared with the third-party vendors, which holds a risk of data leaks. Moreover, with the rise of globalization and the internet, there has been a significant reliance on third-party vendors to handle various critical organizational functions, such as payroll management. Thus, a breach at any of these third parties poses the risk of exposure or theft of critical data. Hence, for security purposes, a vendor risk management (VRM) platform is highly recommended to understand the risk exposure that the vendor or vendor networks pose to the overall organization.