Latest Report: The 2022 Gartner® Market Guide for IT Vendor Risk Management Solutions
Environmental, Social & Governance Risk Monitoring
Assess and continuously monitor your supply chain against ESG criteria
Environmental, social and governance (ESG) criteria include important guidelines that you can use to assess potential suppliers, vendors or other third parties against your organization’s own policies and customer expectations.
ESG risk management addresses three primary classes of risk:
Environmental criteria consider how a company performs in sustainability – for example their energy use, waste, pollution, and/or consumption of natural resources.
Social criteria examine how a company manages relationships with employees, suppliers, customers, and the communities where it operates – for example in diversity, human rights and protecting consumers.
Governance deals with a company’s management, executive pay, audits and internal controls, and shareholder rights.
As more governments consider ESG regulations, and customers expect sound ESG practices, now is the time to consider how your third parties stack up. The Prevalent Third-Party Risk Management Platform includes capabilities to assess third parties against a number of ESG topics, and correlate the findings with continuous external monitoring into vendor practices.
Key Benefits
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Ensure that all suppliers are meeting your ESG requirements for business operations
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Minimize business disruptions with continuous visibility into each vendor’s ESG reputation and track record
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Gain a clear picture of third-party ESG practices – before and after signing supplier contracts
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Reduce complexity by centrally managing ESG assessments with all other risk assessments
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.
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.
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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 ESG requirements.
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Comprehensive Supplier Profile
Build supplier profiles by tapping into 550,000+ sources of vendor intelligence, plus a feed reporting on the ESG status of 12,000 companies. Profiles include industry and business insights, 4th-party relationships, and information from the EPA Environmental Crimes Database.
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Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers.
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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 ESG criteria.
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Supplier Reputation & Sanctions Monitoring
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, sanctions, adverse media, OFAC violations, conflicts of interest and more.
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Financial Governance & Transparency Monitoring
Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds, and more.
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Politically Exposed Persons (PEP) Screening
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.
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Event Reporting
Enable vendors to submit proactive event assessments related to environmental disclosures, board changes, notifications and other events – and dynamically update their risk scores based on the results.
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Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified risk reporting and remediation.
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Built-in Remediation Guidance
Take actionable steps to reduce ESG risk with built-in remediation recommendations and guidance.
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Document & Evidence Management
Store and distribute energy, pollution, diversity, accounting and conflict of interest policy documents 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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Risk Reporting
Identify, alert and communicate exceptions to common behavior with built-in report templates.
We are now able to properly conduct risk assessments, both internal and external, leveraging this fantastic platform. It gives us a level of confidence previously lacking in vendor onboarding and contracting.
— VP, Technology & Security, First Protocol Inc., d/b/a FIRST
Who Wins
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Procurement
Reduce the potential for business disruption by ensuring that new vendors adhere to legal labor practices.
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IT Security
Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.
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Risk Management
Ensure that supply chain partners have sound ESG policies in place to reduce the risk of fines, non-compliance and reputational damage.
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.
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Blog PostESG and Risk Management in the Extended Enterprise: A Quick...
Environmental, social and governance practices are under increasing regulatory scrutiny. How well is your third-party risk...
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Blog Post
How to Reduce ESG Risks from Vendors and Suppliers
A new analyst report from GRC 20/20 shares best practices for mitigating ESG risks in your...
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Blog Post
ESG Compliance: Understanding the Patchwork of ESG Regulations
Proper oversight of ESG requires expertise in third-party risk management and compliance with associated regulations.
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Ready to get started?
- Schedule a personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo