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.
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.