Nashville, TN, December 12th, 2019: Ncontracts, the leading provider of integrated risk management and compliance solutions for financial institutions, announced today that it has been positioned by Gartner, Inc. in the Challengers quadrant of the Magic Quadrant for IT Vendor Risk Management Tools report.1
According to the report, “the IT VRM market emerged to support requirements for regulatory compliance arising from enterprises’ increased use of, and reliance on, third-party IT service providers and other vendors that have access to sensitive data or customer systems and networks.”
According to Michael Berman, Ncontracts CEO: “Ncontracts is focused on providing our customers with the very best solution to effectively manage the risk associated with third-party vendors. We are delighted to be positioned by Gartner as a Challenger, because we believe that it validates our track record of providing quality solutions and services, as well as our commitment to innovation.”
In the past year, Ncontracts has achieved several important milestones. Ncontracts’ 345% growth over the past three years enabled it to be included in this year’s Inc. 5000, the magazine’s annual listing of America’s fastest-growing private companies. 2019 also saw Ncontracts acquire TRUPOINT Partners, which brought new lending compliance solutions to its platform.
Key Trends Affecting the IT VRM Market
According to the report, Gartner identified key trends that are affecting the IT VRM market, which include the following:
- “Pressure on corporate boards for better visibility into and oversight of their enterprises’ exposure to third-party risks and third-party performance.”
- “Increasing emphasis on fourth-party relationships, which are not clearly visible in all third-party relationships, partly due to increased use of cloud and SaaS solutions.”
- “The growth and interconnectedness of technology through information and operational technologies (Internet of Things [IoT]).”
1 Gartner “Magic Quadrant for IT Vendor Risk Management Tools” by Christopher Ambrose and Joanne Spencer, 25 November 2019.
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Ncontracts provides risk management and compliance software to a rapidly expanding customer base of more than 1,300 financial institutions located in all 50 states and U.S. territories. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite that encompasses vendor risk, organizational risk, and compliance risk management.
George Ravich, CMO