Not having a programmatic approach to your third-party risk efforts can have a negative effect on your team’s performance. Prevalent has been named a leader in the Third-Party Risk Management industry for its best-in-class Vendor Risk Manager and Vendor Threat Monitoring technologies. Leverage these consulting and managed services to help guide your vendor risk program efforts, regardless of whether you are looking to scale an existing program or start a new program.
3rd-Party Risk Management
- Vendor Risk Maturity Assessment (VRMA)
- Vendor Assess
Vendor Risk Management has become a critical component of the best security and risk management programs. This is because leading companies having embraced the “cloud”, outsourcing, off the shelf or custom developed software, and mobile applications understand that their data security and availability are dependent on third-parties outside their direct control. Vendor risk management programs are one of the only means an organization has to help address risks that it does not directly control.
The Prevalent Vendor Risk Maturity Assessment has been created to help offer clients the opportunity to understand the maturity of their vendor risk management program, review specific actions for maturity improvement, and benchmark overall maturity with other Prevalent clients. The program allows clients at any level of maturity to better understand the areas for improvement whether you are just starting the program or if you have been running a program for years.
The VRMA leverages the Shared Assessments Vendor Risk Management Maturity Model to assist in identifying your organization’s vendor risk maturity. The assessment requires a single question and answer session with the person or people responsible for vendor risk management. This data collection generally takes 2-3 hours of total time. Once collected, a Prevalent analyst will review the data, identify areas for improvement, develop a specific action plan for improving maturity across the different vendor risk domains, and create an executive presentation to show how your program compares to other Prevalent clients.
As organizations of all sizes become more dependent on key vendor relationships to manage and process their most critical information, understanding the key policies, security practices, and other key controls your vendors use to protect your information becomes critical to efficiently and securely running your enterprise. Prevalent Vendor Assess (PVA) accomplishes this by offering the technology, process, and people necessary to efficiently understand vendor risk, help you remediate missing controls, and better protect your organizational from third-party risks. Learn more by visiting the Vendor Assess page.