Assess, manage and remediate risks throughout the vendor lifecycle
Procurement teams have pivotal responsibilities at every stage of the third-party relationship, from sourcing vendors and conducting pre-contract due diligence, to assessing supplier performance and terminating contracts.
However, a recent study revealed that few procurement departments are involved third-party risk management, and most organizations still use manual tools to assess supplier risk. Without proper due diligence or a process to comprehensively assess risk on a regular basis, organizations can be exposed to damaging business disruptions.
Prevalent unifies procurement, sourcing, and IT security teams with a single solution that assesses multiple supplier risk types; delivers centralized reporting and analytics; and provides a programmatic process for managing third parties and remediating risk throughout the vendor lifecycle.
Key Benefits
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Use a single, unified solution to source low-risk alternatives; negotiate better contracts; monitor vendor performance and risks; and make more informed renewal decisions
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Spot potential and real disruptions with proactive performance and SLA monitoring
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Reduce the time and costs associated with assessing vendors by streamlining onboarding and due diligence processes
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Save time throughout the procure-to-pay lifecycle by gaining rapid visibility into vendor risk without adding resources
Key Capabilities
Sourcing & Selection
Automate the distribution, comparison and management of RFPs and RFIs, adding demographic, 4th-party technologies, and ESG scoring insights for risk-based selection decisions. Add on the Risk Profiling Snapshot to gain recent business, reputational, data breach and financial insights on potential vendors.
Contract Lifecycle Management
Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate contract lifecycle management.
Centralized Intake
Populate key supplier details with a centralized and customizable intake form and associated workflow capabilities available to everyone in your organization.
Supplier Onboarding
Import vendors via a spreadsheet template or through an API connection to an existing procurement solution, eliminating error-prone, manual processes.
Comprehensive Supplier Profiles
Build a comprehensive profile with built-in assessment and monitoring insights that support strategic procurement initiatives across Environmental & Social Governance (ESG), Modern Slavery, Ethics & Diversity, Business Resiliency and more.
Inherent Risk Scoring
Calculate a vendor’s inherent risk score based on the likelihood and potential impact of security, compliance and operational incidents; and determine the appropriate level and scope of due diligence for each vendor.
Vendor Due Diligence
Conduct comprehensive due diligence by leveraging 200+ assessment templates, or build custom questionnaires with risk and control elements specific to your business.
Supplier Reputation Monitoring
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, sanctions screening, conflicts of interest and more.
Financial & Credit Monitoring
Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds transparency, and more.
SLA & Performance Management
Centrally manage vendors and monitor their performance against contractually established SLAs and KPIs.
Central Risk Register
Unify risk identification, reporting and remediation by normalizing, correlating and analyzing data from across all third-party assessment and monitoring activities.
Virtual Third-Party Risk Advisor
Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.
Built-in Remediation Guidance
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Risk Reporting
Identify, alert and communicate exceptions to common behavior with built-in report templates.
Compliance Reporting
Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework.
Offboarding & Termination
Ensure offboarded vendors do not create the potential for risk by leveraging a programmatic process for assessing third parties at contract termination.
Who Benefits
from Prevalent
TPRM Solutions
Learn how Prevalent helps security, risk
management, privacy, procurement, audit and
legal teams reduce vendor and supplier risk in
their organizations.
Related Solutions
Third-Party Risk Management Platform
Automate the identification, analysis and remediation of vendor security risks with a centralized solution.
Vendor Risk Monitoring
Gain continuous insights into vendor risks from more than 550,000 intelligence sources.
RFx Essentials
Strengthen RFP and RFI processes with automation and risk intelligence.
Contract Essentials
Automate the vendor contract lifecycle – from onboarding to offboarding.
Procurement Due Diligence Service
Quickly discover, score and remediate risks from vendor breaches.
Supplier Risk Monitoring Service
Gain continuous insights into potential supplier performance problems before they impact your business.
