Best Practices Guide: 6 Steps to Third-Party Risk Management Program Maturity
Automated Third-Party Risk Assessment
Industry regulations and cyber security best practices require you to ensure that your vendors, partners and other third parties employ adequate security controls. However, assessing third-party controls can be inefficient and costly, while often causing “survey fatigue” among vendors.
With the Prevalent™ Assessment Service, you automate and simplify security and compliance risk assessments, extending the visibility, efficiency and scale of your third-party risk management program.
The Prevalent Assessment Service delivers inside-out assessments of vendor compliance with IT data security, regulatory and privacy requirements. With a library of over 50 standardized assessments, content customization capabilities, and built-in workflow, the solution automates everything from survey collection and analysis to risk identification and reporting.
Part of the cloud-based Prevalent Third-Party Management Platform, the Assessment Service is integrated with outside-in risk monitoring to deliver a comprehensive, 360-degree view of vendor security and compliance.
Leverage 50+ pre-defined assessments including SIG Core, SIG Lite and H-ISAC standardized questionnaires, as well as GDPR, FCA, PCI-DSS, ISO 27001, NIST and other framework-specific surveys. It’s also easy to build custom questionnaires with risk and control elements relevant to your business.
Quickly specify the “what, when and how” behind assessments; monitor real-time questionnaire completion progress; and set automated chasing reminders to keep surveys on schedule.
Generate risk registers upon survey completion, filtering out noise and focusing on areas of concern. Understand your risk profile with real-time results, and generate reports to document status by regulation.
Efficiently communicate with vendors and coordinate remediation efforts. Capture and audit conversations; record estimated completion dates; assign tasks based on risks, documents or entities; and match documentation and evidence to risks.
Reveal risk trends and status for individual vendors or groups. Quickly get the details you need via interactive charts with filtering and drill-down capabilities (e.g., view status by compliance requirement).
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.
Identify relationships between your organization and third parties to discover dependencies and visualize information paths.
Provide an overview of tasks, schedules, risk activities, response status, agreements and documents.
Centralize agreements, contracts and supporting evidence with built-in task and acceptance management, plus mandatory upload features.
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.
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.
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 risk. With the Prevalent TPRM platform, you simplify compliance, reduce risk, and improve efficiency to scale your third-party risk management program.
This complementary guide distills our 15+ years of experience working with hundreds of customers into 6 key best practices.
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