Survey results for Third Party Risk Management Tool Selection Criteria

Published: 4 June 2024| Version 1 | DOI: 10.17632/rzzd7nz8vv.1
Rakesh Venugopal


The research data utilized in this study primarily consists of responses from a survey administered to information security and risk management professionals globally. The survey was designed to elicit the relative importance of various criteria when selecting a Third-Party Risk Management (TPRM) tool. The survey employed a weighted scale, allowing respondents to assign a level of importance (e.g., not important, somewhat important, very important) to each of the criteria identified in the applied framework. The survey sample encompassed a diverse range of roles and levels of seniority within organizations, including CEOs, VPs, auditors, and managers. This diversity aimed to capture a comprehensive view of the priorities and preferences across the industry. The collected survey data was then analyzed using descriptive statistics and a weighted average approach to determine the mean and median scores for each evaluation criterion. This analysis allowed for a quantitative assessment of the relative importance of different features and functionalities in TPRM tools, providing valuable insights into the decision-making process of industry professionals. Additionally, the study incorporated a review of existing literature on TPRM and tool selection. This literature review served to identify key concepts, trends, and gaps in knowledge, informing the development of the TPRMTSF framework and the selection of survey criteria. The combination of survey data and literature review provides a comprehensive foundation for the research findings and recommendations presented in this study. By analyzing both empirical data and existing knowledge, the study offers a well-rounded perspective on the challenges and opportunities associated with TPRM tool selection.



Cybersecurity, Risk Management, Information Security, Software Selection, Information Privacy, Compliance Monitoring, Vendor Selection, Survey Data Outcomes Assessment, Statistical Method, Data Analytics Cybersecurity