PHOENIX, September 12, 2022 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced it has been recognized as a Leader in the first IDC MarketScape: Worldwide Third-Party Risk Management Software (Doc #US48295522, September 2022). The IDC MarketScape evaluated 12 TPRM providers and highlights Prevalent’s managed services, risk rating and tool kit as the key differentiators contributing to its position as a Leader.
The Prevalent Third-Party Risk Management Platform is a SaaS solution that enables companies to automate the critical tasks required to onboard, assess, manage, continuously monitor and remediate third-party security, privacy, compliance, operational, and procurement-related risks across every stage of the vendor lifecycle. The IDC MarketScape's assessment highlights what Prevalent considers to be its strengths:
According to the MarketScape:
“The Prevalent platform is designed to support client TPRM needs from vendor assessments and onboarding through vendor termination. With the expansion into non-IT risk domains, the Prevalent platform became significantly more comprehensive.”
“Prevalent's strengths stem from thoughtful design of the solution and from their unique in-house capabilities including managed services and ratings. As discussed, by offering managed services internally, Prevalent customers are able to deftly move back and forth between a managed service offering and independently running the platform. This opens a door for clients to bring in the extra support as needed without a sense of long-term commitment. This flexibility is a key differentiator of the Prevalent offering.”
“The managed services component is also enhanced with Prevalent's in-house rating capabilities. Prevalent differentiates by combining assessments and ratings to provide a complete vendor profile. Prevalent customers have access to 10,000+shared third-party security, privacy and business resilience risk assessments which they can leverage and customize by applying multipliers, adjust by region, and augment with specific questions. In-house intelligence is also supplemented with partner feeds including Modern Slavery statements, Corruption Perception Index (CPI) scores, Health & Safety events, and ESG scorings and EPA eco violations database.”
“This leadership positioning in the first ever third-party risk management IDC MarketScape is a huge testament to the investments we made to benefit customers in innovation, customer success, and managed services,” said Kevin Hickey, CEO of Prevalent. “With the onslaught of third-party data breaches, supply chain disruptions and new regulatory requirements, third-party risk management solutions must evolve rapidly. Prevalent customers not only identify risks faster but dramatically reduce manual work with the most comprehensive and the only unified TPRM solution available.”
To learn more, please read the latest Prevalent blog and register to access a complimentary copy of the IDC MarketScape excerpt.
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.
Prevalent takes the pain out of third-party risk management (TPRM). Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors and suppliers and throughout the third-party risk management lifecycle. Our customers benefit from a flexible, hybrid approach to TPRM, where they not only gain solutions tailored to their needs, but also realize a rapid return on investment. Regardless of where they start, we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time.