Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions
Continuously monitor for vendor operational updates
There is more to third-party risk than cybersecurity concerns. For example, financial instability can affect a vendor’s ability to deliver parts and services. A visit from OSHA can close a facility. A negative regulatory finding or ethics investigation can distract management and have potential ramifications for your business.
While it’s essential to stay on top of events that create vendor risk, the news tends to get drowned out by cybersecurity breaches. It’s therefore no surprise that most third-party risk management solutions fail to deliver important financial and reputational intelligence to their customers.
The Prevalent Third-Party Risk Management Platform continuously monitors public and private sources of reputational, sanctions and financial information, delivering the insights and reporting needed to stay ahead of potential supplier disruptions.
Gain centralized, comprehensive financial and reputational insights from thousands of sources
Make informed procurement decisions with extensive reputational and financial intelligence
Reduce procurement costs by leveraging built-in financial, reputational and business insights without requiring additional tools
Prevalent has automated and brought consistency to the initial onboarding of all third parties, which has allowed the team to focus on what matters.
— Global 500 Retail Company
Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights and maps 4th-party dependencies.
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 network of millions of businesses across 160+ countries. 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 identify potential leadership risks.
Corruption Perception Index (CPI) scores of company head office countries add 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 risk identification, reporting and remediation.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and the potential for reputational risks to monitor in your extended vendor ecosystem.
Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework.
Identify, alert and communicate exceptions to common behavior with built-in report templates.
Head off business challenges with continuous insights into third-party news, financial reports, and reputational intelligence.
Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.
Continuously monitor for risks that could negatively impact your company’s ability to deliver its products and services.
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