PALO ALTO, Calif., May 16, 2016 /PRNewswire/ -- MetricStream, a leading provider of Governance, Risk, and Compliance (GRC) solutions today announced that the company has been positioned in the "Leaders" Quadrant of the 28 April 2016 Magic Quadrant for IT Vendor Risk Management.
MetricStream's intuitive and simple to use GRC applications allow customers to integrate their IT VRM program with other areas such as vendor onboarding, due-diligence, and contract compliance and quality audits. More importantly, MetricStream's "FastTrack" implementation methodology helps customers expedite their GRC implementations, reduce customizations, and accelerate time to value.
The report stated that, "High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs and third-party access to regulated information are contributing to the demand for IT VRM solutions. Still, however, the biggest driver of VRM is regulatory requirements to address vendor risks, vendor performance, and mandates for the risk monitoring of third parties that can access personal data (such as payment card and protected health information). These mandates include U.S. state-level data breach notification laws, the Payment Card Industry (PCI) standard, privacy and data protection regulations worldwide, and industry-specific regulations in the banking, financial services, healthcare and telecom sectors." The report continued, "By 2019, the need for transparency into operational and security activities within a vendor's value network (including subcontractors) will drive demand for vendor security, as well as risk management solutions and services, by 30%."
"We are pleased to be positioned as a Leader in Gartner's 2016 Magic Quadrant for IT VRM, with the furthest positioning in 'Completeness of Vision' amongst all vendors evaluated," said Gaurav Kapoor, Chief Operating Officer at MetricStream. He continued, "MetricStream is the largest leading independent GRC company in the world, and we are proud of our strong portfolio of IT VRM customers. MetricStream is committed to offering its customers an integrated and pervasive GRC approach bolstered by real-time analytics and intelligence."
Today, as organizations manage a risky and diverse multi-tier global vendor ecosystem, the challenges related to oversight of third party risks and performance, as well as control and visibility of the information supply chain have increased manifold. In this era of cloud and mobility, CIOs need to build more robust IT VRM programs that effectively mitigate vendor risks, manage vendor onboarding, due-diligence, performance, and secure confidential data across the information value chain.
In order to ensure success for its customers in such a risky ecosystem, MetricStream is focusing on continuous innovation and investment across MetricStream GRC platform and applications. Today, MetricStream apps are leveraged by over 350 organizations worldwide, including large global banks, mid-sized banks, investment banks, insurance firms, asset management companies, federal financial agencies, and clearing corporations. MetricStream's mission is to enable our customers to preserve their corporate integrity, protect their brands and reputations, and drive superior business performance through GRC that is simple, pervasive, and delivered in the cloud or on-premise.
About the Magic Quadrant
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MetricStream is the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).
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