Latest Analyst Report: The 2023 Gartner® Market Guide for Supplier Risk Management Solutions

Prevalent Listed as Representative Vendor in 2023 Gartner® Market Guide for Supplier Risk Management (SRM) Solutions

Third-party risk management leader is now a Representative Vendor in the 2022 Market Guide for Third-Party Risk Management and the 2023 Market Guide for Supplier Risk Management
December 13, 2023
News gartner 2023 srm market guide

PHOENIX, December 13, 2023 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced it has been identified as a Representative Vendor in the 2023 Gartner Market Guide for Supplier Risk Management Solutions[1] report. Specifically, the report notes that Prevalent addresses Sustainability/ESG, Performance, Compliance, and Cyber Risk areas. The in-depth report identifies supplier risk management (SRM) market challenges, trends and risk types to address; includes SRM market recommendations for procurement technology leaders; and examines 25 SRM providers.

The Prevalent Third-Party Risk Management Platform enables procurement, IT security and supplier management teams to streamline risk assessments and continuously monitor for risks at every stage of the supplier relationship. The solution centralizes, correlates and analyzes supplier data in several areas including cybersecurity, financial and reputational health, ESG and corporate social responsibility, performance and SLAs, and compliance with regulatory requirements. As a result, organizations benefit from accelerated supplier onboarding, increased efficiency, and a more secure and resilient supply chain.

Prevalent’s listing in the 2023 Gartner Market Guide for Supplier Risk Management Solutions comes on the heels of the company’s recent release of Alfred, the world’s first virtual risk advisor. Alfred is a conversational AI trained on billions of events and 20 years of Prevalent’s supplier risk management experience. Alfred leverages a curated large language model (LLM) to deliver expert supplier risk management insights in the context of industry guidelines so that organizations can be more proactive in their supplier risk remediation and mitigation efforts.

“We feel that being included in the 2023 Gartner Market Guide for Supplier Risk Management Solutions for the first time is a true testament to the significant technology investments we’ve made in supplier risk management,” said Kevin Hickey, CEO of Prevalent. “We have experienced tremendous interest among risk focused procurement buyers and have established the company as a trusted partner to help identify and mitigate risks at every stage of the supplier relationship. We believe that with the release of Alfred, our coverage of multiple supplier risk types, and inclusion in multiple Gartner Market Guide reports, these are strong indicators that the Prevalent Platform is the most comprehensive and innovative third-party risk management solution available on the market.”

To learn more, please read the latest Prevalent blog and register to access a complimentary copy of the report.

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[1] Gartner, “Market Guide for Supplier Risk Management Solutions,” Cian Curtin, Cheryl Van Dyke, Micky Keck, 4 December 2023.

About Prevalent

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 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.

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