Report states that Third-Party Risk Management Solutions protect organizations’ revenue, reputation, and resilience.
November 4, 2020 | San Jose, California: MetricStream, the independent market leader in enterprise cloud applications for Governance, Risk, and Compliance (GRC) and Integrated Risk Management, announced its citation as a Strong Performer in Third-Party Risk Management Platforms among the select companies that Forrester invited to participate in its Q4 2020 Forrester WaveTM evaluation.
According to the report, The Forrester Wave™: Third-Party Risk Management Platforms, Q4 2020, MetricStream’s platform “has broad capability and is very strong in risk scoring, correlation, visualization, and dedicated investment in AI/ML/NLP”. MetricStream believes that its positioning in the Q4 2020 Forrester WaveTM underscores the importance of taking an integrated approach across all enterprise risks, especially those from third parties.
Incidents including data breaches, supply chain disruptions, outages at third, or even fourth parties have disrupted organizations and has led to revenue losses. Today, the costs per data breach increases by $370,000 if the breach was caused by a third party. The risks from the extended ecosystem are emerging rapidly and underscore the need to re-evaluate the resilience of third-party risk management programs.
Expectations of a changing workforce internally and at third parties, accelerated digital transformation adoption to changing market conditions, evolving regulatory requirements, and cross-border trade restrictions add a new dynamism to the risk landscape. The volume and velocity of interconnected risks and need for harmonization and aggregation have made the involvement of the extended ecosystem, including suppliers, vendors, third and fourth parties critical to the proactive mitigation of risks. MetricStream’s innovations are designed to help address these challenges across the extended enterprise by enabling a modern integrated risk approach, powered by intelligence and frontline engagement.
The MetricStream Third-Party Risk Management, built on simple yet powerful M7 Integrated Risk Platform, intelligent by design, streamlines third-party information gathering, due diligence, onboarding, real-time monitoring, compliance and control assessments for contextual third-party risk decisions.
“We’re pleased to be recognized as a Strong Performer in this Third -Party Risk solutions evaluation,” said Gaurav Kapoor, Co-Founder & COO, MetricStream. “The ‘New Normal’ in this digital era has exposed the vulnerabilities of organizations’ extended business ecosystem that depends on multiple external vendors. Our Third-Party Vendor Risk Management Solution, built on M7 Integrated Risk Platform, with new innovations, further enhances organization’s agility, resilience and performance and delivers a holistic 360-degree view of third-party risks.”
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).