ServiceNow Named a Leader in the 2021 Gartner® Magic Quadrant™ for IT Vendor Risk Management Tools for Second Consecutive Year

Rhea-AI Summary

ServiceNow (NYSE: NOW) has been recognized as a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools for the second consecutive year. This recognition highlights their Vendor Risk Management solution that addresses risks from increased digitalization in business operations. Benefits include enhanced efficiency through automation, improved resilience via continuous monitoring, and integration with existing enterprise workflows. The evolving market for IT VRM tools emphasizes automation and the importance of third-party risk management.

Positive

• Recognized as a leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools.
• Vendor Risk Management solution enhances efficiency through automation.
• Provides continuous monitoring to improve resilience and risk posture.
• Integrates vendor risk activities into business workflows on a single cloud-based platform.

Negative

• None.

ServiceNow recognized for ability to execute and completeness of vision

SANTA CLARA, Calif.--(BUSINESS WIRE)-- ServiceNow (NYSE: NOW), the leading digital workflow company that makes work, work better for people, has been named a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools. This is the second consecutive year that ServiceNow has been positioned as a leader and recognized for its Vendor Risk Management (VRM) solution.

With organizations adopting a new world of work, there will be lasting changes to digital operations, including increased digitalization of processes across the enterprise. ServiceNow Vendor Risk Management transforms the way organizations manage risks associated with these changes by instituting a standardized and transparent process to manage the lifecycle for risks assessments, due diligence, and risk response with third-parties, such as business partners and vendors.

“Many organizations haven’t fully thought through the implications of risks associated with the new ways of operating and expanded use of digital services, creating a daunting landscape for understanding and reducing third-party risk,” said Vasant Balasubramanian, VP and GM of Risk at ServiceNow. “We believe our Vendor Risk Management solution helps prepare organizations to adopt new vendors, services, and supply chains with confidence and build resilience into their operating model. We are proud to be recognized once again by Gartner.”

According to Gartner, “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.”¹

Key benefits of the ServiceNow VRM solution include:

• Increased employee and vendor efficiency by automating assessments, response to issues, and risk scoring to focus efforts where they are needed most.
• Improved resilience and risk posture by continuous monitoring at scale to validate compliance and manage risks.
• Integration across the enterprise by embedding vendor risk activities into business workflows and integrating it with enterprise and operational risk programs on a single, cloud-based platform.

The 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools is available here: https://www.servicenow.com/lpayr/it‑vendor‑risk‑management‑gartner‑mq.html

For more information on ServiceNow Vendor Risk Management, visit: https://www.servicenow.com/products/vendor-risk-management.html

¹ Gartner, Magic Quadrant for IT Vendor Risk Management Tools, Joanne Spencer, Edward Weinstein and Luke Ellery, August 30, 2021.

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GARTNER and Magic Quadrant are registered trademarks and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in our 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 ServiceNow

ServiceNow (NYSE: NOW) is making the world of work, work better for people. Our cloud‑based platform and solutions deliver digital workflows that create great experiences and unlock productivity for employees and the enterprise. For more information, visit: www.servicenow.com.

© 2021 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210902005291/en/

Jacqueline Velasco

(408) 561-1937

press@servicenow.com

Source: ServiceNow, Inc.

FAQ

What recognition did ServiceNow receive in 2021?

ServiceNow was named a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools.

What is the Stock Symbol for ServiceNow?

The stock symbol for ServiceNow is NOW.

What are the benefits of ServiceNow's Vendor Risk Management solution?

The benefits include increased efficiency through automation, improved resilience via continuous monitoring, and better integration across the enterprise.

How many years has ServiceNow been recognized as a leader by Gartner?

ServiceNow has been recognized as a leader for two consecutive years in the Gartner Magic Quadrant.

What trends are impacting the IT Vendor Risk Management market?

Key trends include increased automation using machine learning and a heightened focus on third-party risk management.