Ernst & Young Global Limited, OneTrust, LLC, and Deloitte Touche Tohmatsu Limited dominated the Global Third Party Risk Management Market in 2020

The Global Third Party Risk Management Market is expected to grow with a CAGR of 17.8% in the forecast period of 2021 to 2028. The years considered for the study are as mentioned below:

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The global third party risk management market is a fragmented market, which includes a specific number of key players and local players. The market has witnessed increased strategic developments owing to favourable market scenarios.

The major players dealing in the global third party risk management market are introducing a strong range of product portfolios. This helped companies to maximize sales with an enhanced product portfolio.

For instance,

  • In October 2019, Ernst & Young Global Limited announced the launch of Third-Party Risk as a Service (TPRaaS), a new managed service offering to help organizations leverage third-parties to enhance their focus on the strategies that drive their business forward. The new product was built with Third-Party Risk as a Service (TPRaaS), a new managed service offering to help organizations leverage third parties to enhance their focus on the strategies that drive their business forward. This enhanced the company’s trust by Design methodology

Ernst & Young Global Limited is the dominating player in the global third party risk management market. The other key players existing in the market include RSA Security LLC, MetricStream, KPMG International, Deloitte Touche Tohmatsu Limited, BitSight Technologies, ProcessUnity, Inc., Genpact, Venminder, Inc., Resolver Inc., NAVEX Global, Inc., SAI Global Compliance, Inc., Rapid Ratings International Inc., Optiv Security Inc., PwC, Aravo Soutions, Inc., OneTrust, LLC, Prevalent, Inc., Alyne GmbH, IBM Corporation, among others.

Third Party Risk Management Market Ernst & Young Global Limited

Ernst & Young Global Limited was incorporated in 1989 in London, U.K. It has private ownership. The company offers services and solutions concerning assurance, consulting, strategy and transactions, and tax for clients looking to capitalize on digital transformation opportunities. The product categories of the company include EY Private, Consulting, Assurance, Tax, Strategy, and Transactions. Amongst which the market-focused category is Consulting.  

  • In April 2021, Ernst & Young Global Limited announced the strengthening of its partnership with RSA Security LLC, a company that is focused on risk management and cyber security. The alliance aimed at helping enterprises to accelerate their operational and IT risk transformation through the combined capabilities of Ernst & Young and Archer, which is an RSA business focused on integrated risk management solutions. This enabled the company to offer their client scalable operational risk and cybersecurity transformation programs for their risk management and cybersecurity strategies such as third party risks

The company has a presence in the Americas, Europe, Asia-Pacific, Middle East and Africa.

OneTrust, LLC

OneTrust, LLC is headquartered in Atlanta, U.S. It has private ownership. The company offers workflow solutions for privacy, security, data governance, GRC, third-party risk, ethics and compliance, and ESG programs. The product categories of the company include privacy, consent, and preferences, third-party risks, GRC, Data discovery, data governance, ethics and compliance, environmental, social, and governance. Amongst which the market-focused category is third-party risks.

  • In April 2021, OneTrust, LLC announced the acquisition of Convercent, a company dealing in ethics and compliance. The acquisition brought the ethics and compliance technology into OneTrust’s technology platform of trust, bringing together privacy, data governance, GRC, third-party risk, ESG, and ethics. It also helped the company to drive ethics to the center of its business

The company has a presence in the Americas, Asia-Pacific and Europe.

Deloitte Touche Tohmatsu Limited

Deloitte Touche Tohmatsu Limited was founded in 1845 and has headquarters in London, U.K. It has private ownership. The company offers audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to various enterprises. The service categories of the company include Audit and Assurance, Consulting, Risk Advisory, Financial Advisory, Legal, Tax. The market-focused category amongst it is Risk Advisory.

  • In August 2021, Deloitte Touche Tohmatsu Limited announced the acquisition of aeCyberSolutions, the industrial cybersecurity business of Applied Engineering Solutions. This helped the company to enhance its experience in industrial cybersecurity and IoT related to cybersecurity. With the acquisition, the company was able to expand its capabilities and offerings in the cyber threat risk management

The company has a presence in the Americas, Europe, the Middle East and Africa, Asia-Pacific.