LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global risk management services (RMS) market is expected to grow at a CAGR of more than 7% over the next five years due to the change in global political scenario.
The research report titled ‘Global Risk Management Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Changes in global leadership especially in countries such as the UK and the US can create uncertainty in business scenarios like scrapping of trade agreements. This could drive the demand for risk management services,” said lead Technavio procurement expert Angad Singh. “Recently in the US, the Donald Trump administration planned to scrap the NAFTA agreement. This could affect the trade in this region, which will directly impact the existing trade relations prevalent in the region,” added Angad.
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Cost saving opportunities in the risk management services market
Adoption of cost optimization levers allows buyers of risk management services to not only realize direct cost savings but also enhance category management and value benefits, including reduced procurement complexities.
Technavio procurement experts have segmented the cost saving opportunities in the risk management services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
RMS collects and correlates data across the enterprise IT systems and then identifies the risks associated with them. They communicate these risks through on-screen dashboards and e-mail notifications.
The advent of internally hosted cloud computing and data storage has improved the way risk management companies function. This enables suppliers to gain ready access to larger volume of data that can be used to predict risks than before the advent of this technology.
Optimization of procurement practices saving aspects
Risk scoring is an algorithm for evaluating a vendor and ranking them on a scale of 1 to 1,000 where higher numbers denote higher risk.
Category managers should prefer selecting suppliers that use risk scoring methodology as they can easily quantify threats and deficiency associated with vendors.
Bundling of services saving aspects
A growth in the amount of global business activities due to factors such as globalization is increasing the need for financial risk management of financial flows of companies. They outsource the audit of financials to third-party accounting and auditing service providers that also offer financial risk management in their service portfolio.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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