ISG GovernX® Adds Real-Time Data Feeds for Complete Risk Management Solution
April 21 2021 - 9:01AM
Business Wire
Newest version of ISG GovernX platform
integrates external market data with provider performance metrics
and intelligent workflows to quickly address third-party
risks
Information Services Group (ISG) (Nasdaq: III), a leading global
technology research and advisory firm, said today it is adding
real-time data feeds to its market-leading ISG GovernX® vendor
compliance and risk management platform, to help clients monitor
and respond to risk events as they happen.
GovernX is the industry’s only governance solution that
integrates contract information, strategic relationship management
and real-time risk monitoring and alerts to pro-actively mitigate
business risk. Users can now add a variety of external data feeds
to the platform for an unparalleled view of all potential risks,
both within their specific supplier ecosystem and from the broader
marketplace. Intelligent workflows identify and categorize each
risk, alert the appropriate functions, and trigger automated
responses, including targeted risk assessments to the suppliers
involved.
The new third-party risk management capabilities come as
provider ecosystems continue to grow more complex, introducing more
risk to the enterprise, and threats against supply-chain integrity
become more diverse. In addition to monitoring the operational
performance and financial viability of their suppliers, enterprises
need to address a range of other internal and external risks, from
data security and regulatory issues, to adverse environmental,
health and geopolitical events, to social responsibility, diversity
and inclusion considerations.
“As companies prioritize digital transformation and increase
their reliance on third-party vendors to achieve their goals, it’s
no longer enough to simply monitor the supplier landscape and
conduct periodic, point-in-time risk assessments,” said Lois
Coatney, partner and president, ISG GovernX. “The newest version of
our platform proactively monitors a company’s entire landscape and
sends real-time alerts on potential threats to the right people,
with a clear path for action and resolution.”
Beyond these new risk management capabilities, the ISG GovernX
platform allows clients to manage their full portfolio of
contracts, ensuring the right controls are in place through the
entire contract lifecycle. The platform also manages each
supplier’s performance and compliance to obligations, ensuring an
accurate and up-to-date profile of each relationship.
“Internal and external intelligence is crucial to a well-managed
business, but CIOs and CSOs lose sleep over the many red flags that
are missed in the deluge of data that is generated every day,”
Coatney said. “Sending information to the right team with a clear
record of accountability and follow-through not only helps mitigate
risk, it proves to regulators and other stakeholders that a company
has evaluated and acted on information in a timely way.
“Combined with our internal supplier performance monitoring, ISG
GovernX clients now have a complete inside-out and outside-in view
of each supplier’s operational performance, how it is meeting its
contractual obligations, and how risks in the supplier’s business
and in the broader marketplace can impact overall service and
supply chain integrity,” she said.
In 2020, ISG GovernX saw a 90 percent increase in enterprise
subscriptions, as clients embrace a more effective way to automate
and manage their ever-growing portfolio of software and services
contracts and understand potential risks to their supply chain,
which have been amplified by the COVID-19 pandemic.
ISG GovernX enables organizations to control costs by managing
consumption, validating invoices, optimizing demand, reviewing all
new requests against the spending portfolio and controlling value
leakage. More than $46 billion of supplier contracts are now
managed on GovernX, and there are more than 12,000 active users on
the platform.
To learn more about the enhanced risk management capabilities of
GovernX, visit this webpage. For an overview of the broader GovernX
platform, click here.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 700 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including automation, cloud and data analytics; sourcing advisory;
managed governance and risk services; network carrier services;
strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,300
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210421005214/en/
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Cait Buckley, Matter Communications for ISG +1 617 874 5214
isg@matternow.com
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