Sunnyvale, Calif., May 17, 2016 – RiskVision®, the enterprise risk intelligence company formerly known as Agiliance, today announced that the company was evaluated by Gartner, Inc., in the 2016 Magic Quadrant for IT Vendor Risk Management report by analysts Christopher Ambrose, Joanne Spencer and Edward Arthur Weinstein. According to the report’s Market Overview, “The IT VRM market emerged primarily to support the requirements for regulatory compliance and information security that arose from enterprises’ increased use of, and reliance on, third-party IT service providers and IT vendors. 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 a VRM program with adequate controls for business continuity management (BCM), vendor performance, vendor viability and data protection. Failure to comply with these mandates can have significant audit-related repercussions that can undermine shareholder value and corporate viability.”
“Not only are third-party breaches incredibly costly, but they also do irreparable harm to an organization’s brand and reputation,” said Joe Fantuzzi, president and CEO of RiskVision. “We believe the RiskVision platform has breakthrough innovations that provide our customers with the greatest automation and fastest time-to-value benchmarks for Third Party Risk Management (TPRM). We are again pleased to be evaluated by Gartner among other vendors in this fast-evolving, multi-industry risk market segment and happy to see that we’re the only vendor with a two-to-one strength to caution ratio in the report.”
RiskVision’s TPRM solution offers full third-party lifecycle management, including risk-based classification, diligence and scoring, contracting and onboarding, third-party benchmarking, ongoing risk monitoring, and renewal / termination. RiskVision exclusively identifies, manages and tracks risks in many-to-many relationships services, contracts and third parties. Other efficiencies include dynamically updated business hierarchies, configurable workflow, advanced risk analytics/KPIs and an independently-certified secure vendor portal.
RiskVision TPRM includes out-of-the-box content from BITS Risk Catalog, Shared Assessments, FFIEC, FedRAMP, ISO, MAS, OCC and other policy-control risk mappings; delivers more than 70 purpose-built data connectors to leading contract, payment, threat and market feeds; and is architected for both cloud and on-premises delivery. Production sites, which scale to 250,000 vendors and 10,000 daily users, are deployed across the financial, government, healthcare, media, retail and technology sectors; many implementations are deployed globally.
Benefits gained by RiskVision TPRM clients include the following:
• A 50-75 percent time savings in internal/external response coordination and service enablement
• A 5-10-fold increase per year in the number of suppliers reviewed for risk
• Tens of millions of dollars in fines saved when regulators’ audit findings are resolved before deadlines
• Up to a 30 percent reduction in anticipated regulatory-driven TPRM staffing
• Minimized exposure to security breaches due to third-party access and data
The report’s authors said, “Leaders have a clear understanding of the IT VRM market’s needs and deliver solutions that are functionally robust, use emerging technologies and delivery models, and receive high marks from customers. Leaders also are able to deliver IT VRM solutions that integrate with broader GRC platforms and other security, risk, and vendor management applications.”
Source: Gartner, Inc., Magic Quadrant for IT Vendor Risk Management, Christopher Ambrose, Joanne Spencer, Edward Arthur Weinstein, 28 April 2016.
About the Gartner Magic Quadrant
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RiskVision develops comprehensive risk intelligence solutions for the enterprise. The highly decorated RiskVision platform is the industry’s first risk intelligence solution designed for today’s real-time, big-data, threat-centric world. RiskVision’s architecture and design delivers the industry’s best usability, scale, automation and time-to-deployment advantages – at a fraction of the cost of traditional solutions. CIOs and CROs of the world’s leading organizations and government agencies rely on RiskVision; customers include AXA Group, Cisco, Deutsche Bank, E*TRADE, Exelon, First Data, Fiserv, HCL, Novartis, Roche, Safeway, Sheetz, Southern Co., Time Warner, United Health Group, U.S. Departments of Defense, Health & Human Services, Justice, and Veterans Affairs, and dozens of other clients worldwide.
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