ServiceNow Named a Leader in the 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools
August 27 2020 - 1:00PM
Business Wire
ServiceNow recognized for its ability to
execute and completeness of vision
ServiceNow (NYSE: NOW), the company that makes work, work better
for people, has been named a Leader in the 2020 Gartner Magic
Quadrant for IT Vendor Risk Management Tools. ServiceNow was
recognized for its Vendor Risk Management (VRM) solution. This is
ServiceNow’s second year recognized in the IT VRM Tools Magic
Quadrant and was named a Visionary last year.
While managing third-party risk and building supplier resilience
are more important than ever, they’re often underinvested in and
overlooked. ServiceNow Vendor Risk Management contextualizes and
connects risk information, while seamlessly embedding third-party
risk management into enterprise workflows to drive informed
business decisions.
“This is a critical time as IT leaders have to strike a balance
between the growing pressure to adopt new suppliers and mitigating
third-party risk,” said Vasant Balasubramanian, head of risk
products at ServiceNow. “We believe Gartner’s recognition of
ServiceNow as a leader for Vendor Risk Management underscores our
solution’s abilities to transform vendor risk management and build
supplier resilience across the enterprise. In our view, we are
giving our customers peace of mind to trust strategic third-parties
on which their livelihoods and future may depend.”
According to Gartner, “IT VRM solutions provide capabilities to
automate and support the identification, assessment, analysis,
remediation and monitoring of the information and operational risks
arising from an organization’s use of third parties. These third
parties include any external entity that can access, provide or
manage sensitive data, and those entities that connect to a
customer’s systems or networks, or support critical business
processes. The market for IT VRM solutions continues to evolve in
response to increased regulations, as well as increased
appreciation for third-party risk.”
ServiceNow’s VRM solution on the Now Platform provides a faster
and smarter third-party risk management process, with no code/low
code workflows, configurability, dashboards, reports and a unique
VRM Vendor Portal that facilitates communication and collaboration.
The single data model integrates with existing ServiceNow
Governance, Risk and Compliance solutions to manage risk across the
enterprise. Key benefits of the ServiceNow VRM solution
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 using advanced technology and the accessibility
of mobile
- 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
Additional Information
- The Gartner Magic Quadrant for IT Vendor Risk Management Tools
is available here:
https://www.servicenow.com/lpayr/it-vendor-risk-management-gartner-mq.html
Gartner, Inc., “Magic Quadrant for IT Vendor Risk Management
Tools,” Joanne Spencer and Edward Weinstein, 25 August 2020.
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted
in our research publications, and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner's research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
About ServiceNow
ServiceNow (NYSE: NOW) is making the world of work, work better
for people. Our cloud‑based platform and solutions deliver digital
workflows that create great experiences and unlock productivity for
employees and the enterprise. For more information, visit:
http://www.servicenow.com/.
© 2020 ServiceNow, Inc. All rights reserved. ServiceNow, the
ServiceNow logo, Now, and other ServiceNow marks are trademarks
and/or registered trademarks of ServiceNow, Inc. in the United
States and/or other countries. Other company names, product names,
and logos may be trademarks of the respective companies with which
they are associated.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200827005607/en/
Jacqueline Velasco (408) 561-1937 press@servicenow.com
ServiceNow (NYSE:NOW)
Historical Stock Chart
From Aug 2024 to Sep 2024
ServiceNow (NYSE:NOW)
Historical Stock Chart
From Sep 2023 to Sep 2024