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.
Today, Prevalent is announcing three new solutions meant to bring procurement and IT security teams together, eliminate manual risk assessment practices, and efficiently scale supplier risk programs.
For organizations that need help quickly starting a supplier risk assessment program, Prevalent offers Procurement Jump Start. Like Prevalent’s TPRM Jump Start and Privacy Jump Start, Procurement Jump Start provides an easy-to-use SaaS platform to:
With a comprehensive quick start guide to get you up and running, Procurement Jump Start gives you an automated, programmatic path to gaining key supplier risk insights in about 30 days.
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:
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! If resource constraints are preventing you from getting your supplier risk program off the ground, then Prevalent can help.
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:
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.
Procurement Risk Playbook: How to Win the Third-Party Game
As in many sports, third-party risk management requires a team effort. Our strategy paper, "The Procurement Risk Playbook: How to Win the Third-Party Game," lays out 5 critical plays for your team.
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.
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