Gartner Magic Quadrant For Enterprise Governance Risk And Compliance Platforms
As businesses continue to grow, so do the risks and compliance requirements that come with it. Managing these risks and complying with regulations is critical to the success of a business. That's where Enterprise Governance Risk and Compliance (EGRC) platforms come in. These platforms help companies manage their risks, comply with regulations, and make informed decisions. In this article, we'll take a closer look at the Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms.
What is the Gartner Magic Quadrant?
The Gartner Magic Quadrant is a research methodology and visual representation that evaluates technology and service providers in a specific market. It's a tool that helps businesses understand how various providers compare in terms of their ability to execute and their completeness of vision. The Magic Quadrant is divided into four quadrants: Leaders, Challengers, Visionaries, and Niche Players.
The evaluation criteria for the Gartner Magic Quadrant includes several factors such as product or service offerings, customer experience, market presence, and innovation. The research is conducted through a combination of research surveys, customer references, and vendor briefings.
What is the Enterprise Governance Risk and Compliance Market?
The Enterprise Governance Risk and Compliance market refers to the software solutions designed to help companies manage their risks, comply with regulations, and make informed decisions. These solutions integrate data from various sources and provide a centralized platform for risk management and compliance. The EGRC market includes several categories such as IT risk management, regulatory compliance, audit management, and policy management, among others.
The Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms
The Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms evaluates software providers in the EGRC market. The research provides a comprehensive analysis of the strengths and weaknesses of each EGRC platform, helping businesses make informed decisions about which platform to choose.
In the 2020 Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms, there were eight vendors evaluated: ACL, IBM, LogicManager, MetricStream, NAVEX Global, RSA, SAI Global, and ServiceNow. Each vendor was evaluated based on their ability to execute and completeness of vision.
The Leaders Quadrant
The Leaders quadrant includes vendors that have a strong ability to execute their strategy and a clear vision for their product or service. In the 2020 Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms, IBM and MetricStream were listed as leaders. IBM's OpenPages solution provides a comprehensive EGRC platform that integrates with other products and services. MetricStream's M7 platform provides advanced analytics and reporting capabilities.
The Challengers Quadrant
The Challengers quadrant includes vendors that have the ability to execute their strategy but have a less clear vision for their product or service. In the 2020 Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms, SAI Global and RSA were listed as challengers. SAI Global's Risk management solution provides a comprehensive platform for managing risks and complying with regulations. RSA's Archer solution provides a centralized platform for managing risks and compliance.
The Visionaries Quadrant
The Visionaries quadrant includes vendors that have a clear vision for their product or service but have a less proven ability to execute their strategy. In the 2020 Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms, LogicManager and ServiceNow were listed as visionaries. LogicManager's LogicManager platform provides a comprehensive EGRC platform that integrates with other products and services. ServiceNow's GRC solution provides a centralized platform for managing risks and compliance.
The Niche Players Quadrant
The Niche Players quadrant includes vendors that have a less proven ability to execute their strategy and have a less clear vision for their product or service. In the 2020 Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms, ACL and NAVEX Global were listed as niche players. ACL's GRC platform provides a centralized platform for managing risks and compliance. NAVEX Global's EthicsPoint platform provides a solution for managing whistleblower reports and other ethics-related concerns.
Conclusion
The Gartner Magic Quadrant for Enterprise Governance Risk and Compliance Platforms is a valuable tool for businesses looking to evaluate different EGRC platforms. The research provides a comprehensive analysis of each vendor's strengths and weaknesses, helping businesses make informed decisions about which platform to choose. With the increasing complexity of risks and compliance requirements, EGRC platforms will continue to play a critical role in the success of businesses.