LogicGate, a leading provider of cloud software solutions for automating governance, risk, and compliance (GRC) processes through its Risk Cloud™ platform, today announces its recognition by Gartner, Inc. in the 2020 “Magic Quadrant for IT Vendor Risk Management Tools.”1
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“Vendor risk management is a critical component of an effective GRC strategy”
Worldwide information security spending is expected to reach $123.8 billion by the end of 2020, according to Gartner2. Companies are outsourcing more today than ever before. While outsourcing can increase efficiency and lower overhead costs, third party vendors present a significant risk to a business if not vetted and managed properly. LogicGate’s Third-Party Vendor Risk Management solution consists of three out-of-the-box Applications within the Risk Cloud platform, supporting vendor onboarding, assessment, and remediation via pre-built workflows aligned to SIG Lite, ISO 27001, and ISO 27002, that are completely customizable to create unique vendor risk programs.
“Vendor risk management is a critical component of an effective GRC strategy,” said LogicGate Chief Product Officer, Jon Siegler. “There’s not an enterprise out there that isn’t doing some sort of outsourcing, and at LogicGate, we’re working to make the process more efficient and compliant for those involved. Because, with the right vendor risk strategy in place, organizations can make better decisions in real-time to improve their bottom lines.”
With Risk Cloud’s third-party risk management solution, customers are easily able to:
- Track risks from third-party vendors in real time to better understand exposure points and identify mission-critical vendors
- Break down silos with a single source of truth for their organization to assign remediation activities, track mitigations, and integrate with existing procurement or AP systems
- Cultivate better relationships and improved communication with vendors by automating tasks and keeping consistent records
- Implement third-party risk programs with pre-built Applications aligned to widely adopted frameworks or customize to fit their unique processes
“Our most mature program in LogicGate’s Risk Cloud is our vendor risk management program. The Risk Cloud allows us to have an extensive repository of the data we need on our vendors where we can track program requirements, compliance requirements, monitoring and auditing, and our annual vendor assessments. Then we can extrapolate reports from that down to the greatest detail to provide other departments with information, track our compliance requirements, and provide us analytics on the vendors for our Vendor Management program. LogicGate’s Risk Cloud platform is a powerful tool,” said Erin Hassen from Health Alliance.
This announcement follows LogicGate’s inaugural user conference, Agility 2020, where the company released an integration with Zapier and three pre-built applications for Third-Party Risk Management and Information Security.
