Centrally monitor, manage and report on vendor performance
Effectively reducing vendor risk requires an understanding of how vendors are performing against expectations. However, traditional vendor risk management products are unable to deliver the visibility necessary to manage and track performance across the vendor lifecycle.
Prevalent bridges the gap between procurement, risk and vendor management teams by centrally measuring program effectiveness and analyzing SLAs. This enables you to determine compliance, verify adherence to contract terms, and strengthen vendor negotiations.
Key Benefits
- Determine whether vendors are meeting SLAs, applying remediations, and adhering to compliance mandates
- Centralize security, vendor performance, SLA monitoring, and compliance reporting across multiple teams through a single reporting and analytics dashboard
- Spot potential and actual disruptions with proactive supplier performance and SLA monitoring
- Get clear reporting and analysis for better-informed negotiations, contract updates and renewals
- Reduce risks from gaps in vendor oversight by automating contract and performance assessments
- Speed reporting on regulatory, legal and industry compliance with templates tailored to multiple internal stakeholders
Key Features
Contract Lifecycle Management
Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate the contract lifecycle – including performance and SLA monitoring.
Contract Assessment
Dedicated and custom contract assessment questionnaires enable comprehensive reviews by identifying potential breaches of contract and other risks.
Custom Performance Surveys
Customizable surveys make it easy to gather and analyze necessary performance and contract data in a single risk register.
Document Management
Collaborate on documents and certifications, such as NDAs, SLAs, SOWs and contracts, with built-in NLP and ML-based automated document analysis, version control, task assignment and auto-review cadences. Manage all documents throughout the vendor lifecycle in centralized vendor profiles.
Performance & SLA Reporting
Gain visibility into vendor contract status, contact information, risk and compliance status, performance metrics, and more via centralized dashboards, and leverage PowerBI integration for custom reporting.
Risk Scoring & Analysis
Quickly gauge the health of each of your vendors with consolidated views of risk ratings, counts, scores, and flagged responses.
Business Risk Event Monitoring
Leverage Prevalent’s business and financial monitoring service to flag potential risks related to financial disclosures, legal actions, compliance issues, data breaches and other events.
Event Reporting
Enable vendors to submit proactive event assessments – or issue assessments related to data breaches, notifications and other events – and dynamically adjust vendor risk scores based on the results.
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 regulatory and industry frameworks.
KPI Reporting
Track resolution of issues throughout the remediation process to show risk reduction progress over time and report against KPIs.
Schedule a free, personalized solution demonstration to see if Mitratech Prevalent is a fit for you.
Who Wins
Procurement
Centrally manage vendors and monitor their performance against contractually established SLAs and KPIs using a customizable survey with built-in workflows.
IT Security
Get unparalleled insights into risk trends, status and outliers with the latest machine learning analytics, leveraging from the most risk intelligence sources available.
Risk Management
See which vendors pose the most risks and in what areas, helping to align your overall enterprise risk management strategy.
