Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions

Hero procurement due diligence service

Procurement Due Diligence Service

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.

Key Benefits

  • 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

Key Features

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    Comprehensive Supplier Profiles

    Access supplier profiles with business and industry insights from over 550,000+ sources of vendor intelligence.

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    Inherent Risk Scoring

    Track and quantify inherent risks and determine the right assessment approach based on clear risk scores.

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    Procurement Assessment Library

    Benefit from Prevalent's extensive library of assessments for anti-bribery, business resilience, ethics and social responsibility, modern slavery, and SLA performance.

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    Assessment Scheduling & Management

    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.

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    Document & Evidence Management

    Access the Prevalent platform for centralized policy documents, evidence, and other content for dialog and attestation.

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    Supplier Reputation Monitoring

    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.

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    Financial & Credit Monitoring

    Access financial information from a network of millions of businesses across 160+ countries, including 5 years of organizational changes and financial performance (e.g., turnover, profit and loss, shareholder funds transparency, and more).

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    Global Sanctions Monitoring

    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.

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    Politically Exposed Persons (PEP) Screening

    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.

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    Corruption Perception Index Scoring

    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.

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    State-Owned Enterprise Screening

    Validate companies against a proprietary list of government-owned and government-linked enterprises to avoid conflicts of interest.

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    Relationship Mapping

    Discover dependencies and risks in your extended vendor ecosystem by uncovering your organization’s connections to third, fourth and Nth parties.

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    Central Risk Register

    Gain access to unified risk and remediation reports based on correlated results from assessments and continuous monitoring.

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    Compliance Reporting

    Visualize and address compliance requirements with assessment results mapped to a wide variety of regulations and frameworks.

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    Risk Reporting

    Get alerted to exceptions to common behavior.

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    Built-in Remediation Guidance

    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 $21.495. The managed service includes:

  • Implementation & Onboarding: We set up the Prevalent Third-Party Risk Management (TPRM) Platform and onboard users and vendors.
  • Platform Features: Gain access to key Platform features for reporting and management.
  • Unlimited Platform Users: Enable teams from across the business to participate in supplier risk management.
  • Comprehensive, In-Region Support: Receive ongoing assistance and training content from our U.S., Canada and UK-based teams.
  • Continuous Monitoring: We monitor hundreds of thousands of sources of reputational and financial intelligence to keep you on top of potential supplier risks.
  • Assessment Monitoring & Follow-up: We handle your assessments, chasing responses, and response rate optimization.
  • Reporting: We provide detailed assessment results, progress and trends correlated with continuous monitoring results.
  • Quarterly Maturity Assessments: We assess your program and provide regular recommendations for improvement in key areas.

Who Wins

  • Procurement

    Reduce the time required to onboard, assess and continuously monitor vendors.

  • IT Security

    Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.

  • Risk Management

    Continuously monitor for risks that could negatively impact your company’s ability to deliver its products and services.

  • Ready for a demo?
  • Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
  • Request a Demo