ServiceNow has been named a Leader in Third-Party Risk Management Platforms

ServiceNow (NYSE: NOW), the leading digital workflow company that makes the world a better place for everyone, was named Leader in The Forrester Wave ™: Third-Party Risk Management (TPRM) Platforms, Q2 2022.

According to the report, “Two years ago, most businesses managed third-party risk because they needed it for regulatory compliance. It only required a global pandemic, ongoing disruption of global supply chains, an underestimated geopolitical events, and large cyberattacks on software vendors responsible for critical infrastructure, for companies to understand the important role of third-party relationships in their success and stability.If their vendors, suppliers, partner, affiliate, or subsidiary experiences a breach, attack, or disruptive event, just hours before the consequences affect their company, customers, and bottom line. ”

ServiceNow’s Vendor Risk Management solution is an integral part of its integrated portfolio of risk and compliance and ESG solutions. It will change the way organizations manage the entire third-party and supply chain risk lifecycle by putting in place standardized, automated, and transparent processes for risk assessments, due diligence, and ongoing monitoring of third parties, such as suppliers, business partners, and vendors.

“Supply chain disruptions, increasing port congestion, and manufacturing delays have been exacerbated by the pandemic. Today, businesses continue to increase their reliance on suppliers, vendors, and external partners to meet changing market demand, ”said Vasant Balasubramanian, VP and GM of Risk and ESG at ServiceNow.“ Third-party risk and supply chain visibility have been raised in board-level discussions because cybersecurity, finance, ESG, reputational, or other vendor risks will directly affect the organization’s own risk posture and, in turn, their bottom line.At ServiceNow Vendor Risk Management, we help our customers gain critical insight into potential risk of their third parties, automate their risk mitigation processes and workflows, and monitor their suppliers on the bu vendor life cycle to drive supply chain stability and organizational success. “

ServiceNow Vendor Risk Management delivers a fast, smart, and connected way to manage third-party risk and build supplier stability. This allows organizations to:

Increase employee and organizational efficiency

  • Automate repetitive, manual tasks, such as sending, tracking, and processing analyzes and generating reports
  • Scale vendor data collection and management to meet expanding third-party regulations such as the German Supply Chain Due Diligence Act
  • Respond quickly and with more confidence to provide notifications and remediation plans
  • Increase productivity by prioritizing vendors based on the risk they present to the business

Improve stability and posture at risk

  • Enrich decision making by improving the quality of information and validation by integrating risk intelligence feeds and ratings
  • Limit risk exposure and quickly mitigate issues with continuous size monitoring and real-time alerts
  • Identify and manage fourth parties and their risks
  • Improve risk monitoring and mitigation through the use of advanced technology (i.e., AI/ML) and the accessibility of a mobile, cloud-based solution

Integrate throughout the enterprise

  • Contextualize vendor risk by embedding it in business workflows and connecting with business users
  • Build operational resiliency by integrating vendor risk into enterprise, ESG, and operational risk programs in a single environment
  • Connect and collaborate with third and fourth parties as business partners directly and in real time

For more information on Risk Management at the New Vendor Service, visit:

A complimentary copy of the Forrester TPRM Wave report is available here.


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