Prevalent Named a Leader in the 2023 SPARK Matrix™ for Vendor Risk Management

Quadrant Knowledge Solutions has released the 2023 SPARK™ Matrix for Vendor Risk Management, and Prevalent has been named a Leader once again. This latest leadership ranking is a testament to our unwavering focus on customer success, innovation, and delivering a world-class third-party risk management platform that is adaptable to changing risk management needs.

The SPARK Matrix includes a detailed analysis of global vendor risk management market dynamics, and major trends. The study also provides competitive analysis and ranking of the leading 23 VRM technology vendors and offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.

Get your complimentary copy of the SPARK Matrix, so you can apply their expertise to improve your third-party risk management program.

How to Evaluate VRM Vendors in the SPARK Matrix Report

The ability to address risks across the third-party lifecycle and take advantage of the latest technology enhancements are essential criteria for staying ahead of evolving third-party risks. Let’s examine how the report discusses these two important capabilities, and how Prevalent performs against them.

Vendor Lifecycle Management

Every stage of a third-party relationship presents unique risks to manage. The SPARK Matrix notes that the ability to handle the end-to-end vendor lifecycle management process is one of the most important capabilities of a vendor risk management (VRM) solution. The report says that a solution should manage the entire lifespan of a vendor relationship, from vendor onboarding to offboarding including vendor selection, contract negotiation, vendor onboarding, vendor monitoring performance, and risk management.

The SPARK Matrix says that the Prevalent TPRM solution supports every stage of vendor lifecycle through its native capabilities, which include:

• Sourcing and selection (RFx management)
• Contracting and onboarding (contract lifecycle management)
• Inherent risk scoring, profiling and tiering
• Assessment and remediation (with built-in recommendations)
• Continuous monitoring of cybersecurity, data breach, business, financial, regulatory, sanctions, and reputational data
• SLA and performance management (e.g., vendor KPIs and KRIs)
• Offboarding and termination

The report goes on to say that the Prevalent Platform also automates workflows required to onboard vendors and identify, assess, manage, monitor, and mitigate various risks across every stage of the vendor lifecycle.

Innovation

An innovative TPRM solution provides the flexibility required to tackle not only today’s third-party risks but tomorrow’s third-party challenges as well. In terms of innovation, Quadrant focuses on one area in particular – AI.

The report states that VRM solutions should provide enhanced analysis of huge datasets, thereby increasing the solution’s efficiency. According to the SPARK Matrix, “One of the key differentiators of Prevalent includes a virtual risk advisor that leverages a large language model conversational AI trained and supervised across large number of events besides Prevalent’s 20 years of experience. The virtual risk advisor provides a guided user experience to discover more about risk incidents and events to provide expert management and mitigation insights. It also leverages complete anonymity to ensure the confidentiality of datasets.”