SureCloud, the provider of cloud-based, Governance, Risk and Compliance (GRC) solutions, has been recognized by Gartner as a Challenger in the 2020 Gartner Magic Quadrant for IT Vendor Risk Management (VRM) Tools, for completeness of vision and ability to execute. SureCloud’s position on the ability to execute axis improved since the previous year’s Magic Quadrant for IT VRM Tools, where it was recognized for the first time as a Niche Player.
The 2020 Gartner Magic Quadrant report evaluates IT Vendor Risk Management solution providers, recognised by Gartner as offering comprehensive solutions, and categorises them into four categories: Niche Players, Visionaries, Challengers, and Leaders. The Quadrant provides a view on how well IT VRM providers are executing their stated visions and performing against Gartner’s market view based on customer feedback and solution demonstrations.
According to Gartner, “The IT Vendor Risk Management use case focuses on the process of ensuring that the use of third-party service providers and IT suppliers does not create an unacceptable potential for business disruption or a negative impact on business performance.” Vendor Risk Management solutions enable organisations to accurately ascertain the security and compliance risks associated with their IT third-parties, creating a centralised register of these parties, and integrating this with wider risk management processes.
Richard Hibbert, CEO and Co-Founder of SureCloud, said: “We are delighted that SureCloud has been recognized as a Challenger. From our view, this underlines our strategy to continuously innovate and develop our GRC solutions. In particular, I am proud to see that SureCloud’s vendor risk management product is a comprehensive solution that offers a central view of an organisation’s vendor assurance program.”
SureCloud has also been recognised this year as a Challenger in Gartner’s August 2020 Magic Quadrant for IT Risk Management, which we believe validates the platform’s ability to deliver a complete GRC program by encompassing IT Risk, Compliance and Vendor Risk processes.
The need for effective vendor risk management
Vendor risk management is a crucial part of any organisation’s cybersecurity and risk program, with the number of third parties having access to highly sensitive data and therefore offering a simple route new risks and threats to be introduced to the organisation. Demonstrating that each third party’s approach to security and risk management meets your internal standards and regulatory obligations is vital to ensure you are managing vendor risk effectively.
SureCloud’s Vendor Risk Management solution is designed to offer a simple out of the box framework for organizations to assess and review all their IT third party vendors for potential risks – in one scalable, flexible and highly configurable software-as-a-service (SaaS) solution.
SureCloud’s Third-Party Risk Management software solution provides:
● A centralised register of all third-party IT vendors, giving a comprehensive view of risk.
● End user-configurable and dynamically generated risk-assessment for each third party, ensuring that the questions they are asked are ones that apply to them.
● Full integration with regulatory compliance data and wider IT risk management processes.
● Automated third-party notifications and simple to use reporting.