Leave due diligence collection to us, so you can focus on risk mitigation
In a recent study, more than half of companies cited a lack of pre-contract due diligence as their biggest third-party risk management challenge. According to that same study, the majority of respondents were not tracking vendor risks related to service level agreements (SLAs); environmental, social and governance (ESG); supply chain; modern slavery; and anti-bribery and corruption (ABAC).
Why? Because many organizations still assess third parties using labor-intensive, spreadsheet-based questionnaires – leaving their teams overwhelmed and missing critical risks.
The Prevalent Procurement Due Diligence Service empowers procurement teams with a scalable supplier risk assessment program. With this managed service, our Risk Operations Center (ROC) takes care of everything from onboarding your vendors and collecting due diligence, to continuously monitoring for reputational and financial exposures.
Accelerate supplier due diligence for your under-resourced procurement team by outsourcing evidence collection to us
Make better risk-based decisions with real-time insights into vendor financial performance, reputation, business resilience, ABAC, ESG, and more
Reduce the cost of evaluating all suppliers with a repeatable model based on risk management best practices
Gain holistic visibility into supplier risk by correlating procurement due diligence with existing cybersecurity assessment activities
Access supplier profiles with business and industry insights from over 550,000+ sources of vendor intelligence.
Track and quantify inherent risks and determine the right assessment approach based on clear risk scores.
Benefit from Prevalent's extensive library of assessments for anti-bribery, business resilience, ethics and social responsibility, modern slavery, and SLA performance.
Choose to conduct assessments proactively, on a fixed schedule, or both; monitor real-time questionnaire completion progress as we gather responses and follow up with vendors.
Access the Prevalent platform for centralized policy documents, evidence, and other content for dialog and attestation.
Get real-time insights into negative news, regulatory and legal actions, adverse media, conflicts of interest, and other reputation risks gathered from over 550,000 sources.
Access financial information from a global network of 365 million businesses, including 5 years of organizational changes and financial performance (e.g., turnover, profit and loss, shareholder funds transparency, and more).
Screen vendors 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.
Screen vendors against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to identify potential leadership risks.
Get contextual risk analysis with insights into vendor viability and ethics as measured by the Corruption Perception Index (CPI) scores of company head office countries.
Validate companies against a proprietary list of government-owned and government-linked enterprises to avoid conflicts of interest.
Discover dependencies and risks in your extended vendor ecosystem by uncovering your organization’s connections to third, fourth and Nth parties.
Gain access to unified risk and remediation reports based on correlated results from assessments and continuous monitoring.
Visualize and address compliance requirements with assessment results mapped to a wide variety of regulations and frameworks.
Get alerted to exceptions to common behavior.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Managed Services Deliverables
The Prevalent Procurement Due Diligence Managed Service handles your procurement due diligence assessment and monitoring process for up to 100 vendors – for $19,995. The managed service includes:
Reduce the time required to onboard, assess and continuously monitor vendors.
Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.
Continuously monitor for risks that could negatively impact your company’s ability to deliver its products and services.
This executive brief reveals how to build a more comprehensive, actionable and cost-effective vendor risk monitoring...