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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

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    Sourcing & Selection

    Gain instant access to thousands of completed, industry-standard vendor risk profiles offering real-time security, reputational and financial information to enable risk-based sourcing decisions.

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    Centralized Intake

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

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    Supplier Onboarding

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

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    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.

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    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.

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    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.

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    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.

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    Financial & Credit Monitoring

    Tap into financial information from a global network of 365 million businesses. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds transparency, and more.

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    SLA & Performance Management

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

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    Central Risk Register

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

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    Built-in Remediation Guidance

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

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    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.

Related Solutions

  • Prevalent Third-Party Risk Management Platform

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

  • Prevalent Vendor Risk Assessment Services

    Outsource risk assessment, analysis and remediation to our managed services team.

  • Prevalent Vendor Risk Networks

    Access a vast library of completed and standardized vendor risk assessments.

  • Prevalent Procurement Jump Start

    Start a new supplier risk monitoring program in 30 days or less.

  • Prevalent Procurement Due Diligence Service

    Quickly discover, score and remediate risks from vendor breaches.

  • Prevalent Vendor Risk Monitoring

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

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