New Solutions Simplify Procurement Due Diligence

Results from this year’s edition of the Prevalent Third-Party Risk Management Study showed that procurement and sourcing teams are challenged to gain visibility into supplier risks. For example, more than half of respondents said they didn’t have enough pre-contract due diligence to identify potential vendor risks, and fewer than half are actively tracking risks such as anti-bribery and corruption, modern slavery, and ESG – even though they acknowledged those risks were important to track. To view a summary of the study results, download this infographic. For the full results, read the white paper.

Why do procurement and IT security teams struggle to achieve better third-party risk management visibility? Because organizations are still overly reliant on manual, spreadsheet-based methods for assessing vendor risk – and that approach just won’t scale beyond only the most basic IT risk assessments.

Procurement Third-Party Risk Solutions

Today, Prevalent is announcing two new solutions meant to bring procurement and IT security teams together, eliminate manual risk assessment practices, and efficiently scale supplier risk programs.

Procurement Due Diligence Service: Outsource the Hard Part to Us

For resource-strapped procurement teams that may need additional help building their supplier risk management programs, Prevalent is introducing the Procurement Due Diligence Service. This managed service takes care of everything from onboarding your vendors and collecting due diligence, to continuously monitoring for reputational and financial exposures on your behalf. We do the hard work of collecting and monitoring for risks for you, freeing your team to focus on managing and remediating risks.

Performed by the Prevalent Risk Operations Center (ROC) team, the Procurement Due Diligence Service:

• Onboards and conducts assessments for up to 100 vendors using standardized questionnaires for anti-bribery, business resilience, ethics and social responsibility, financial due diligence, modern slavery, and SLA performance
• Monitors hundreds of thousands of sources
  of reputational and financial intelligence to keep you on top of potential supplier risks as they surface
• Records assessment and monitoring results
  in a central risk register that makes it easy for you to analyze risks, manage remediation, and share progress reports across the organization

Customers report that Prevalent’s ROC managed services reduce the time they spend on assessments by 50%, achieve complete assessments 44% faster, and improve team productivity by a factor of 3-4! If resource constraints are preventing you from getting your supplier risk program off the ground, then Prevalent can help.

Supplier Risk Monitoring Service: Continuous Insights into Potential Supplier Performance Problems – Before They Impact Your Business

Risks don’t disappear once a supplier is onboarded, so risk monitoring should be a continuous process. However, most third-party risk management solutions fail to deliver important real-time financial and reputational intelligence, leaving procurement teams to manually search for and collate data. That’s where the Prevalent Supplier Risk Monitoring Service can help.

The Supplier Risk Monitoring Service is a managed service that continuously monitors 550,000+ public and private sources of information to deliver real-time insights into:

• Reputational risks including competitive landscape, partnerships and alliances, M&A activities, spin-offs, corporate restructuring, negative news, regulatory and legal filings, new offerings, procurement and sales, awards and recognition, cyber and regulatory events, operational challenges, capital investments, refinancing and funding activities, bankruptcy, asset buy/sell, cost cutting, management changes/hiring and more
• State-owned enterprise screening that validates companies against a proprietary list of government-owned and government-linked enterprises to avoid help you conflicts of interest
• Global sanctions from OFAC, EU, UN, BOE, FBI, and BIS, as well as over 1,000 global enforcement lists and court filings (e.g., FDA, US HHS, UK FSA, SEC, etc.)
• Politically exposed persons screening to enable customers to exhibit a strong approach to fighting corruption and bribery by screening against the LexisNexis PEPs database
• Financial and credit history from a global network of businesses, accessing 5 years of organizational changes and financial performance — including turnover, profit and loss, shareholder funds transparency, and more

With the Supplier Risk Monitoring Service we do the hard work for you – from onboarding vendors to curating monitoring results. You gain immediate access to reporting that can keep your procurement team on top of risks and provide insights to inform annual contract renewal discussions.

Take the Next Step

If you’re ready to align IT security and procurement under a single vendor risk management solution, get continuous insights into supplier risks, and scale your third-party risk management program without burdening your team, then contact us for a personalized demonstration.