PORTLAND, Ore.--(BUSINESS WIRE)--NAVEX Global®, the leader in integrated risk and compliance management solutions, today announced the company has been named a Leader in Gartner, Inc.’s Magic Quadrant for IT Vendor Risk Management Tools report. This marks the eighth consecutive year that the Lockpath Integrated Risk Management solution has been included in the Magic Quadrant for IT Vendor Risk Management Tools.
According to the report, “Enterprises’ past failures to identify, monitor and mitigate the risks posed by such third parties have been recognized as factors leading to data breaches, operational failures, and business disruptions. Consequently, organizations in highly regulated industries are now often mandated to have an IT VRM program with adequate controls for business continuity management, vendor performance, vendor viability and data protection.”
The report goes on to state, “The challenge for many is that the functional responsibilities for VRM are often siloed within different parts of the organization. IT VRM should be looked at within the context of a broader, integrated approach to risk and VRM. Failure to comply with these mandates can have significant audit-related repercussions that can undermine shareholder value and corporate viability.”
This Magic Quadrant presents Gartner’s assessment of vendors providing software and solutions that should be considered by enterprises seeking technology solutions for the identification, assessment and monitoring of risks relating to their use of service providers and IT vendors. Technology providers recognized in Gartner’s Magic Quadrant reports are evaluated based on two dimensions: the ability to execute and completeness of vision.
“Companies must think broadly about third-party risk management – not just with respect to their IT vendors, but across the entirety of their supply chain,” said Haywood Marsh, General Manager of NAVEX Global’s Lockpath business unit. “Businesses need to monitor and manage the risks associated with their third parties, especially those supplying IT products and services. If there was ever a year that demonstrated the importance of this approach to vendor management, 2021 is it. We are proud that our inclusion as a Leader in this report validates our philosophy and we appreciate the continued recognition.”
NAVEX Global’s award-winning integrated risk management (IRM) solution, Lockpath, supports both strategic and tactical vendor risk management programs. The platform fully integrates the vendor risk management lifecycle into daily processes, streamlining the evaluation and risk management of vendors, contractors, suppliers and service providers. Additionally, the solution facilitates cross-departmental collaboration and management activities for vendor risk and operational and IT risks for a stronger, more resilient organization.
Gartner, Magic Quadrant for IT Vendor Risk Management Tools, 30 August 2021, Joanne Spencer, Edward Weinstein, Luke Ellery
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statement of the fact. Gartner disclaims all warranties, expresses or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About NAVEX Global
NAVEX Global is the worldwide leader in integrated risk and compliance management software and services. Our solutions are trusted by thousands of customers around the globe to help them manage risk, address complex regulatory requirements, build corporate ESG programs and foster ethical workplace cultures. For more information, visit NAVEX Global’s website and our Risk & Compliance Matters blog. Follow us on Twitter and LinkedIn.