We’re pleased to announce that ThirdPartyTrust has been recognized as a Niche Player in Gartner’s Magic Quadrant for IT Vendor Risk Management Tools, 2020.
Gartner’s Magic Quadrant for IT Vendor Risk Management Tools is recognized as the definitive guide for professionals who are seeking a better way to manage their vendor ecosystem. It helps sourcing, procurement and vendor management leaders evaluate this growing and dynamic market. It also features current trends and insights from the market and how to adapt TPRM strategies.
According to Gartner:
Vendor risk management (VRM) is the process of ensuring that the use of service providers and IT suppliers does not create an unacceptable potential for business disruption or a negative impact on business performance. VRM technology supports enterprises that must assess, monitor and manage their risk exposure from third-party suppliers (TPSs) that provide IT products and services, or that have access to enterprise information.
Source: Gartner
This year’s significant finding is based on the assessment of our ThirdPartyTrust enterprise risk platform, which automates security questionnaires, collects information and evidence from attestations and reports such as SOC, and provides a unified view of the life cycle of risk assessment.
The following aspects were listed as ThirdPartyTrust strengths:
- Product or Service — ThirdPartyTrust has built integrations with several SRS providers and is continuing to develop this network to provide a holistic vendor risk management view.
- Vertical/Industry Strategy — Vendors can update their profiles, and customers have direct access to vendor profiles via a permission-based connection.
- Customer Experience — As ThirdPartyTrust focuses on the North American market, local support is available for customers from 6 a.m. to 6 p.m., U.S. Central Standard Time. It runs several customer forums and online communities where best practices, tips, white papers and success stories can be shared.
Although we prefer to use the broader term “third-party” rather than “vendor”, we agree on the fact that they can be any external entity that can access, provide or manage sensitive data, and those entities that connect to a customer’s systems or networks, or support critical business processes. According to Gartner, as the market evolves, there are increased regulations and increased appreciation for third-party risk.
Third-parties are critical to business success, as they enhance core business processes and products while providing additional capability. However, increasing reliance on suppliers and providing access to network data can make your organization vulnerable to greater risks. Third-party risk management solutions like ours help by automatically identifying, assessing, monitoring and remediating risks for technology vendors and service providers.
To learn more about how ThirdPartyTrust can help you streamline your TPRM program, request your free trial now:
