Latest Analyst Report: The 2023 Gartner® Market Guide for Supplier Risk Management Solutions
The Best Third-Party Vendor & Supplier Risk Management Software
Prevalent covers all of your TPRM, VRM, and SRM needs
Ready to delete those spreadsheets and automate your third-party risk management, vendor risk management, and supplier risk management program? With dozens of vendors vying for your attention – from GRC and procurement platforms to supply chain and security scoring tools – how do you cut through the noise and determine the right solution for you?
Turn to the experts. Prevalent is the only solution provider on the market that:
- Delivers all third-party risk management, vendor risk management, and supplier risk management use cases with natively integrated and continuous cyber, business, reputational, and financial threat monitoring for a complete view of third-party risk.
- Is an acknowledged Leader in Gartner, IDC, Quadrant Solutions, and Chartis industry analyst reports and a Gartner Representative Vendor in all three key markets.
With Prevalent, you get a comprehensive and industry-validated solution that delivers better, faster results and empowers you to make smarter decisions with far fewer headaches.
Third-Party Vendor and Supplier Risk Management Solution Comparison
Prevalent provides the most comprehensive third-party vendor and supplier risk management solution available.
| Assessment Software | Managed Services | Assessment Sharing Networks | Risk Monitoring | |
|---|---|---|---|---|
|
Prevalent |
|
|
|
FC, FO |
|
Aravo |
|
PC, PO |
||
|
BitSight |
P |
|
|
FC |
|
Black Kite |
FC |
|||
|
OneTrust |
|
P |
|
PC, PO |
|
Panorays |
|
FC |
||
|
ProcessUnity |
|
|
|
PC, PO |
|
SecurityScorecard |
P |
P |
FC |
|
|
UpGuard |
|
P |
FC |
|
|
Venminder |
P |
|
P |
PC, PO |
|
Whistic |
P |
|
|
PC |
Legend
✔=Capability Natively Present; P=Partial Capability; FC=Full Cyber Monitoring, FO=Full Other Monitoring (Business, Reputational, Financial), PC=Partial Cyber Monitoring; PO=Partial Other Monitoring | See sources below.
The Prevalent Platform is among the most intuitive third-party risk management products on the market, especially from a supplier questionnaire perspective.
— Caroline Skidmore, EVP of Ideas, Innovation and Long-Term Planning, Scherzer International
Analyst Positioning
Prevalent is the only solution provider in the market that is a Gartner representative vendor in all three essential markets (Third-Party Risk Management, Vendor Risk Management, and Supplier Risk Management), and a Leader according to Gartner, IDC, Quadrant Solutions, and Chartis.
| Gartner | Gartner | Gartner | Gartner | |
|---|---|---|---|---|
| Position in "2021 Gartner Magic Quadrant for IT VRM Solutions" | Representative Provider in "2022 Gartner Market Guide for IT VRM Solutions" | Representative Provider in "2022 Gartner Market Guide for TPRM Solutions" | Representative Provider in "2023 Gartner Market Guide for SRM Solutions" | |
|
Prevalent |
Leader |
|
|
|
|
Aravo |
Leader |
|
|
|
|
Bitsight |
-- |
-- |
-- |
|
|
Black Kite |
-- |
-- |
|
-- |
|
OneTrust |
Leader |
|
|
-- |
|
Panorays |
-- |
|
|
-- |
|
ProcessUnity |
Leader |
-- |
|
-- |
|
SecurityScorecard |
-- |
-- |
|
-- |
|
UpGuard |
-- |
|
|
-- |
|
Venminder |
Challenger |
|
|
-- |
|
Whistic |
-- |
|
|
-- |
| IDC | Quadrant | Chartis | ||
| Position in "2022 IDC MarketScape: Third-Party Risk Management Software" | Position in "2023 Quadrant SPARK Matrix for VRM" | Position in "Integrated GRC Solutions, 2024: Market Update and Vendor Landscape" | ||
|
Prevalent |
Leader |
Leader |
Top 5 Category Leader |
|
|
Aravo |
Major Player |
Strong Contender |
Category Leader |
|
|
Bitsight |
-- |
-- |
-- |
|
|
Black Kite |
-- |
-- |
-- |
|
|
OneTrust |
Major Player |
Strong Contender |
Category Leader |
|
|
Panorays |
-- |
-- |
-- |
|
|
ProcessUnity |
Leader |
Leader |
-- |
|
|
SecurityScorecard |
-- |
-- |
-- |
|
|
UpGuard |
-- |
-- |
-- |
|
|
Venminder |
-- |
Strong Contender |
Best of Breed |
|
|
Whistic |
-- |
-- |
-- |
Sources:
- Gartner, “Magic Quadrant for IT Vendor Risk Management Tools,” Joanne Spencer, Edward Weinstein, Luke Ellery, 30 August 2021.
