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Gartner IT Vendor Risk Management report – How important is a complete solution?

by Scott Lang 10th April 2019 Blogs , Company News , Industry News

The Gartner Critical Capabilities for IT Vendor Risk Management research report is essential reading for sourcing, procurement, compliance, and vendor management leaders.

Following 3GRC’s recent acquisition by Prevalent, one of the 11 vendors ranked in this report, we’re offering complimentary access, along with an in-depth analysis.

Among several key takeaways, the following key points within the report stood out;

  • The market is in its early stages of maturity
  • The offerings are generally fragmented and unable to deliver a combination of complete visibility and automation required, to lower risk and achieve compliance goals

With an ever-increasing number of cyber-attacks originating from third parties, and growing data privacy concerns driving more regulatory activity, ensuring your suppliers manage information securely is a significant challenge. An effective program will survey each third party, determine their risk level, prioritise the highest-risk vendors, manage them to remediate risks, and provide audit reports for stakeholders. Done manually, this can be enormously time-consuming.

The critical question for you to answer, however, is: can your organisation afford the potential fines, the fall-out from failed audits, implications of non-compliance, and potential loss of reputation and revenue if you’re only seeing a partial view of your vendor risks?

We believe it’s extremely important to gain a complete 360-degree view of vendor risks – one that includes not only thorough periodic automated assessment data, but also continuous intelligence into the cyber and business risks of your critical vendors. Together, the two inputs yield significant business outcomes:

  • Greater visibility: A combined inside-out and outside-in approach helps you make better risk-based decisions on compliance, to prioritise resources, and remediate risks. Included vendor threat and operational visibility reduces risk surfaces and eliminates gaps.
  • Faster time to value: A complete view of vendor risks helps achieve the fastest path to compliance (i.e. makes the pain go away faster!). Combining periodic assessments with continuous intelligence yields clearer insights to better prioritise risks beyond just a number score. This approach also helps to accelerate vendor onboarding and re-certification and reduce an otherwise excruciatingly painful process.
  • A scalable, more mature program: Automation, insights, and flexibility enable a more mature vendor risk management program that is adaptable to changing business and regulatory needs.

Gartner’s Critical Capabilities for IT Vendor Risk Management identifies use cases, evaluates capabilities, and delivers a thorough analysis and comparisons of 11 VRM providers. We believe that this research report validates our strengths in the VRM market—and we invite you to compare us against the rest of the pack. We deliver:

  • A unique platform that addresses all use cases: Gartner recognises our comprehensive, integrated approach to IT vendor risk management delivered through a single platform addresses growing requirements for risk and compliance integration.
  • Built-in integration for ongoing risk monitoring: Gartner recognises that we go beyond data collection to help organisations drive vendor behaviour. This is accomplished by not only the automation of assessments but also fully integrated threat monitoring which informs overall risk posture.
  • Specific industry expertise: As the de facto standard in the legal and healthcare industries, and with the authors and leaders in the shared assessments community a part of Prevalent, we have the experience and know-how to help organisations grow their maturity in third-party risk management.

For organisations that want a faster ROI and time-to-value that comes from leveraging broad and deep capabilities within an integrated platform, 3GRC, a Prevalent owned company, is the number one choice!

Register here to access the Gartner report today and put our solution to the test.

This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Prevalent.

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 organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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