Cynomi has launched its Third-Party Risk Management (TPRM) module. Delivered as an add-on to the Cynomi vCISO Platform, the new capability integrates vendor risk management into existing service providers’ workflows.
The global third-party risk management market, valued at $7.42 billion in 2023, is forecast to more than double, reaching $20.59 billion by 2030. Cynomi’s new TPRM module opens up a valuable business opportunity for service providers. It helps their clients deal with a pressing challenge: managing risks from complex vendor ecosystems while also meeting regulatory requirements and growing customer expectations.
Cynomi’s TPRM provides MSPs and MSSPs with a scalable way to deliver these critical services. By cutting vendor assessment times from 7 – 16 hours down to just 1.5 – 4.5 hours, Cynomi TPRM users can work up to 79% faster. This efficiency directly translates into higher profitability, with margins rising up to 20%. In addition, the module enables service providers to sell premium vendor risk services and advisory engagements at affordable levels.
The key capabilities of the new TPRM module include:
- Integrated with Cynomi’s vCISO…
