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

Hero supply chain resilience

Supplier Risk Management

Assess, analyze, track and continuously monitor risks across the supplier lifecycle

A supplier's ability to fulfill orders and deliver services can be disrupted by everything from cybersecurity failures and regulatory violations to geopolitical events and health crises. However, many organizations attempt to manage supplier risks using a complicated web of disparate tools. This approach leaves blind spots in risk visibility, slows onboarding, and complicates ongoing suppler risk management (SRM) activities.

The Prevalent Third-Party Risk Management Platform enables procurement, IT and supplier management teams to streamline risk assessments and continuously monitor for new risks at every stage the supplier relationship. The solution centralizes, correlates and analyzes supplier data on several topics, including:

As a result, your organization benefits from accelerated supplier onboarding, increased efficiency, and a more secure supply chain.

9 Best Practices for Your SRM Strategy

Discover Prevalent's approach to building business resilience against supply chain disruptions.

Key Benefits

  • Make faster and more informed onboarding decisions with automated evaluations backed by external risk intelligence

  • Improve visibility across teams by unifying data from multiple sources into a single source of the truth

  • Stay on top of emerging supplier risks with continuous cyber, business, reputational and financial monitoring

  • Strengthen resilience by centralizing risk visibility and speeding workflows across the supplier lifecycle

 Case study automotive

Prevalent has supported our journey to evolve and adapt a monitoring process around a global pandemic.

— Large Automotive Manufacturer

Key Features

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    RFx Management

    Centralize RFPs and RFIdistribution, comparison and management. Automatically migrate selected suppliers to contracting or pre-contract due diligence workflows..

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    Contract Lifecycle Management

    Centralize supplier contract onboarding, distribution, discussion, retention and review. Leverage workflow to ensure that contracts include and enforce supplier resilience measures.

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    Detailed Supplier Profile

    Build a comprehensive supplier profile that includes beneficial ownership, financial performance, CPI scores, Modern Slavery statements, industry and business insights, and maps potentially risky 4th-party relationships.

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    Comprehensive Assessment Library

    Leverage the largest library of assessments available, with 200+ templates covering topics from IT security and data privacy, to ESG, ABAC and more. Or build and customize your own assessments with a simple drag-and-drop wizard.

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    Central Risk Register

    Validate business controls by normalizing, correlating and analyzing assessment results with intelligence from continuous risk monitoring.

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    Built-in Remediation Guidance

    Take actionable steps to reduce supplier risk with built-in remediation recommendations and guidance.

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    Compliance Mapping

    Visualize and address compliance requirements by automatically mapping assessment results to regulatory requirements and IT controls frameworks.

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    Performance & SLA Reporting

    Gain visibility into vendor contract status, attributes, performance metrics and more with a centralized, customizable dashboard.

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    Risk Profiling Snapshot

    Add intelligence to supplier pre-contract due diligence with insights into demographics, 4th-party technologies, ESG and CPI scores, business and reputational events, data breach history, and financial performance.

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    Supplier Intake & Onboarding

    Accelerate onboarding and eliminate error-prone manual processes by importing suppliers through an intake form, spreadsheet template, or API connection to your existing procurement solution.

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    Inherent Risk Scoring

    Leverage a simple questionnaire with clear scoring to track and quantify inherent risks, tier suppliers, and inform the scope and frequency of subsequent assessments.

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    Unified Supplier Monitoring

    Score supplier risk based on data aggregated from multiple sources of cyber, financial, reputational, ESG, business event, sanctions, PEP, CPI, and state-owned enterprise intelligence.

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    Workflow to Automate Actions

    Leverage an automation and rules engine that can suggest actions or adjust risk scores based on assessment results and external data feeds. Automatically create tasks and assign owners to track issues to conclusion.

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    Analytics & