Stephanie Jones
Gartner, the world’s leading research and advisory company, has listed Ideagen in its August 2019 Critical Capabilities for Integrated Risk Management (IRM) Solutions report.
The report states, “integrated risk management solutions ensure consistent risk management while collecting enterprise risk data for reporting and decision making. Security and risk management leaders should use this research to identify capabilities and vendors suitable for their IRM projects.”
Ideagen’s software as a service (Saas) solution Pentana Risk is also recognised in the report.
Gartner’s report includes three use cases for IRM:
- Business-Outcome-Centric
- Operation-Centric
- Compliance-Centric
Ideagen received scores for all three use cases, but its highest scores were in the Operation-Centric and Compliance-Centric use cases.
The report goes on to predict that “by 2023, more than 60% of large enterprises will adopt integrated risk management (IRM) program to drive better decision making and digital business growth, which is an increase from fewer than 40% in 2019.”
According to the report, “‘Critical capabilities’ are attributes that differentiate products/services in a class in terms of their quality and performance.” The Product/Service Rating on Critical Capabilities include:
- Risk & Control Document/Assessment
- Incident Management
- Risk Mitigation Action Planning
- KRI Monitoring and Reporting
- Risk Quantification and Analytics
Stephanie Jones, Ideagen’s Product Manager for Pentana Risk, said: “Pentana Risk is used by Ideagen’s clients to identify and assess enterprise-scale and business-wide risk, assign and monitor mitigation plans all the way through to reporting and defining a long-term strategy for enhanced performance.
“With Pentana Risk, our clients can establish a framework that allows them to manage operational, financial, IT and strategic risks in a single, easy-to-use software system. Our innovative solution provides real-time metrics on all aspects of risk, such as performance, processes, and assets, ensuring that business leaders have complete visibility and are able to exercise agility in risk management.
“To us, being named in Gartner’s Critical Capabilities for IRM Solutions report is yet another fantastic milestone for the product and for the company, and we are absolutely delighted with our inclusion.”
The report recommends “security and risk management leaders looking to simplify, automate and integrate their risk management programs should”:
Capitalise on opportunities to align common risk management processes, data collection, and technology tools to leverage IRM critical capabilities across a number of risk management domains.
Evaluate IRM solutions based on business and technology-oriented attributes beyond the critical capabilities.
Align and focus on project and functional requirements around usability, scalability, ease of integration/implementation, geographic diversity and good customer support.
Develop an IRM strategy by implementing a primary IRM platform and adding complementary point solutions, where needed, to address communication and business growth needs.
*Gartner, Critical Capabilities for Integrated Risk Management Solutions, Jie Zhang, Brian Reed, 6 August 2019
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.
