The Gartner 2020 Magic Quadrant for IT Vendor Risk Management Tools

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Prevalent Named an IT VRM Tools Leader

Gartner released their 2020 Magic Quadrant for IT Vendor Risk Management Tools on Monday, and Prevalent is thrilled to have been named a Leader! In a little more than nine months’ time, Prevalent has moved from Visionary to Leader in the VRM Tools Magic Quadrant based on Gartner’s criteria for product (service), product strategy, and vertical/industry strategy.

Making Sense of a Crowded Market

The market for vendor risk management is getting more crowded, with seven new vendors added in this edition of the Magic Quadrant. This comes after six vendors were added to the Gartner Magic Quadrant for IT Vendor Risk Management, November 2019. How do you differentiate between vendors in such a crowded market?

Let me review how we believe you should use this report to derive what’s most important to consider in evaluating a third-party risk management solution.

Strongest Vision Among Pure VRM Specialists Means You Will Be Ready for Tomorrow

“Vision” in the Magic Quadrant includes market understanding, strategy and innovation. This market is evolving rapidly – as evidenced by the number of VRM providers added to the MQ. Providers with a strong vision today are best positioned to deliver on the emerging use cases and capability requirements of tomorrow. Knowing where the market is headed, having a strategy in place to address customer needs, and building a rich roadmap of innovative new features are hallmarks of visionary solutions. In reviewing this year’s Magic Quadrant, Prevalent believes it features the strongest vision among pure-play vendor risk management specialists. Other vendors in the Leaders quadrant are primarily GRC or privacy tools with VRM add-ons.

Combination of Vision and Execution Across All Use Cases Equals a Successful Program Today

Vision is essential for the future, but execution is about what you are delivering to customers today, and the Gartner Magic Quadrant for IT Vendor Risk Management says that Prevalent’s strengths lay in our product, our product strategy, and how we deliver on the needs of specific highly regulated vertical industries.

With a recognized platform, vendor risk assessment services, and a vendor intelligence network, Prevalent believes we deliver the most flexible option for customers to focus on their vendor risks.

Given Prevalent’s placement in this Magic Quadrant, it’s pretty clear to us that we are the most visionary VRM leader. Prevalent’s primary focus on solving VRM challenges delivers what Prevalent’s believes are specialized visibility, efficiency and scale that the other providers can’t match.

Why Prevalent for Vendor Risk Management?

We believe this report identifies the real differentiators for Prevalent in the VRM market – differentiators that are meaningful for you, including:

• A choice of products, networks and managed services: We deliver unmatched flexibility and expertise by equipping you with a) a platform that automates vendor assessments; b) the largest network of completed, standardized vendor surveys and intelligence for accelerating risk identification and management; and c) the ability to outsource your vendor risk management activities to our team of experts.
• Proven return on investment (ROI): Prevalent customers have reported identifying risks 44% faster, reducing manual work by 50%, and increasing productivity by a factor of 3 by leveraging our solutions.
• Complete, inside-out/outside-in risk visibility: Our VRM platform integrates cyber and business monitoring with assessments to provide a complete view of vendor risks. No other vendor named in the Magic Quadrant has its own fully integrated continuous monitoring solution to complement vendor assessments.

Customers choose Prevalent because they get fast time-to-value, backed by deep VRM capabilities that only a VRM specialist can deliver. Request a personalized demo, and we’ll prove it to you!

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