NAVEX Global®, the leader in integrated risk and compliance management solutions, today announced that the company has been acknowledged as a Leader in Gartner, Inc.’s Magic Quadrant for IT Vendor Risk Management Tools report. The Lockpath platform has been included in every Magic Quadrant for IT Vendor Risk Management (IT VRM) Tools published since the report’s inception in 2014.
According to the report, published on August 24, 2020, “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 organizations. Information Technology VRM should be looked at within the context of a broader, integrated approach to risk and VRM.”
Gartner’s Magic Quadrant helps sourcing, procurement and vendor management leaders evaluate this growing and dynamic market. Technology providers recognized in Gartner’s Magic Quadrant reports are evaluated based on two dimensions: the ability to execute and completeness of vision.
“As organizations continuously increase their reliance on IT vendors, risks increase as well. The only way to successfully address these risks is with a proactive, holistic approach that takes into account not only data protection, but also risks to business operations and continuity,” said Haywood Marsh, General Manager of NAVEX Global’s Lockpath business unit. “We believe Gartner’s latest research validates our strategy for managing IT vendor risk with the Lockpath platform, and we are proud to be recognized as a Leader in this report.”
NAVEX Global’s award-winning integrated risk management solution, Lockpath, supports both strategic and tactical vendor risk management programs. The solution 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, as well as operational and IT risks for a stronger, more resilient organization.
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 that help organizations manage risk, address complex regulatory compliance requirements and foster an ethical, highly productive workplace culture.