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Vendor Risk Assessment

Automate Your Third-Party Vendor Risk Assessments

Regulatory frameworks and cyber security best practices require organizations to validate that their vendors, partners, and other third parties have adequate controls in place over their data. And with data breaches attributed to third parties increasing, it’s never been more important to have this control. However, the process of determining a vendor's security and compliance posture is often manual and cumbersome, which drains resources and could lead to business disruption. 

How can organizations simplify vendor assessments while ensuring that all requirements are met? 

Vendor Risk Assessments to Ensure Compliance and Reduce Security Exposures

Delivered as part of the industry’s only purpose-built, unified platform for third-party risk management, the cloud-based Prevalent Vendor Assessment Service helps IT security, privacy, and risk management professionals determine vendor compliance with IT security and data privacy requirements to reduce vendor risk. 

Utilizing a library of over 50 pre-defined vendor assessments, standardized content, or leveraging the flexibility of the platform to build custom surveys, the Prevalent Vendor Assessment Service automates the vendor risk management lifecycle, including the collection, analysis, and remediation of third-party data. 

Key Benefits

  • Automates the manual work of vendor survey management
  • Zeroes-in on risks and control failures, providing actionable guidance for vendor remediation
  • Clearly communicates actual business risk to multiple stakeholders through control-based and compliance-specific reporting
  • Simplifies communications and status reporting with vendors
  • Provides visibility and trending to measure the effectiveness of the program

Key Features

Vendor Survey Selection or Creation

Survey Selection Creation

Utilize a repository of over 50 pre-defined assessments – including industry-standard questionnaires covering SIG Core and SIG Lite, to compliance and security framework-specific questionnaires such as the GDPR, FCA, PCI-DSS, ISO 27001, NIST, and more. The Risk & Controls library enables you to import or create risk and control items which can be used during the assessment process, with full customization to combine questions, meeting unique needs.

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Vendor Survey Scheduling Assistant

Survey Scheduling Assistant

Define assessment schedules to determine what, when and how to assess entities, with a chasing reminder function. The Survey Schedule Progress Dashboard provides a real-time view into the status of survey completion.

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Automated Vendor Risk & Compliance Registers

Automated Risk Compliance Registers

Automatically generate a risk register once a survey has been completed, filtering out unnecessary noise and zeroing-in on areas of possible concern. Your entire risk profile can be viewed in the centralized live reporting section and reports can be downloaded and exported to determine compliance status. Regulatory- and framework-specific reporting ensures you have a clear view into compliance status.

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Vendor Risk Remediation Workflow

Remediation Workflow

Bi-directional workflow includes built-in discussion tools to enable communication with suppliers on remediating risk register issues. Using the platform, you can capture and audit conversations, record estimated completion dates, assign tasks based on risks, documents, or entities, and match documentation or evidence against your risks.

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Live Reporting

Live Reporting

Utilize the central vendor reporting dashboard showing trends and clear management information, either for groups or specific recipients. Deep reporting capabilities include filters and click-through interactive charts.

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Compliance-Specific Reporting

Products Assess Compliance Reporting Screenshot

Automatically map information gathered from control-based assessments to regulatory frameworks including ISO 27001, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, SOX, and NYDFS to quickly visualize and address important compliance requirements.

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Data Mapping & Relationships

Data Mapping Relationships

Identify and visualize relationships between different entities to demonstrate dependencies and flows of information.

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Vendor Dashboard

User Dashboard

Enable your vendors with an easy-to-use, visually appealing and coherent dashboard that provides a clear overview of tasks, schedules, risk activities, survey completion status, agreements, and documents.

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Document & Evidence Management

Video Document Management

Leverage a central repository for all vendor-submitted evidence and supporting information, and streamline communications with bi-directional tasks, acceptance, and mandatory upload features.

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Entity Management

Video Entity Management

Simplify vendor management with dashboards for individual entities and entity groups. Capabilities include bulk entity import; assessment and remediation status reporting; entity categorization by criticality to the business; and other functions for managing the full vendor lifecycle.

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Task Management

Video Task Management

Simplify both internal and vendor communications with centralized task creation and management. Create tasks related to risks or other items; check task status via email rules linked to the platform; and access full audit trails to ensure closed-loop risk management.

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The Prevalent Third-Party Risk Management Platform

The Vendor Assessment Service is part of Prevalent’s integrated third-party risk management platform, a unified solution that provides a 360-degree view of vendor risks. 

With the Prevalent platform, organizations simplify compliance, reduce vendor-based risks, and improve efficiency to better scale third-party risk management.

Learn More About Our Key Capabilities