Gartner released their Critical Capabilities for IT Vendor Risk Management report in November 2018, and among several key takeaways, a number of points stood out to me: 1) the market is in its early stages of maturity; and 2) 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, prioritize 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 organization afford the potential fines, 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?
That’s why here at Prevalant, 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, those two inputs yield significant business outcomes:
But I digress… back to the Gartner report
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 Prevalent’s strengths in the VRM market—and we invite you to compare us against the rest of the pack. Prevalent delivers:
For organizations that want a faster ROI and time-to-value that comes from leveraging broad and deep capabilities within an integrated platform, Prevalent is the number one choice! Try us, and we’ll prove it…
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