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

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Diversity Risk Assessment & Monitoring

Assess and continuously monitor your supply chain partners for diversity and hiring practices

Doing business with third parties in a more socially conscious world means ensuring that vendors not only adhere to national labor laws and standards, but also that their employee base accurately reflects society as a whole.

However, most third-party risk management products focus solely on cybersecurity risks and ignore diversity and inclusion issues, which can lead to customer losses and reputational damage.

The Prevalent Third-Party Risk Management Platform includes capabilities to assess third parties against diversity and inclusion-in-hiring practices. It also features built-in integration with continuous reputational, and compliance insights to validate assessment results.

Key Benefits

  • Gain visibility into a supply chain partner’s hiring equity practices

  • Get ahead of potential business disruptions by leveraging continuous supplier reputation intelligence

  • Automate assessments with diversity questionnaires that are backed by validation from continuous, real-world monitoring

  • Speed diversity reporting with built-in templates

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The quality of our vendor risk management program has improved significantly by using Prevalent.

— Chief Information Officer, Large Enterprise Professional Services Company

Key Features

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    Supplier Pre-Screening

    Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk, assessment results and real-time reputational monitoring.

  • Icon contract flexible license

    Contract Lifecycle Management

    Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate the contract lifecycle, ensuring enforcement of diversity requirements.

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    Comprehensive Supplier Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks and chart the right path for a complete diversity assessment.

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    Risk Assessment Library

    Leverage 125+ assessment templates, including industry-standard questionnaires, the Prevalent Compliance Framework (PCF), and customizable questionnaires to assess against diversity criteria.

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    Diversity Risk Review

    Review and approve assessment responses to automatically register risks, or reject responses and request additional input.

  • Icon business info context gold

    Operational Updates

    Access qualitative insights from over 550,000 public and private sources of operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.

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    Adverse Media Screening

    View consolidated adverse media and negative news coverage sourced from 30,000 global news sources.

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    Central Risk Register

    Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.

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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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    Document & Evidence Management

    Store and manage diversity, hiring and other related policy documents, evidence and more for dialog and attestation. Leverage built-in automated document analysis based on AWS natural language processing and machine learning analytics to confirm key criteria are addressed.

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    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to diversity requirements.

Managing ESG Risks Across the Extended Enterprise

This analyst report from GRC 20/20 uncovers best practices for including ESG in your third-party risk management program.

Read Now
Blog managing esg 1021

Who Wins

  • Procurement

    Reduce the potential for business disruptions by ensuring that new vendors adhere to sound diversity, hiring and inclusion practices.

    > More procurement and sourcing benefits

  • IT Security

    Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.

    > More IT security benefits

  • Risk Management

    Ensure that supply chain partners have sound diversity policies in place to reduce the risk reputational damage.

    > More risk management benefits

How Do Ethics, Compliance, & Diversity Impact Third-Party Risk?

This panel-style webinar features third-party risk experts from BNY Mellon and Seyfarth Shaw as they discuss strategies for expanding the scope of assessment to address compliance, ethics, and diversity.

Watch the Webinar
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