It is my honor to announce ServiceNow has been named a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools. This is the second consecutive year that ServiceNow has been positioned as a Leader and is recognized in the report for market understanding, product offering strategy, and sales execution & pricing.
Today more than ever, third parties are key partners in business success. Enterprises continue to increase reliance on third parties to help accelerate innovation, digital transformation, and growth. But this greater reliance on third parties exposes organizations to higher risk, so a third-party’s risk and compliance posture becomes more important than ever to your own risk posture, resilience, and reputation.
ServiceNow® Vendor Risk Management (VRM) transforms the way organizations manage risks associated with these changes by instituting a standardized and transparent process to manage the lifecycle for risk assessments, due diligence, and risk response with third parties, such as business partners and vendors. We believe the following are the key ServiceNow VRM capabilities Seamless integration with IRM solution suite
Integration between ServiceNow product with all information essentially in one place
Industry-specific regulatory content
Global network of sales and Support centers
Pricing inclusive of maintenance, hosting and licensing, with no additional cost
Many organizations haven’t fully thought through the implications of risks associated with the new ways of operating and expanded use of digital services, creating a daunting landscape for understanding and reducing third-party risk. We believe our VRM solution helps prepare organizations to adopt new vendors, services, and supply chains with confidence and build resilience into their operating model.
According to Gartner, “The market for IT VRM tools continues to evolve and mature. Vendors are providing more automation within their tools through machine learning and natural language processing (NLP); a focus on environmental, social, and governance (ESG) demands; and an increased appreciation for third-party risk, particularly in a post-pandemic world. Regulatory guidance and newer privacy and data breach notification regulations in many industries have made IT VRM an essential requirement.”1
Key benefits VRM capabilities delivered through the Now Platform® include:
Increased employee and vendor efficiency by automating assessments, response to issues, and risk scoring to focus efforts where they are needed most.
Improved resilience and risk posture by continuous monitoring at scale to validate compliance and manage risks.
Integration across the enterprise by embedding vendor risk activities into business workflows and integrating it with enterprise and operational risk programs on a single, cloud-based platform.
ServiceNow VRM integrates seamlessly with our other risk products and is built on the Now Platform to enable organizations to integrate third-party risk with performance and enterprise risk, creating value for our customers. The Now Platform features role-based workspaces that enable users to perform day-to-day activities more easily with issues, tasks, and quick links all in one place. ServiceNow is uniquely positioned among cloud vendors, offering comprehensive third-party risk management capabilities that are tightly integrated with and embedded across the enterprise.
We’re proud to be recognized by Gartner as a Leader in the 2021 Magic Quadrant for IT VRM Tools and excited to help your enterprise build a strong supplier resilience program. See for yourself. This report is an invaluable tool for those seeking an unbiased, third-party evaluation of vendors as supplier resilience and third-party risk management become increasingly essential to the success of your business.
Learn more about ServiceNow Vendor Risk Management.
1Gartner, Magic Quadrant for IT Vendor Risk Management Tools, Joanne Spencer, Edward Weinstein and Luke Ellery, August 30, 2021.
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