Technology management professionals with administrator privileges have the responsibility to ensure that their critical business technology is secure, available, and achieving performance expectations. However, those same privileges enable a tech pro with malicious intent to wreak havoc in their technology ecosystem and it also makes administrator credentials a prized target of cybercriminals. Thus, privileged identity management (PIM) solutions have long been an important security control for security and risk (S&R) leaders. As businesses continue to adopt digital technology, S&R leaders see their importance increasing but they also have new PIM requirements. They expect PIM solutions to help: 1) mitigate security risk in cloud environments; 2) reduce insider threats; 3) identify and mitigate unusual behaviors of privileged users; and 4) expand the scope of traditional identity and access management (IAM) from business applications to privileged access. This report explains these new PIM demands and requirements and helps S&R leaders ask the right questions from their PIM vendors.