ServiceNow named a Leader in Third-Party Risk Management Platforms by Independent Research Firm

March 06, 2024 at 09:00 AM EST

ServiceNow’s Third-Party Risk Management solution recognized among top providers on heels of recent new feature launches, acknowledging its position in the risk management market

The solution is recognized for “connecting key stakeholders across the organization around the TPRM lifecycle”

ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, has been named a Leader in the Forrester Wave™: Third-Party Risk Management Platforms, Q1 2024. This rating recognizes the ServiceNow Third-Party Risk Management solution and comes on the heels of ServiceNow’s recent Now Platform Vancouver release, which included automated inherent risk questionnaires and out-of-the box due-diligence workflows added to the solution to offer a more holistic, streamlined approach to risk management.

According to the report, “ServiceNow’s strengths are strong features to communicate and collaborate on risk internally and with third parties.” ServiceNow is further recognized because, “Its strategy builds on the success of its vast suite of products to weave third-party risk management into business priorities.”

ServiceNow’s risk management solutions address the growing needs of employees across the enterprise while also improving the mitigation and management of ESG, Cyber, Financial, Regulatory, Geopolitical and other risks impacting the organization's third-party ecosystem.

“Diverse and resilient ecosystems of customers, suppliers, and partners are a business imperative in today's climate,” said Vasant Balasubramanian, VP and GM of Risk and ESG at ServiceNow. “With ServiceNow’s Third-Party Risk Management solution, organizations can effectively manage and mitigate risks typically associated with third-party engagements, such as cybersecurity, compliance, financial, environmental, or reputational. Our comprehensive, intelligent solution enables customers to establish a consistent, repeatable, and auditable enterprise-wide approach for a real-time view of the organization’s third-party risk posture.”

ServiceNow’s Third-Party Risk Management solution helps organizations optimize the third-party risk assessment process with risk intelligence and insights, combined with ServiceNow’s industry-recognized risk management capabilities built into the Now platform. This enables organizations to:

Improve efficiency by automating redundant, manual tasks, like sending, tracking, and processing assessments.
Breakdown siloes and increase compliance by standardizing processes for third-party risk assessments.
Help drive better decision making by improving information quality and embedding risk assessments into business workflows, including procurement.
Build operational resiliency by integrating third-party risk with enterprise and operational risk programs on a single platform.
Adhere to stringent global compliance standards like The European Cyber Resilience Act, Digital Operational Resilience Act (DORA), NERC-CIP, and other risk regulations.

Additional Information:

Visit ServiceNow’s Third-Party Risk Management page for more information on the solutions.
Read a complimentary copy of The Forrester Wave Third-Party Risk Management, Q1 2024, report

About ServiceNow:

ServiceNow (NYSE: NOW) makes the world work better for everyone. Our cloud-based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNow™. For more information, visit: www.servicenow.com.

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