SAN JOSE, Calif., Sept. 15, 2021 /PRNewswire/ -- MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), today announced that the company has been recognized as a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management (IT VRM) Tools. It is the sixth time that MetricStream has been honored as a Leader in the Gartner Magic Quadrant for IT Vendor Risk Management Tools. We feel the recognition further validates MetricStream's ability to help organization's power what's next in their path to accelerated growth.

Vendors have become extremely strategic and important for organizations to improve time to market, competitive advantage, and reduce cost. Recently, however, organizations are getting heavily impacted by exponentially increasing supply chain attacks and should adopt a comprehensive approach to Vendor Risk Management to protect themselves.

MetricStream's IT Vendor Risk Management solution provides real-time visibility into third party and fourth party risks, including financial, reputational, environmental, cyber, and compliance, and enable organizations to assess and monitor risk from onboarding all the way through offboarding. MetricStream's IT VRM solution is built on its MetricStream Platform and is available both as a stand-alone offering as well as an integrated solution along with Risk, Regulatory Compliance, Audit & Financial Controls, IT & Cyber Security and ESG. The solution is predominantly delivered via SaaS.

According to the Gartner report, "IT vendor risk management tools automate the vendor risk management life cycle, track third-party risk, and facilitate regulatory compliance."

"Attackers are increasingly targeting vendor ecosystems. Recent incidents have shown that even one vendor breach incident can have catastrophic impact on the organization. Safeguarding your organization against vendor risk is not only critical to success but is a competitive advantage," said Gaurav Kapoor, Chief Operating Officer, MetricStream. "We are honored to be named a Leader, as it validates our ability to help customers manage, embrace and thrive on risk."

As new, high-impact risks continue to emerge and grow increasingly interconnected, an enterprise's ability to succeed depends on how effectively it can understand and manage the full spectrum of risks across enterprise, operational, compliance, vendor, IT & cyber security, reputation, and ESG. Third parties and fourth parties such as vendors, suppliers, and contractors represent a significant source of risk, exposing organizations to different types of risks. Managing vendor risk and compliance is essential to staying ahead of these challenges and powering what's next.

Access a complimentary copy of the Gartner Magic Quadrant report here.

Gartner Disclaimer

Gartner, Magic Quadrant for IT Vendor Risk Management Tools,  Joanne Spencer, Edward Weinstein, Luke Ellery, 30 August 2021.

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from MetricStream.

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 statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About MetricStream, Inc.

MetricStream is the global market leader of Integrated Risk Management and GRC solutions that empower organizations to thrive on risk by accelerating growth via risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise to enable resilience and digital transformation. MetricStream is headquartered in San Jose, California, with an operations and R&D center in Bangalore, India, and sales and operations support around the globe. More information is available at www.metricstream.com, LinkedIn, Facebook and Twitter.

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SOURCE MetricStream