Many of you most likely look to various analyst reports to support your own software evaluations. Behind every analyst evaluation there’s a huge amount of work – both from the analysts themselves and from the providers they are evaluating. So, we’re taking a moment today to CELEBRATE the announcement that Aravo Solutions has been named as a LEADER in a Gartner® Magic Quadrant™.
This week, Gartner® published the 2021 Magic Quadrant™ for IT Vendor Risk Management Tools and Aravo is delighted to be positioned as a Leader. We believe this placement is due to our knowledge of market trends, innovative TPRM tiered offerings, and service that always puts the needs of our clients first and foremost.
Our CEO, Michael Saracini, has also called out the contribution our clients make to this Gartner Magic Quadrant success:
“We believe that being named a leader in the Gartner Magic Quadrant validates the power of the Aravo platform and our continued innovations that help clients address evolving risks, strengthen organizational resilience, and better capitalize on emerging opportunities. Aravo is extremely proud of our accomplishments, strong market traction, and expanding customer base. We are also grateful for the customer partnerships we have with many of the world’s most respected brands, who also contribute to our innovation and success.”
Michael Saracini, CEO at Aravo Solutions
Courtesy of Gartner®
Aravo is Devoted to Helping Companies Manage their IT Vendor Risks
IT Vendor Risk Management tools such as the Gartner Magic Quadrant help protect companies from potential vendor vulnerabilities, but also save companies resources, money, and time in managing their risks. Some of the strengths that the analysts saw in Aravo’s solution include:
A comprehensive understanding of the market: Our capabilities for third-party engagement and decision support goes beyond just IT VRM to provide performance management and support over a wide variety of risk domains.
Services that put our clients’ needs first: Through data and AI our products and services guide customers to making decisions and help to decode what the data means. Audit tracking capabilities and workflows limit headaches during regulatory audits.
Packaging and pricing options that align to customer maturity: Our Express, Standard, and Advanced tiered offerings include unlimited internal and vendor users, as well as no limits to the number of assessments needed. Our pricing strategy is transparent and is designed to help customers determine what best meets their needs.
Understanding the Garter® Magic Quadrant™ for IT Vendor Risk Management Tools
This Magic Quadrant™ assesses IT VRM solutions that support organizations’ need to identify, assess, analyze, remediate, and monitor their exposure to risks arising from their use of vendors and third parties that have access to sensitive or regulated information, connect to IT systems or networks, or deliver critical business processes. It’s geared towards procurement, sourcing, and vendor risk management (VRM) leaders, helping them navigate evolving market requirements.
The market for IT VRM tools and solutions is both broad and complex and this report is designed to help companies determine the right solutions to fit their needs.
Why is IT Vendor Risk Management Important?
IT vendor risk management is an important component of a broader third-party risk management strategy. Having a robust and mature third-party risk management program is important due to a number of factors:
Strategic objectives: Most businesses today rely on third parties to achieve their strategic objectives. This means that third parties now form part of an ‘extended enterprise’ and contribute to the risks that can threaten the business, the resilience of the organization, and the ability to capture opportunities.
Regulatory compliance: There is significant focus from global regulators on how organizations manage their third-party risks. Non-compliance can result in severe financial penalties.
Reputational impact: There can be a significant negative impact on brand reputation if there’s a breach or failure by third parties.
Financial impact: Because third parties form an important part of today’s business ecosystems, their failures can result in business disruption and severe financial penalties that hit bottom lines.
Digital transformation: Digital transformation efforts have increased the availability of data, the degree of connectivity and the speed at which decisions are made.
A vendor risk management program helps an organization manage the risks associated with data breaches, information security gaps and cyber-attacks involving third and fourth parties. It means they have better defenses through their supply chain for protecting sensitive data, PII, PHI and intellectual property.
In Aravo’s experience however, the most forward-thinking companies are managing third-party risks holistically and have programs that include IT vendors, but are not limited to them.
About Aravo for IT VRM
Aravo for Third-Party Risk Management (TPRM) helps organizations maintain a single inventory of all vendor relationships, their firmographic data, and their risk profiles. With ever-evolving risks that critical vendors can create, the need for automation is more important than ever. Aravo helps organizations automate every stage of their program, including:
Initial requests and intakes of a new vendor
Automation of inherent risk assessments
Facilitation and documentation of risk expert reviews of completed assessments, including pre-configured AI decision support
Enhanced due-diligence matched to the party’s inherent risk
Streamlined onboarding across functions with Transactional Enablement
Automated issue management and remediation process as well as a lightweight collaboration feature to resolve issues without having to go through a complicated issue logging process
Management of the complete life cycle of the third-party relationship, including ongoing monitoring, performance management, and termination and offboarding
Hannah Tichansky is the Senior Content Marketing Manager at Aravo Solutions, the market’s smartest third-party risk and resilience solutions, powered by intelligent automation. At Aravo, she manages all content and thought leadership produced for products and campaigns, and contributes as an author for articles and blog posts.
Hannah holds over 12 years of writing and marketing experience, with 6 years of specialization in the risk management, supply chain, and ESG industries. Hannah holds an MA from Monmouth University and a Certificate in Product Marketing from Cornell University.
Hannah Tichansky is the Senior Content Marketing Manager at Aravo Solutions, the market’s smartest third-party risk and resilience solutions, powered by intelligent automation. At Aravo, she manages all content and thought leadership produced for products and campaigns, and contributes as an author for articles and blog posts.
