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Vendor Risk Assessment Services
Leave your vendor risk assessments to us, so you can focus on what matters
Prevalent™ Vendor Risk Assessment Services provide managed services to handle your third-party risk assessment and monitoring needs. Our Risk Operations Center (ROC) manages the vendor lifecycle on your behalf – from onboarding vendors and collecting evidence, to reviewing assessments for completeness, identifying risks, and providing remediation guidance. As a result, you reduce vendor risk and simplify compliance without burdening internal staff.
Key Benefits
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Improve efficiency and productivity by focusing on managing risk, rather than on collecting vendor evidence
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Leverage domain expertise from a team of certified third-party risk professionals
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Gain comprehensive visibility into risk remediation efforts
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Realize a faster time-to-value from your risk reduction initiatives
It’s abundantly clear that Prevalent services are going to be critical in our partnership with our vendors.
— IT Program Manager, Sthealth Benefit Solutions
How it works
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Scope
We work with you to understand your third-party risk management requirements and identify achievable program milestones.
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Onboard
We profile and onboard your vendors, suppliers and other third parties; customize surveys and other platform components to your business needs; and document everything in straightforward operations manuals.
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Assess
We issue surveys to your vendors and other third parties; manage evidence collection and response analysis; and monitor vendors on your behalf.
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Analyze
We review and analyze responses, looking for red flags and completeness of documentation.
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Add Context
We optionally add specialized business context into each unique vendor relationship, providing more prescriptive guidance for risk remediation.
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Validate
We provide an optional in-depth review of third-party assessment responses and documentation against established testing protocols to validate that indicated controls are in place.
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Remediate
We identify top risks from assessments and continuous monitoring and conduct follow-up assessments to validate and document vendor risk remediation.
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Improve
We help you maintain visibility and accuracy with regular health checks and program reviews.
Vendor Risk Assessment Customer Service
As a Prevalent customer, you will be assigned an experienced Customer Success Manager who will help you gain the most value from your investment.
Key Capabilities
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Platform Management: Gain full access to the Prevalent Third-Party Risk Management platform for reporting and management.
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Vendor Lifecycle Management: Rely on us to onboard, review and maintain vendors in the platform.
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KPI Management: We handle your assessments, chasing responses, and response rate optimization.
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Reporting: We provide detailed contextual analysis of assessment results, progress and trends.
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Comprehensive, In-Region Support: Receive ongoing assistance from our U.S., Canada, and UK-based teams.
Flexible vendor risk assessment service options
Prevalent offers three vendor risk assessment service packages to meet your unique needs.
| Collect | Analyze | Remediate | |
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| We manage the collection of completed assessments from your third parties. | We review the responses to confirm document evidence is accurate and to flag potential issues. | We facilitate the risk management process for the top 10 risks identified (unless otherwise scoped). | |
| Access to all platform content and features |
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| Unlimited platform users |
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| Online and telephone support + training webinars |
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| Assessment monitoring & follow-up |
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| Monthly reporting |
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| Quarterly maturity assessments |
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| Red flag analysis |
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| Review evidence and notes for accuracy |
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| Remediation guidance for top 10 risks |
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| Remediation management |
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Prevalent Managed Services Bring Tangible Results
Our customers report an average 50% reduction in manual work, 44% reduction in time to identify and mitigate risk, and 300% increase in team productivity.Additional Services
Contextual Risk Reporting
Tailored to fit the needs of mission-critical business relationships, this service expands on the Vendor Risk Assessment Services delivered by our Risk Operations Center to gain specialized business context into each unique vendor relationship and provide more prescriptive guidance for risk remediation. Read the data sheet.
Controls Validation
Prevalent delivers expert, in-depth review of third-party assessment responses and documentation against established testing protocols to validate that indicated controls are in place. Read the data sheet.
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Analyst Reports2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools
See why Prevalent is named a Leader among 23 IT VRM providers
White PapersBest Practices Guide: Five Steps to Proactive Third-Party Risk Management
This complimentary guide distills 5 key best practices for third-party risk management from our 15+ years...
TemplatesRFP Toolkit for Third-Party Risk Management Solutions
This free Third-Party Risk Management RFP Kit includes a customizable questionnaire, solution comparison sheet, and scoring...
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Ready to get started?
- Schedule a personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo
