A worldwide leading provider of integrated risk and compliance management solutions, NAVEX Global has announced that it has been named as a Leader in Gartner, Inc.’s Magic Quadrant for IT Vendor Risk Management Tools report. The report says the Lockpath platform is present in every Magic Quadrant for IT Vendor Risk Management (IT VRM) Tools that had been published since the report’s inception in 2014.

According to a published report, “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 an IT VRM program with adequate controls for business continuity management, vendor performance, vendor viability, and data protection.”

The report goes on to state, “The challenge for many is that the functional responsibilities for VRM are often siloed within different parts of the organizations. Information Technology VRM should be looked at within the context of a broader, integrated approach to risk and VRM.”

Gartner’s Magic Quadrant allows business leaders to analyze this growing and competitive business by sourcing, procurement, and vendor management. Technology providers listed in Gartner’s Magic Quadrant reports are judged based on two dimensions: the capacity to implement the vision and its completeness.

“As organizations continuously increase their reliance on IT vendors, risks increase as well. The only way to successfully address these risks is with a proactive, holistic approach that takes into account not only data protection but also risks to business operations and continuity,” said Haywood Marsh, General Manager of NAVEX Global’s Lockpath business unit. “We believe Gartner’s latest research validates our strategy for managing IT vendor risk with the Lockpath platform, and we are proud to be recognized as a Leader in this report.”

After being recognized as the award-winning integrated risk management solution by NAVEX Global, Lockpath is capable of supporting both strategic and tactical vendor risk management programs. Lockpath fully incorporates the vendor risk management lifecycle into everyday operations, streamlining the evaluation and risk management of contractors, vendors, service providers, and suppliers. The solution also promotes cross-departmental collaboration and vendor risk management activities, as well as operational and IT risks for a bigger, more sustainable organization.