Assess, analyze, track and continuously monitor risks across the supplier lifecycle
A supplier’s ability to fulfill orders and deliver services can be disrupted by everything from cybersecurity failures and regulatory violations to geopolitical events and health crises. However, many organizations attempt to manage supplier risks using a complicated web of disparate tools. This approach leaves blind spots in risk visibility, slows onboarding, and complicates ongoing suppler risk management (SRM) activities.
The Prevalent Third-Party Risk Management Platform enables procurement, IT and supplier management teams to streamline risk assessments and continuously monitor for new risks at every stage the supplier relationship. The solution centralizes, correlates and analyzes supplier data on several topics, including:
- Cybersecurity
- Financial and reputational health
- Corporate social responsibility, like a supplier’s environmental, social and governance (ESG) findings or modern slavery statements
- Performance and SLAs
- Compliance with regulatory requirements such as anti-bribery and corruption (ABAC) regulations
- Presence on government watch lists such as OFAC
As a result, your organization benefits from accelerated supplier onboarding, increased efficiency, and a more secure supply chain.
9 Best Practices for Your SRM Strategy
Discover Prevalent’s approach to building business resilience against supply chain disruptions.
Key Benefits
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Make faster and more informed onboarding decisions with automated evaluations backed by external risk intelligence
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Stay on top of emerging supplier risks with continuous cyber, business, reputational and financial monitoring
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Improve visibility across teams by unifying data from multiple sources into a single source of the truth
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Strengthen resilience by centralizing risk visibility and speeding workflows across the supplier lifecycle
Key Features
RFx Management
Centralize RFPs and RFI distribution, comparison and management. Automatically migrate selected suppliers to contracting or pre-contract due diligence workflows..
Contract Lifecycle Management
Centralize supplier contract onboarding, distribution, discussion, retention and review. Leverage workflow to ensure that contracts include and enforce supplier resilience measures.
Detailed Supplier Profile
Build a comprehensive supplier profile that includes beneficial ownership, financial performance, CPI scores, Modern Slavery statements, industry and business insights, and maps potentially risky 4th-party relationships.
Comprehensive Assessment Library
Leverage the largest library of assessments available, with 200+ templates covering topics from IT security and data privacy, to ESG, ABAC and more. Or build and customize your own assessments with a simple drag-and-drop wizard.
Central Risk Register
Validate business controls by normalizing, correlating and analyzing assessment results with intelligence from continuous risk monitoring.
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 supplier risk with built-in remediation recommendations and guidance.
Compliance Mapping
Visualize and address compliance requirements by automatically mapping assessment results to regulatory requirements and IT controls frameworks.
Performance & SLA Reporting
Gain visibility into vendor contract status, attributes, performance metrics and more with a centralized, customizable dashboard.
Risk Profiling Snapshot
Add intelligence to supplier pre-contract due diligence with insights into demographics, 4th-party technologies, ESG and CPI scores, business and reputational events, data breach history, and financial performance.
Supplier Intake & Onboarding
Accelerate onboarding and eliminate error-prone manual processes by importing suppliers through an intake form, spreadsheet template, or API connection to your existing procurement solution.
Inherent Risk Scoring
Leverage a simple questionnaire with clear scoring to track and quantify inherent risks, tier suppliers, and inform the scope and frequency of subsequent assessments.
Unified Supplier Monitoring
Score supplier risk based on data aggregated from multiple sources of cyber, financial, reputational, ESG, business event, sanctions, PEP, CPI, and state-owned enterprise intelligence.
Workflow to Automate Actions
Leverage an automation and rules engine that can suggest actions or adjust risk scores based on assessment results and external data feeds. Automatically create tasks and assign owners to track issues to conclusion.
Analytics & Reporting
Reveal risk trends, statuses, and exceptions to common behavior with embedded machine learning insights.
Supplier Ecosystem Mapping
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and risks in your extended supplier ecosystem.
Offboarding & Termination
Leverage customizable supplier offboarding surveys and workflows to report on system access, data destruction, access management, compliance with relevant laws, final payments and more.
Schedule a free, personalized solution demonstration to see if Mitratech Prevalent is a fit for you.
Who Wins
Procurement
Speed purchasing cycles and improve the consistency and fairness of reviews by automating the evaluation of vendor solutions.
IT Security
Gain an early view of vendor risks to accurately scope further due diligence and better prepare for future audits.
Risk Management
Reduce the risk of a business disruption by ensuring the viability of both the vendor and their solutions.
