Positioning based on completeness of vision and ability to execute
September 2, 2020 | San Jose, California: MetricStream, the independent market leader in enterprise cloud applications for Governance, Risk, and Compliance (GRC)/Integrated Risk Management, today announced that the company has been positioned as a Leader in the 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools. MetricStream was among 23 technology providers that were evaluated by Gartner based on completeness of vision and ability to execute.
MetricStream’s solution is built on the scalable M7 GRC SaaS platform which links to multiple external content providers. Additionally, it offers a vendor profile function that tracks the risk, relationship, and contract information. Users can customize surveys to their specific needs. The MetricStream IT VRM solution can also aggregate vendor resilience plans and integrate them into the organization’s internal business continuity management policies and controls. Its functionality also includes risk assessment of a project or initiative prior to evaluating a vendor, thus gaining a preview of the related impact on the initiative. MetricStream believes that its positioning in the Magic Quadrant validates the confidence that customers across geographies have shown in the company’s IT vendor risk management (VRM) solution.
“We’re delighted to be recognized as a Leader in the Gartner Magic Quadrant for IT Vendor Risk Management Tools,” says Gaurav Kapoor, COO, MetricStream. “The pandemic has truly stress tested the third and fourth party vendor networks for many businesses, some to catastrophic effect. IT vendor risk management is now a boardroom priority, as organizations deal with related regulatory compliance and risk priorities with a view to keep a remote workforce productive, ensure data security, and to accelerate business recovery.”
MetricStream distinguishes itself from the market with a clear, defined offering leading organizations on their IT VRM journey. In addition, the IT VRM portfolio of applications is on the same market leading Integrated Risk Management platform with other use cases like IT Risk, Operational and Enterprise Risk, BCM, Policy Management, Regulatory and Corporate Compliance, Audit Management and Quality Management. This allows organizations to tie IT VRM risk very closely to other risk themes to provide organizations the ability to respond and proactively manage risks in context of the business impact.
MetricStream’s improved user interface and workflows, with conversational interfaces and chatbots that facilitate users to interact with frontline stakeholders for risk information. This data can be further validated, and discrepencies called out for risk and exception evaluation. MetricStream believes that functionalities such as these provide better data and analytics, improving operational efficiency and accelerating business performance.
Access a complimentary copy of the August 2020 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).