Coupa Recognized as a Leader for Third Party Risk Management in IDC MarketScape Report
In every company, third-party risk from suppliers and other business partners lurks constantly. It can materialize from financial missteps, unresolved litigation, cybersecurity attacks, ethical lapses, outright fraud, and more. As a business leader, it’s up to you to defend your company and proactively navigate these threats.
Coupa’s un-siloed approach to TPRM
Coupa’s approach to third party risk management (TPRM) focuses on a comprehensive approach to TPRM for all types of third-party relationships. Against this backdrop, we’re proud to announce that Coupa has been recognized as a Leader in third party risk management in the first IDC MarketScape: Worldwide Third Party Risk Management Software 2022 Vendor Assessment (doc #US48295522, September 2022).
A differentiated model that enables risk-aware cultures
Coupa TPRM lets customers assess and mitigate risks across multiple relationship tiers and multiple risks, with continuous monitoring based on data from external feeds and community-powered insights from the Coupa platform. Coupa TPRM covers the complete vendor lifecycle from identification and sourcing to risk assessment, mitigation, and vendor offboarding.
See the IDC MarketScape: Worldwide Third Party Risk Management Software 2022 Vendor Assessment excerpt and learn how Coupa enables risk-aware cultures.
The areas of strength recognized by the IDC MarketScape as reasons contributing to Coupa’s position as a Leader in third party risk management include community, actionable intelligence, ESG, and investment:
Community –“Coupa leverages its large community base of users to strengthen its solution offering vendor risk ratings and a searchable verified vendor alternative database generated through a centralized database of vendor questionnaires and performance reviews. The database can also be searched based on corporate initiatives such as diversity/ESG criteria.”
Actionable Intelligence – “Coupa uses AI to ingest data from hundreds of sources across news, financial information, screening lists, customer-provided data feeds, partners, and Coupa's Community.ai. Risk flags are generated from this intelligence linking across the entire Coupa platform to inform subsequent processes such as payment and contract review. In this way, risk intelligence generates automated responses, alleviating manual work and the potential for error.”
A good example is contracting. When you're writing a contract with a counterparty that has been assessed, with Coupa you can see what the risk ratings are for different risk domains. So, if a vendor’s financial risk is a little higher than you'd like, you might put specific terms in the contract to mitigate the risk. If a vendor’s risk rating goes up, they can be put on hold immediately, stopping any further buying, invoice approvals, and payments until the risk can be investigated.
Environmental, Social, and Corporate Governance (ESG) – “Coupa is leveraging its BSM platform to enable businesses to become more sustainable. The Coupa approach seeks to both help its clients accelerate existing ESG initiatives and support them in making more informed sustainability decisions. From a TPRM perspective, this means empowering clients with the tools to assess and select partners based on ESG selection requirements. Coupa allows businesses to direct spend to diverse and sustainable suppliers by making it easy to find, select, and source from diverse-owned businesses and/or sustainable businesses and products. For example, Coupa embeds diversity and sustainable tags and filters into catalog search results — providing customers with an easy way to improve and increase their spend with more diverse and/or sustainable businesses.”
Investment – “Coupa will continue to invest significantly over the next few years in its Business Spend Management platform, with planned enhancements to many of the TPRM features, particularly in the intelligence capabilities. In addition, Coupa marketplace apps are expected to double in the next year and have new tools to assess and validate vendor compliance.”
Coupa has grown to service more than 2,500 customers spanning the Americas, EMEA, and Asia Pacific, with 3,000 employees and more than 3.8 trillion dollars in cumulative spend under management. We continue to enhance our offerings, co-innovating with customers and partners to ensure our BSM platform is not only the most comprehensive but provides the most value.
See the IDC MarketScape: Worldwide Third Party Risk Management Software 2022 Vendor Assessment excerpt and learn how Coupa enables risk-aware cultures.
Coupa is built on an obsessive and unwavering commitment to making our customers successful. For us, it’s more than just customer satisfaction, it’s about customer success. My team, and the broader community at Coupa, work every day to ensure that our customers are successful in realizing their goals, satisfying their company missions, and transforming their organizations. If our customers are successful, we’re successful.
About IDC MarketScape: IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
