Assess and continuously monitor your supply chain for ethical risks
As supply chains become increasingly global, organizations must ensure that their third parties’ business practices align with laws against bribery, corruption and ethical violations. The US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act are two notable examples that require organizations to provide regular disclosures of violations.
The problem is, most third-party risk management approaches only evaluate anti-bribery and corruption (ABAC) and ethical policies when a new supplier is onboarded, without considering the fact that ethical risks can surface at any time.
The Prevalent Third-Party Risk Management Platform includes specific ABAC and ethics assessments and features built-in integration with continuous reputational, compliance and corruption insights. As a result, you gain a closed-loop pre- and post-contract view of vendor ABAC practices.
Gain visibility into corruption risks – before and during the lifetime of the contract
Get ahead of potential business disruptions by leveraging continuous, repeatable supplier reputation intelligence
Automate assessments with ABAC and ethics questionnaires that are backed by validation from continuous, real-world risk monitoring
Speed ABAC and ethics disclosure reporting with built-in templates
With Prevalent, we have a much simpler and user-friendly approach that has cut a third of the time out of the assessment process.
— Strategic Procurement Officer, NS&I
Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk, assessment results and real-time reputational monitoring.
Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights and maps 4th-party relationships.
Use a simple assessment with clear scoring to track and quantify inherent risks and chart the right path for a complete ABAC assessment.
Leverage Prevalent's built-in Anti-Bribery and Ethics assessments to determine adherence to policies and identify potential areas of concern. Review and approve assessment responses to automatically register risks, or reject responses and request additional input.
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, conflicts of interest and more.
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.
Simultaneously screen against the world’s most important sanctions lists (including OFAC, EU, UN, BOE, FBI, BIS, etc.), over 1,000 global enforcement lists, and court filings (such as the FDA, US HHS, UK FSA, SEC and more) to proactively identify prohibited business relationships.
Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to instantly identify potential leadership risks.
Corruption Perception Index (CPI) scores of company head office countries add more business context to vendor risk analysis by delivering insights into a vendor’s viability and ethics.
Avoid conflicts of interest by checking companies against a proprietary list of government-owned and government-linked enterprises.
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Store and manage ABAC policy documents, evidence and more for dialog and attestation.
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies risks in your extended vendor ecosystem.
Visualize and address compliance requirements by automatically mapping assessment results to ABAC requirements.
Identify, alert and communicate exceptions to common behavior with built-in report templates.
Reduce the potential for business disruptions by ensuring that new vendors adhere to sound ABAC and ethics practices.
Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.
Ensure that supply chain partners have ABAC and ethics policies in place to reduce the risk of fines, non-compliance and reputational damage.
Procurement Risk Playbook: How to Win the Third-Party Game
As in many sports, third-party risk management requires a team effort. Our strategy paper, "The Procurement Risk Playbook: How to Win the Third-Party Game," lays out 5 critical plays for your team.
See why Prevalent is named a Leader among 23 IT VRM providers