Positioning based on Completeness of Vision and Ability to Execute
January 2, 2020 | Palo Alto, California: MetricStream, a market leader in governance, risk, and compliance (GRC) apps and solutions, today announced that the company has been positioned as a Leader in the 2019 Gartner Magic Quadrant for IT Vendor Risk Management Tools. MetricStream was among 16 technology providers that were evaluated by Gartner based on completeness of vision and ability to execute. The report, authored by Christopher Ambrose and Joanne Spencer, was published on November 25, 2019.
MetricStream believes that its positioning in the Magic Quadrant reflects the confidence that customers have shown in the company’s intuitive and cloud-based IT vendor risk management (VRM) solution. Built on a scalable GRC platform, the solution offers a simple and efficient way for organizations to understand, assess, and monitor their IT vendor risks. Today, it is used across industries and geographies to capitalize on IT vendor opportunities in a risk-aware, vigilant manner.
As digitalization takes hold globally, organizations have begun to rely heavily on IT vendors, be it cloud service providers or data analysts. Many of these vendors have access to sensitive business insights and personal customer data. A single data breach at their end can have catastrophic consequences for everyone along the value chain, unless organizations are vigilant about vendor risk monitoring and mitigation.
According to the Gartner report, “Through 2022, more than 5% of publicly traded companies will see a decrease in market capitalization as a result of mismanaged or unmanaged vendor risks.”
The MetricStream IT Vendor Risk Management Solution enables organizations to proactively prevent IT vendor incidents through timely risk visibility and reporting. Not only does the solution improve the efficiency of vendor risk assessments and mitigation, but it also streamlines vendor information management, due diligence, continuous monitoring, and compliance management.
“We’re delighted to be recognized as a Leader in the Gartner Magic Quadrant for IT Vendor Risk Management,” says Gaurav Kapoor, ‘Office of the CEO,’ and COO, MetricStream. “With regulations like GDPR, as well as the PRA’s focus on outsourcing and third-party risk management, IT vendor risk management is now a boardroom priority, and closely integrates with other risks such as cyber and business continuity.”
Continues Gaurav, “Through our software, user communities, GRC summits, and roundtables, we at MetricStream remain committed to delivering innovative solutions that help our customers optimize the value inherent in their IT vendor relationships while minimizing the associated risks, and strengthening business resilience.”
Access a complimentary copy of the Gartner Magic Quadrant report here.
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MetricStream is the independent market leader in enterprise cloud applications for Governance, Risk, Compliance (GRC)/Integrated Risk Management(IRM). MetricStream apps and software solutions improve business performance by strengthening risk management, corporate governance, regulatory compliance, audit management, vendor governance, and quality management for organizations across industries, including banking and financial services, healthcare, life sciences, energy and utilities, consumer brands, government, technology and manufacturing. MetricStream is headquartered in California, with centers in New York, London, Milan, Madrid, Dubai, Sydney and Bangalore, among several other cities globally (www.metricstream.com).