Mitratech Named a Leader Once Again in the 2024 QKS Group’s SPARK Matrix™ for Vendor Risk Management

QKS Group has released the 2024 QKS Group's SPARK™ Matrix for Vendor Risk Management, a comprehensive report that includes a detailed analysis of global vendor risk management market trends. The study also provides competitive analysis and ranking of the leading 21 VRM technology vendors and offers strategic guidance for users to evaluate different provider capabilities, competitive differentiation, and market position.

Following the recent momentum of Mitratech’s acquisition of Prevalent, the combined companies have once again earned a spot as a leader in this independent analyst report with QKS Group noting, “Together, [Prevalent and Mitratech] deliver a powerful, unified platform covering all stages of the vendor lifecycle with features such as contract lifecycle management, risk scoring, and ongoing remediation, all underpinned by robust AI and automation.”

Below are highlights from the report and reviews evaluation criteria for choosing a vendor risk management solution.

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How to Evaluate VRM Vendors in the QKS Group’s SPARK Matrix Report

The ability to leverage a comprehensive solution that addresses multiple risk types; address risks across the third-party lifecycle; and take advantage of the latest technology enhancements for automation are essential criteria for staying ahead of evolving third-party risks. Let’s examine how the report discusses these important market requirements, and how Mitratech performs against them.

Risk Coverage

Results from the annual Third-Party Risk Management Study showed that half of all companies still use spreadsheets to assess their third parties. When it comes to automation, more companies are utilizing siloed security ratings services to provide cyber insights into their vendors. However, without an integrated approach that automates vendor risk assessment questionnaires and leverages monitoring insights to validate assessment responses, VRM programs are still manual and leave risky gaps in vendor coverage.

According to the QKS Group’s SPARK Matrix, “Mitratech’s platform uniquely integrates continuous monitoring of cybersecurity, business, financial, compliance, ESG and reputational risks with its assessment processes. This integration facilitates comprehensive comparative analytics and trend detection across various data points, enabling effective validation of assessment results and consolidation of remediation actions.”

Vendor Lifecycle Management

Every stage of a vendor relationship presents unique risks to manage. The SPARK Matrix notes that the ability to handle the end-to-end vendor lifecycle management process is one of the most important capabilities of a vendor risk management (VRM) solution. The report says that a solution should manage the entire lifespan of a vendor relationship, from vendor onboarding to offboarding including vendor selection, contract negotiation, vendor onboarding, vendor monitoring performance, and risk management.

The QKS Group’s SPARK Matrix report states, “Mitatech [Prevalent] distinguishes itself by providing comprehensive coverage of the entire vendor lifecycle. The platform addresses all stages, from sourcing and selection through to offboarding.” In addition, the report notes that the solution is now more dynamic and complemented by Mitratech’s legal and compliance governance capabilities, adding value to more enterprise stakeholders responsible for risk management.

Innovation in AI

With more vendors to assess against an ever-evolving risk landscape, overwhelmed vendor risk management teams need help in automating processes to improve vendor coverage, extracting risk insights from data, and understanding the impact of remediations. 61% of organizations are investigating AI to help in these areas.

The QKS Group’s SPARK Matrix states that, “The [Mitratech] platform features a virtual risk advisor[1] , which utilizes advanced AI technology. This digital assistant provides contextual guidance on risk management and remediation, leveraging a large language model trained on extensive data. This feature offers detailed insights while ensuring data confidentiality through anonymization.”

Help When Help is Needed

Enterprises work with an average of 3,000 third-party vendors and suppliers. And while not every vendor should be assessed the same way, managing this volume of third-party relationships can quickly spiral under-resourced teams out of control.

The QKS Group’s SPARK Matrix notes that “Mitratech’s managed services are notable for being provided in-house by certified experts located in the same regions as their clients. This approach ensures personalized and high-quality support throughout the vendor risk management process, contrasting with competitors that may rely on outsourced or offshored services.”

Mitratech delivers a comprehensive, AI-powered VRM solution backed by expert-managed services to address the most complex VRM challenges through automation and intelligence.

Download the QKS Group’s SPARK Matrix for Vendor Risk Management

Ready to apply these expert findings to your VRM program? Download the report for a comprehensive analysis of the latest VRM market trends and developments – and how they may impact your program in the coming year. Plus, see the rankings of 21 vendors in the market and learn why Quadrant has positioned Mitratech as a leader in the 2024 QKS Group’s SPARK Matrix: Vendor Risk Management.

For more on how Mitratech can help your organization improve its TPRM program, request a personalized demo today.