MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), today announced that the company has been recognized as a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management (IT VRM) Tools. It is the sixth time that MetricStream has been honored as a Leader in the Gartner Magic Quadrant for IT Vendor Risk Management Tools. We feel the recognition further validates MetricStream’s ability to help organization’s power what’s next in their path to accelerated growth.
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Vendors have become extremely strategic and important for organizations to improve time to market, competitive advantage, and reduce cost. Recently, however, organizations are getting heavily impacted by exponentially increasing supply chain attacks and should adopt a comprehensive approach to Vendor Risk Management to protect themselves.
MetricStream’s IT Vendor Risk Management solution provides real-time visibility into third party and fourth party risks, including financial, reputational, environmental, cyber, and compliance, and enable organizations to assess and monitor risk from onboarding all the way through offboarding. MetricStream’s IT VRM solution is built on its MetricStream Platform and is available both as a stand-alone offering as well as an integrated solution along with Risk, Regulatory Compliance, Audit & Financial Controls, IT & Cyber Security and ESG. The solution is predominantly delivered via SaaS.
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According to the Gartner report, “IT vendor risk management tools automate the vendor risk management life cycle, track third-party risk, and facilitate regulatory compliance.”
“Attackers are increasingly targeting vendor ecosystems. Recent incidents have shown that even one vendor breach incident can have catastrophic impact on the organization. Safeguarding your organization against vendor risk is not only critical to success but is a competitive advantage,” said Gaurav Kapoor, Chief Operating Officer, MetricStream. “We are honored to be named a Leader, as it validates our ability to help customers manage, embrace and thrive on risk.”
As new, high-impact risks continue to emerge and grow increasingly interconnected, an enterprise’s ability to succeed depends on how effectively it can understand and manage the full spectrum of risks across enterprise, operational, compliance, vendor, IT & cyber security, reputation, and ESG. Third parties and fourth parties such as vendors, suppliers, and contractors represent a significant source of risk, exposing organizations to different types of risks. Managing vendor risk and compliance is essential to staying ahead of these challenges and powering what’s next.