July 12, 2017 | Palo Alto, California: MetricStream, a market leader in Governance, Risk, and Compliance (GRC) apps and solutions, announced today that the company has been positioned in the “Leaders” Quadrant of the June 29, 2017 Gartner Magic Quadrant for IT Vendor Risk Management Solutions Report authored by Gartner analysts Christopher Ambrose and Luke Ellery.
MetricStream's IT Vendor Risk Management (ITVRM) App enables organizations to identify and mitigate vendor risks by adopting a structured approach to vendor information, onboarding, due-diligence, continuous monitoring, assessments and performance management. With MetricStream’s latest innovations in cloud, mobile and GRC platform and apps with M7, customers can expedite their IT vendor risk management implementations, increase adoption across the organization, and accelerate time to value.
According to the report, “High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs, and third-party access to sensitive and regulated information continue to fuel demands in the IT VRM market. While the predominant market driver remains regulatory requirements, lesser regulated or nonregulated entities are increasingly concerned with the operational and reputational risks to which their vendors expose them.” Additionally, the report states, “By 2020, 75% of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.”
MetricStream’s ITVRM App enables customers to drive greater accountability, better oversight and governance over vendor relationships, as well as ensure compliance with regulations such as OCC, FFIEC, FINRA, PCI-DSS, FCPA, GLBA, HIPAA Rule, and HITECH Act. With the app, organizations can also improve visibility over their vendor ecosystem including sub-vendors, contractors and other fourth parties, and all potential risks and issues. The app also simplifies performing assessments through industry standard questionnaires including Shared Assessments, and streamlines continuous monitoring of vendors through trusted data validation sources like Politically Exposed Persons (PEPs), sanctions lists, Special Interest Persons (SIPs), State-Owned Enterprises, adverse media lists, security profiles and more. The app empowers organizations to collaborate with their vendors on risk mitigation plans and activities.
Additionally, MetricStream’s GRC Cloud Business Intelligence with Tableau improves analytics and reporting to senior management and the board by enabling customers to aggregate, analyze, and visualize GRC datasets and achieve 360-degree real-time visibility into areas of risk across the enterprise.
MetricStream believes its recognition is based on the company’s continued focus on quality and positive customer experience, platform and app innovation, as well as its global user and peer community.
Commenting on the report, MetricStream Chief Operating Officer Gaurav Kapoor said, "We are pleased to be positioned the furthest for Completeness of Vision in the Leaders quadrant of Gartner's 2017 Magic Quadrant for IT VRM, amongst all vendors evaluated.” He continued, "Gartner has recognized us for our industry leading ITVRM app, and we feel this recognition is due to our continued focus on innovation, our global growth strategy across the US, Europe, EMEA and Asia Pacific, and our collaborative GRC user and peer community. ITVRM is one of the fastest growing areas of demand in the market, and ties in closely with other GRC programs that companies adopt related to business, security and IT, making our platform based approach ideal for our customers.”
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