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Outsourced Vendor Risk Management

Outsourced Collection, Analysis, and Identification of Third-Party Risks

Every organization must meet compliance and risk obligations stemming from their use of third parties, vendors, or partners. However, processes can be taxing on under-resourced teams and the ever-shifting regulatory landscape requires expertise to understand compliance reporting obligations.

How can organizations achieve compliance and vendor risk management requirements while maximizing their team’s skillsets?

Closed-Loop Vendor Risk Management

The Prevalent Risk Operations Centers are teams of third-party risk management experts who collect vendor evidence, review for completeness, and provide remediation guidance for top risks.

Key Benefits

  • Enables organizations to scale their programs by focusing personnel on risk management efforts, not on collecting vendor evidence
  • Leverages domain expertise from dedicated third-party risk management experts
  • Enhances visibility into risk remediation efforts
  • Delivers a faster time-to-value in risk reduction efforts

How the ROC Works

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Scope

Define initial scope requirements and map to Managed Service options.

Implement

Implement entitles and key Platform data while documenting operations manuals.

Respond

Issue assessments and manage responders to ensure visibility is provided in a timely manner.

Remediate

Conduct follow-up assessments where necessary to deliver business outcomes.

Maintain

Maintain visibility and accuracy through health checks and conduct program reviews to plan next steps.

Global Third Party Risk Management Support

Connect with online or telephone support at the Risk Operations Center closest to you. We have experts on hand to address Platform issues, assist with assessment queries, and provide remediation guidance for top risks

Support Map

ROC Capabilities

Platform Management

Full configuration and maintenance of the Platform to maintain health and accuracy.

Entity Management

Onboarding, review and maintenance of entities within the Platform, ensuring points of contact, hierarchy, and attributes remain correct.

Comprehensive Support

First and second line support for assessments, addressing queries directly relating to Platform usage and content issued/required.

KPI Management

Proactive management of assessments, chasing responses and issuing guidance content to improve response rates.

Reporting

Detailed analysis of assessment results and progress, providing simple management information and trends.

Flexible Options Based on Need

Depending on your organization’s resourcing and priorities, you can choose between three options.

Collect

Manages the collection of completed assessments from vendors and second parties.

Analyze

Builds on the Collect license by including reviews of captured content, confirming document evidence is accurate, and identifying potential issues.

Remediate

Manages elements of the risk management process. This is provided for the top 10 risks identified unless otherwise scoped.


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The Prevalent Third Party Risk Management Platform

From automating vendor assessments to continuously monitoring vendors, the Prevalent Platform enables organizations to simplify compliance, reduce vendor-based risks, and improve efficiency to better scale their third-party risk management programs.