- Gartner, “Market Guide: IT Vendor Risk Management Solutions,” Luke Ellery, Edward Weinstein, Joanne Spencer, 29 September 2022.
- Gartner, “Market Guide for Third-Party Risk Management Solutions,” Luke Ellery, Joanne Spencer, Christopher Ambrose, Cian Curtin, Koray Kose, Nicholas Sworek, Zack Hutto, 19 December 2022.
- Gartner, “Market Guide for Supplier Risk Management Solutions,” Cian Curtin, Cheryl Van Dyke, Micky Keck, 4 December 2023.
- IDC, "IDC MarketScape: Worldwide Third-Party Risk Management 2022 Vendor Assessment," doc# US48295522, September 202).
- Quadrant Knowledge Solutions, “SPARK Matrix™: Vendor Risk Management, 2023,” November 2023.
- Chartis, "Integrated GRC Solutions, 2024: Market Update and Vendor Landscape," Sid Dash, Dylan Bassett, Abdi Khadir Mohamud, 4 April 2024.
- Company websites
- Internal Analysis
Disclaimers:
Gartner Disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About IDC MarketScape: IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.
By far, Prevalent is the easiest method of doing third-party diligence ever.
— Jaspal Jandu, head of cyber security, ITV
Prevalent vs. Third-Party Vendor and Supplier Risk Management Competition
-
Ultimate flexibility
Prevalent offers the widest choice of products, networks and managed services available to meet the needs of third-party risk management programs at every stage of maturity.
-
Unrivaled expertise
Prevalent’s Global Risk Operations Centers employ Certified Third-Party Risk Professionals (CTPRPs) ready to do the hard work of vendor onboarding, assessment and remediation management for you.
-
Unparalleled breadth
The largest network of completed, industry-standardized vendor surveys and intelligence, the greatest number of pre-built questionnaire template options, and the most comprehensive solution with VRM, TPRM, and SRM capabilities.
-
Unified solution
Prevalent is the only third-party vendor and supplier risk management solution to natively integrate continuous cyber, business, reputational, and financial monitoring with assessments to provide a complete view of risks.
-
Unmatched ROI
Prevalent customers identify risks 44% faster, reduce manual work by 50%, and increase productivity by a factor of 3.
Vendor Risk Management (VRM) Explained
Building a Vendor Risk Management (VRM) program can feel like an overwhelming undertaking for many organizations. Here's an overview to get you started on the right foot.
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Analyst ReportSpend Matters Technical Review of the Prevalent TPRM Platform
Understand when to consider Prevalent for your third-party vendor or supplier risk management program.
Template/ToolkitRFP Toolkit for Third-Party Risk Management Solutions
This free Third-Party Risk Management RFP Kit includes a customizable questionnaire, solution comparison sheet, and scoring...
White PaperNavigating the Vendor Risk Lifecycle: Keys to Success at Every...
This complimentary guide details best practices for successfully managing risk throughout the vendor lifecycle.
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