Venminder, an industry recognized provider of third-party risk management solutions, today announced that the company has been positioned by Gartner as a Challenger in the Magic Quadrant for IT Vendor Risk Management Tools. This is the third year running that Venminder has been recognized in the Gartner Magic Quadrant report.
According to Gartner, “The market for IT VRM tools continues to evolve and mature. Vendors are providing more automation within their tools through machine learning and natural language processing (NLP); a focus on environmental, social and governance (ESG) demands; and an increased appreciation for third-party risk, particularly in a postpandemic world. Regulatory guidance and newer privacy and data breach notification regulations in many industries have made IT VRM an essential requirement.”
“We are excited and proud of this recognition and believe it validates our complete approach to third-party risk management,” said James Hyde, CEO of Venminder. “Venminder is the only pure play third-party risk solution provider in the market and this has allowed us to invest in the right areas of our platform. By remaining laser-focused on our customers and their needs, we continue to be the highest rated platform on industry review sites for organizations to run a compliant and best of breed vendor risk management program.”
Gartner Magic Quadrant for IT Vendor Risk Management Tools report evaluated 17 IT vendor risk management vendors. Gartner creates the report, as well as a companion Critical Capabilities report, to help a wide variety of customers make strategic decisions around their IT VRM strategies and technology investments.