Modulo Named in Inaugural Gartner 2014 Magic Quadrant for IT Vendor Risk Management

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High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs, and access by third parties to regulated information are contributing to demand for IT VRM solutions.

Modulo

We are seeing VRM as one of the fastest growing areas of today’s GRC programs.

Modulo, a leading provider of technology governance, risk and compliance (GRC) solutions, today announced it has been recognized by Gartner, Inc. in the 2014 Magic Quadrant for IT Vendor Risk Management (VRM) report. Modulo was selected as one of ten vendors that were evaluated in the inaugural report for this growing market.

"We believe our proven ability to execute and commitment to offering the best value in the market is validated in our position in this research. Modulo customers benefit from an average implementation period of only 30 days, which means they can start identifying, managing and monitoring vendor risks quickly,” said Stephen Gant, Managing Director, International, for Modulo.

“We are seeing VRM as one of the fastest growing areas of today’s GRC programs. Many Modulo customers are extending their GRC programs with vendor risk management capabilities, and many others are jump-starting their entry into GRC with vendor risk as their first use case and a ‘quick win’ for enterprise risk management. We are honored to be part of this important research from Gartner and are committed to continuing to innovate our VRM solution based on strategic input from our large and growing GRC customer base throughout the world,” added Gant.

The report evaluated version 8.4 of the powerful Modulo Risk Manager GRC software platform. Modulo offers a VRM solution that is integrated seamlessly with the core platform, allowing organizations to secure their extended network of third-party vendors and save time in the process.

Using Modulo, customers achieve vendor risk assessments more efficiently and effectively. Automating key aspects of these assessments such as prioritizing treatment plans, mapping requirements, and reporting allows them to perform additional analyses on vendor criticality, improve vendor relationships, and report security and compliance based on the activities and departments vendors support. Modulo’s VRM solution includes knowledge bases for the BITS Shared Assessments Standard Information Gathering Questionnaire (SIG) and Cloud Security Alliance. All of the features available in the Modulo Risk Manager platform, including out-of-the-box reports and dashboards, automation rules, surveys, and mobile apps, are available for VRM.

Gartner defines the market for IT VRM software as existing to enable the assessment, monitoring and remediation of risks arising from the use of IT vendors and IT service providers.

“High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs, and access by third parties to regulated information are contributing to demand for IT VRM solutions,” wrote Christopher Ambrose, Research Vice President, Gartner, Inc., et al. “By far, the biggest driver of VRM is the proliferation of regulatory mandates for risk monitoring of third parties that can access personal data, such as payment card and protected health information. These mandates include state-level data breach notification laws in the U.S., the Payment Card Industry (PCI) standard, privacy and data protection regulations worldwide, and industry-specific regulations in the healthcare, telecom and banking sectors.”

Modulo was also recently recognized in Gartner's Magic Quadrant for Business Continuity Management Planning (BCMP) report published August 27, 2014 for the second consecutive year.

To download the data sheet about the Modulo Risk Manager VRM solution, visit: http://modulo.com/company/resources/grc-solutions-2/#VendorRM

About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its 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 Modulo
Modulo is a leading global enterprise provider of technology governance, risk and compliance (GRC) management solutions. Hundreds of organizations around the world leverage the award-winning Modulo Risk Manager™ as a flexible and affordable approach to manage risk, compliance, and business continuity across the enterprise and extended enterprise of third-party relationships. Customers span the financial, healthcare, retail, manufacturing, higher-education, telecom, energy and government sectors and include BASF, BC Hydro, Commercial Bank of Dubai, Microsoft, New York University Medical Center, Synovus Financial, and Schlumberger. Modulo has earned industry recognition as both a 2012 and 2013 Innovator of the Year from SC Magazine, which also gave the company's products “5-Star” review ratings for three consecutive years.

Visit http://www.modulo.com and follow Modulo on Twitter @Modulo_Intl.

Gartner "Magic Quadrant for IT Vendor Risk Management" by Christopher Ambrose, Gayla Sullivan, Kris Doering. October 29, 2014.
Gartner "Magic Quadrant for Business Continuity Management Planning" by Roberta Witty. August 27, 2014.

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Leslie Kesselring
Modulo
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