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

Hero procurement sourcing team 2

Solutions for Procurement & Sourcing Teams

Assess, manage and remediate risks throughout the vendor lifecycle

Procurement teams have pivotal responsibilities at every stage of the third-party relationship, from sourcing vendors and conducting pre-contract due diligence, to assessing supplier performance and terminating contracts.

However, a recent study revealed that few procurement departments are involved third-party risk management, and most organizations still use manual tools to assess supplier risk. Without proper due diligence or a process to comprehensively assess risk on a regular basis, organizations can be exposed to damaging business disruptions.

Prevalent unifies procurement, sourcing, and IT security teams with a single solution that assesses multiple supplier risk types; delivers centralized reporting and analytics; and provides a programmatic process for managing third parties and remediating risk throughout the vendor lifecycle.

Key Benefits

  • Use a single, unified solution to source low-risk alternatives; negotiate better contracts; monitor vendor performance and risks; and make more informed renewal decisions

  • Reduce the time and costs associated with assessing vendors by streamlining onboarding and due diligence processes

  • Spot potential and real disruptions with proactive performance and SLA monitoring

  • Save time throughout the procure-to-pay lifecycle by gaining rapid visibility into vendor risk without adding resources

Key Capabilities

  • Icon cart building sourcing gold

    Sourcing & Selection

    Automate the distribution, comparison and management of RFPs and RFIs, adding demographic, 4th-party technologies, and ESG scoring insights for risk-based selection decisions. Add on the Risk Profiling Snapshot to gain recent business, reputational, data breach and financial insights on potential vendors.

  • Icon contract flexible license

    Contract Lifecycle Management

    Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate contract lifecycle management.

  • Icon intake form survey gold

    Centralized Intake

    Populate key supplier details with a centralized and customizable intake form and associated workflow capabilities available to everyone in your organization.

  • Icon onboarding gold

    Supplier Onboarding

    Import vendors via a spreadsheet template or through an API connection to an existing procurement solution, eliminating error-prone, manual processes.

  • Icon business info context gold

    Comprehensive Supplier Profiles

    Build a comprehensive profile with built-in assessment and monitoring insights that support strategic procurement initiatives across Environmental & Social Governance (ESG), Modern Slavery, Ethics & Diversity, Business Resiliency and more.

  • Icon industry risk

    Inherent Risk Scoring

    Calculate a vendor’s inherent risk score based on the likelihood and potential impact of security, compliance and operational incidents; and determine the appropriate level and scope of due diligence for each vendor.

  • Icon community scoring gold

    Vendor Due Diligence

    Conduct comprehensive due diligence by leveraging 60+ assessment templates, or build custom questionnaires with risk and control elements specific to your business.

  • Icon news newspaper

    Supplier Reputation Monitoring

    Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, sanctions screening, conflicts of interest and more.

  • Icon maintain graph

    Financial & Credit Monitoring

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

  • Icon performance gold

    SLA & Performance Management

    Centrally manage vendors and monitor their performance against contractually established SLAs and KPIs.

  • Icon consolidate

    Central Risk Register

    Unify risk identification, reporting and remediation by normalizing, correlating and analyzing data from across all third-party assessment and monitoring activities.

  • Icon remediate health

    Built-in Remediation Guidance

    Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.

  • Icon analyze flag gold

    Risk Reporting

    Identify, alert and communicate exceptions to common behavior with built-in report templates.

  • Icon compliance gold

    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework.

  • Icon offboarding exit gold

    Offboarding & Termination

    Ensure offboarded vendors do not create the potential for risk by leveraging a programmatic process for assessing third parties at contract termination.

Who Benefits from Prevalent TPRM Solutions

Learn how Prevalent helps security, risk management, privacy, procurement, audit and legal teams reduce vendor and supplier risk in their organizations.

Related Solutions

  • Prevalent Third-Party Risk Management Platform

    Automate the identification, analysis and remediation of vendor security risks with a centralized solution.

    > More about our TPRM platform

  • Prevalent Vendor Risk Monitoring

    Gain continuous insights into vendor risks from more than 550,000 intelligence sources.

    > More about vendor risk monitoring

  • Prevalent RFx Essentials

    Strengthen RFP and RFI processes with automation and risk intelligence.

    > More about RFx Essentials

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