IT vendor risk management tools automate the vendor risk management life cycle, track third-party risk and facilitate regulatory compliance. Gartner’s Magic Quadrant helps sourcing, procurement and vendor management leaders evaluate this evolving and dynamic market.

IT VRM tools automate and support the identification, assessment, analysis, remediation, and monitoring of the information and operational risks associated with an organization’s use of IT vendors. The market for IT VRM tools continues to evolve and mature. Vendors are providing more automation within their tools through machine learning and natural language processing (NLP); a focus on environmental, social and governance (ESG) demands; and an increased appreciation for third-party risk, particularly in a postpandemic world. Regulatory guidance and newer privacy and data breach notification regulations in many industries have made IT VRM an essential requirement.