Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions

Hero manufacturing

Vendor Risk Management Solutions for Manufacturing

Mitigate third-party risk in your supply chain

Manufacturers rely on suppliers and original equipment manufacturers (OEMs) to provide essential inputs for their final products. But with every third-party relationship comes risk – from unwanted cyber intrusions and ransomware, to sourcing and labor violations – which can lead to supply chain failures that halt production. How can manufacturers assess the full scope of risks across their supplier bases to ensure supply chain resilience without overburdening their IT security, procurement and risk management teams?

Prevalent delivers a single solution that unifies the assessment, analysis, monitoring and remediation of third-party IT security and reputational risks across the supply chain. With Prevalent, manufacturers gain better risk visibility across their extended supply chains, reducing the risk of production downtime and reputational damage.

How Prevalent Helps Manufacturers

  • Automates the collection and analysis of supplier due diligence, helping teams to instead focus on risk management

  • Reduces risk by delivering visibility into 4th- and Nth-party suppliers

  • Simplifies assessments, incorporating IT security, reputational, regulatory, financial and other types of supplier data into a holistic view of risk

  • Transforms supplier risk management from a static, point-in-time project to a continuous program leveraging real-time cyber, reputational and financial insights

 Case study automotive

Prevalent has supported our journey to evolve and adapt a monitoring process around a global pandemic.

— Large Automotive and Transport Company

Trusted by Leading Manufacturers

Key Features

  • Icon intake form survey gold

    Supplier Pre-Screening

    Rapidly pre-screen suppliers using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.

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    Comprehensive Supplier Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights, beneficial ownership, and maps potentially risky 4th-party relationships.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks and chart the right path for a complete supplier risk assessment.

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    Risk Assessment Library

    Leverage Prevalent's library of 125+ questionnaire templates, including cybersecurity, Modern Slavery and supply chain resilience, to determine adherence to policies and flag potential areas of concern.

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    Risk Review & Analysis

    Review and approve assessment responses to automatically register risks, or reject responses and request additional input.

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    Supplier Reputation Monitoring

    Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, conflicts of interest and more.

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    Financial Governance & Transparency Monitoring

    Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds transparency, and more.

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    Global Sanctions Monitoring

    Simultaneously screen against the world’s most important sanctions lists (including OFAC, EU, UN, BOE, FBI, BIS, etc.), over 1,000 global enforcement lists, and court filings (such as the FDA, US HHS, UK FSA, SEC and more) to proactively identify prohibited business relationships.

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    Corruption Perception Index Scoring

    Corruption Perception Index (CPI) scores of company head office countries add more business context to vendor risk analysis by delivering insights into a vendor’s viability and ethics.

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    Breach Event Notification Monitoring

    Access a database containing 10+ years of data breach history for thousands of companies around the world. Includes types and quantities of stolen data; compliance and regulatory issues; and real-time vendor data breach notifications.

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    Central Risk Register

    Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.

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    Built-in Remediation Guidance

    Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.

  • Icon relationship mapping gold

    Relationship Mapping

    Identify relationships between your organization and third, fourth and Nth parties to discover dependencies risks in your extended vendor ecosystem.

  • Icon document management file cabinet gold

    Document & Evidence Management

    Store and manage policy documents, evidence and more for dialog and attestation.

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    Risk Reporting

    Identify, alert and communicate exceptions to common behavior with built-in report templates.

  • Icon compliance gold

    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to requirements.

Who Wins

  • Procurement

    Reduce the potential for business disruptions by ensuring that new supply chain partners adhere to sound security, labor and ethical sourcing practices, and can demonstrate resilience.

    > More procurement and sourcing benefits

  • IT Security

    Automate the scheduling, collection, analysis, management, and remediation of supply chain risks in a central platform available to multiple internal stakeholders.

    > More IT security benefits

  • Risk Management

    Ensure that suppliers have policies in place to reduce the risk of fines, non-compliance, business disruption and reputational damage.

    > More risk management benefits

  • Ready for a demo?
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