Unify third-party risk management with operational risk management
Chief Risk Officers (CROs), risk managers and risk analysts are tasked with managing risks to a level acceptable to the business. To achieve this goal, risk management teams must assess multiple types of risk across the organization – including from third parties. However, most organizations treat risk management in silos and use insufficient, manual processes to collect, collate and score risks. This results in third-party risk scoring and management practices that are inconsistent with other operational risk management initiatives.
Prevalent automates the collection and analysis of vendor risk information and applies a consistent scoring model that can be leveraged across the organization. With a built-in API to integrate with GRC solutions, the Prevalent TPRM Platform enables risk management teams to unify disparate practices for centralized risk mitigation and remediation.
Unify vendor risk with other organizational risk management initiatives by integrating Prevalent TPRM with your GRC platform
Improve efficiency by automating risk assessments and eliminating cumbersome, spreadsheet-based processes
Gain real-time visibility into third-party risks to fill gaps between regular assessments
Simplify risk management reporting across the organization with built-in templates
Import vendors via a spreadsheet template or through an API connection to your existing procurement solution, eliminating error-prone, manual processes.
Use a simple assessment with clear scoring to capture, track and quantify inherent risks for all third parties.
Automatically tier suppliers according to their inherent risk scores, set appropriate levels of diligence, and determine the scope and frequency of assessments.
Categorize vendors with rule-based logic based on a range of data interaction, financial, regulatory and reputational considerations.
Leverage 60+ standardized risk assessment surveys, a custom survey creation wizard, and a questionnaire that maps responses to compliance regulations and frameworks.
Monitor the Internet and dark web for cyber threats and vulnerabilities, as well as public and private sources of reputational, sanctions and financial information to fill gaps between periodic risk assessments.
Automatically generate a risk register for each vendor upon survey completion. View centralized risk profiles in a real-time reporting dashboard and download or export reports to support compliance efforts.
Quickly gauge the impact of vendor risks with consolidated views of risk ratings, counts, scores and flagged responses for each vendor.
Built-in discussion tools facilitate communication with suppliers on remediating risk register issues. Capture and audit conversations, records, and estimated completion dates. Assign tasks based on risks, documents, or entities and match documentation or evidence against risks.
Collaborate on supporting evidence, documents and certifications, such as NDAs, SLAs, SOWs and contracts, with built-in version control, task assignment and auto-review cadences. Manage all documents throughout the vendor lifecycle in centralized vendor profiles.
Maximize the value of your organization's GRC solution by connecting it to the Prevalent TPRM Platform using a built-in API connector.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Automatically map information gathered from control-based assessments to ISO 27001, NIST, CMMC, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, SOX, NYDFS and other regulatory frameworks to quickly visualize and address important compliance requirements.
Identify relationships between your organization and third parties to discover dependencies and visualize information paths.
Leverage customizable surveys and workflows report on system access, data destruction, access management, compliance with all relevant laws, final payments, and more.
Automate the identification, analysis and remediation of vendor security risks with a centralized solution.
Outsource risk assessment, analysis and remediation to our managed services team.
Access a vast library of completed and standardized vendor risk assessments.
This open, panel-style webinar - featuring leading third-party risk practitioners from Lowe’s, Pfizer, Cincinnati Insurance, and...
This complimentary guide distills 5 key best practices for third-party risk management from our 15+ years...