Organisations are accelerating investment in third-party risk management technology as cyber threats, supply chain instability, regulatory pressures and trade volatility compound risk exposure, according to Gartner.

The analyst said these converging factors are prompting firms – particularly multinationals – to shift away from siloed oversight towards more formalised, tech-enabled third-party governance frameworks.

“Regulators and stakeholders are certainly paying attention; they are interested in how organisations are effectively managing their third-party risk activities,” said Antonia Donaldson, director analyst in Gartner’s Assurance Practice. “Many organisations, particularly multinationals, are experiencing an exponential increase in the number of third parties they rely on in order to conduct their business around the world.”

Application remains fragmented and in the early stages of maturity, according to the analyst, with many enterprises adopting multiple platforms across different functions. Vendors are increasingly integrating AI and machine learning to help automate assessments and manage growing volumes of risk data.

While no platform offers a one-size-fits-all solution, Gartner advises buyers to prioritise scalability, integration capabilities and alignment with risk strategy when selecting a system.

“Deploying TPRM technology is not a magic solution, but in an increasingly complex business landscape TPRM platforms allow organisations to better mitigate the inherent risks while continuously monitoring their third and fourth parties,” Donaldson added.


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