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

Rhea-AI Summary

ServiceNow (NOW) is recognized as a Leader in Third-Party Risk Management Platforms by Forrester Wave™. The recent Vancouver release adds new features enhancing risk management. The solution focuses on connecting stakeholders, improving collaboration, and addressing various risks within the organization.

Insights

Market Research Analyst

ServiceNow's leadership position in the Forrester Wave for Third-Party Risk Management Platforms is a significant indicator of the company's competitive advantage in the risk management market. This distinction is likely to enhance the company's reputation and could influence potential and existing customers' purchasing decisions. The integration of automated risk questionnaires and due-diligence workflows in the Now Platform Vancouver release suggests a strategic emphasis on operational efficiency and user experience. This could translate into increased adoption rates and customer retention, as organizations seek to streamline risk management processes.

Furthermore, the expansion of ServiceNow's capabilities to address a wide range of risks—including ESG, Cyber, Financial, Regulatory and Geopolitical—demonstrates adaptability and foresight in a business environment where such concerns are increasingly paramount. The ability to provide a real-time view of third-party risk postures can serve as a differentiator in the market, potentially leading to market share growth. However, it is important to monitor how ServiceNow's solutions are adopted across different industries and whether they can maintain a leading position as the market evolves.

Cybersecurity Expert

ServiceNow's recognition in the Forrester Wave report underscores the importance of cybersecurity in third-party risk management. With cyber threats becoming more sophisticated, the ability to manage and mitigate these risks is critical for organizational resilience. ServiceNow's approach to integrating cybersecurity risk management within its third-party risk solution aligns with the growing demand for comprehensive risk management strategies that encompass the entire vendor ecosystem.

The reference to compliance with global standards, such as the European Cyber Resilience Act and Digital Operational Resilience Act (DORA), reflects a commitment to adhering to stringent cybersecurity regulations. This is particularly relevant for organizations operating in or serving customers within the European Union, where regulatory compliance is not just a matter of best practice but a legal requirement. The emphasis on automation and standardization in risk assessments could help organizations reduce the likelihood of human error and improve response times to potential threats, thereby enhancing overall cybersecurity posture.

ESG Analyst

Environmental, Social and Governance (ESG) considerations are increasingly influencing business decisions and investor sentiment. ServiceNow's integration of ESG risk management into its third-party risk management solution reflects an understanding of this trend. By enabling organizations to manage ESG-related risks with third parties, ServiceNow is positioning itself as a facilitator of sustainable business practices.

The ability to manage ESG risks effectively can have a positive impact on a company's long-term value and reputation. It can also play a role in attracting socially conscious investors and customers who prioritize sustainability. However, the effectiveness of ServiceNow's ESG risk management capabilities will depend on the accuracy of the data and the relevance of the metrics used to assess ESG performance. As the ESG landscape continues to evolve, ServiceNow will need to ensure that its solution remains aligned with emerging standards and stakeholder expectations.

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”

SANTA CLARA, Calif.--(BUSINESS WIRE)-- 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.

© 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240306994648/en/

Courtney Johnson

925-405-2446

press@servicenow.com

Source: ServiceNow

FAQ

What recognition did ServiceNow receive in the Forrester Wave™ report?

ServiceNow (NOW) was named a Leader in the Forrester Wave™: Third-Party Risk Management Platforms, Q1 2024.

What new features were added in ServiceNow's recent Now Platform Vancouver release?

Automated inherent risk questionnaires and out-of-the box due-diligence workflows were added to enhance the risk management solution.

How does ServiceNow's Third-Party Risk Management solution help organizations?

It optimizes the risk assessment process with intelligence and insights, automating tasks, standardizing processes, improving decision-making, and integrating with enterprise risk programs.

What global compliance standards does ServiceNow's solution adhere to?

The solution adheres to standards like The European Cyber Resilience Act, Digital Operational Resilience Act (DORA), NERC-CIP, and other risk regulations.