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According to the report, published on November 25, 2019, “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 (BCM), 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. IT VRM should be looked at within the context of a broader, integrated approach to risk and VRM.”

The ability to execute criteria of this report includes “vendors were evaluated on the quality and efficacy of the processes, systems, methods and procedures that enable their performance to be competitive, efficient and effective, and that positively impact their revenue, customer retention and reputation. Vendors were also judged on their ability to capitalize on their vision.”

This is the fourth recognition in the Magic Quadrant for IT Vendor Risk Management Tools for NAVEX Global (Lockpath), and the second recognition as a Leader.

“The focus on vendor risk is more prevalent than ever, and as a result vendor management processes must evolve past data protection to include operational and business continuity risk as well,” said Bob Conlin, NAVEX Global’s President and Chief Executive Officer. “A holistic, integrated approach to vendor risk management is the only way to address the full spectrum of this challenge. To us, Gartner’s latest research confirms our belief and we are pleased to be recognized as a Leader in this report.”

Gartner subscribers may access the 2019 Magic Quadrant for IT Vendor Risk Management Tools here.

NAVEX Global’s award-winning integrated risk management solution, Lockpath, 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 IT risk, operational risk, corporate compliance and oversight, audit management, business continuity, and health and safety for a stronger, more resilient organization.
To learn more about NAVEX Global and Lockpath’s IT vendor risk management solution, visit Lockpath.com.

Gartner, Magic Quadrant for IT Vendor Risk Management Tools,Christopher Ambrose, Joanne Spencer, 25 November 2019 (*Prior to 2019, this report was previously titled Magic Quadrant for IT Vendor Risk Management. Prior to the acquisition of LockPath in 2019, NAVEX Global (Lockpath) was recognized in the Magic Quadrant for IT Vendor Risk Management as LockPath in 2014, 2016, and 2017)