We are proud to announce that RegScale has been named as a 2023 Representative Vendor in the Gartner® Market Guide to GRC Tools for Assurance Leaders! In the guide by Lauren Kornutick, Zachary Ginsburg, Elizabeth Makris, 24 August 2023, Gartner® recognized RegScale as a Representative Vendor in the GRC Tools for Assurance Leaders category. CISOs and GRC leaders can use the Guide to evaluate tools or solution sets to find the right fit for your business needs.
Although the Market Guide is available only to Gartner clients, here are some highlights of the publication.
What to Look for in GRC for Assurance Tools
According to Gartner, “Governance, risk and compliance (GRC) for assurance tools are defined by their core risk management capabilities. These include risk governance, risk analysis, association of controls or risk mitigation plans, and workflow automation.” In addition, according to Gartner, “The most significant differentiation in GRC for assurance tools (excluding cost) concerns nonfunctional capabilities. (i.e., capabilities that do not relate to what tools are designed to do, but how they are designed to function). Examples include higher quality end-user experience and integration with other tools that may overlap with other markets, such as business continuity, cyber and IT risk management, privacy management and audit management systems.”
Look for Core Capabilities
Gartner® has identified five core capabilities that define the GRC for assurance marketplace:
- Risk Governance — Risk governance typically refers to the specification of decision rights and an accountability framework to ensure expected outcomes across risk domains.
- Risk Analysis — Risk analysis typically refers to the processes of identifying and analyzing potential future events that may impact a company. The impact could have a negative effect or it could present an opportunity.
- Risk Monitoring — Risk monitoring allows assurance leaders to maintain ongoing awareness of their organization’s risk environment, risk management program and associated activities to support risk decisions.
- Risk Response —The phrase “risk response” typically refers to a plan, strategy or risk treatment that assurance leaders deploy once they have detected an issue or control exception for the purposes of risk treatment. Within GRC tools, risk response capabilities typically refer to workflows that allow the user to address any issue detected within the risk management process.
- Risk Reporting — Risk reporting in GRC typically refers to compiling formal reports that identify or monitor how risks are impacting an organization’s business processes.
What Gartner® Recommends
“Assurance leaders evaluating and selecting a GRC tool for compliance and risk management workflows should:
- Prioritize how well prospective GRC tools would enhance their function’s core risk management or compliance process, not how many niche use cases or other types of users they could potentially satisfy. These use cases can be addressed by integrating point solutions with the GRC tool.
- Ensure nonfunctional capabilities are thoroughly considered, including overall cost-effectiveness (e.g., license costs, cost of data integration), user experience, vendor support, deployment options and especially, interoperability with datasets and other tools.
- Buyers must consider how the GRC tool fits in with their broader technology strategy.
- Document all process and user requirements, and match them to GRC tools, modules and point solutions to find the solution set that best suits their needs at the most advantageous price point.”
“RegScale is proud to be recognized in the Gartner report as a Representative Vendor. We believe, showing that our platform performs so many key GRC functions is just a starting point,” said RegScale Co-Founder and CEO Travis Howerton. “The pace of business has never been faster, and it will continue to accelerate. That’s why we created RegScale, supporting GRC practitioners through our continuous controls monitoring platform. We are committed to helping our customers stay continuously compliant with the vast and growing number of regulations that govern their organizations — while overcoming limitations in their legacy GRC tools by bridging security, risk, and compliance through our Continuous Controls Monitoring platform.”
This is the sixth time RegScale has been mentioned by Gartner® in 2023. RegScale was first recognized in the 2023 Gartner® Market Guide for Continuous Compliance Automation Tools in DevOps by Daniel Betts, Chris Saunderson, Manjunath Bhat, Hassan Ennaciri, and Caroline Zhou, published 6 February 2023. RegScale was also recognized as a Sample Vendor in four Hype Cycle™ reports in the Continuous Compliance Automation category in the Gartner Hype Cycle for Agile and DevOps, 27 July; Hype Cycle for Cyber Risk Management, July 25; Hype Cycle for I&O Automation, July 14 and Hype Cycle for Site Reliability Engineering, July 17.
Only Gartner members can access the full Guide (For Gartner subscribers only): Gartner, Market Guide to GRC Tools for Assurance Leaders, 24 August, 2023, by Lauren Kornutick, Zachary Ginsburg, and Elizabeth Makris.
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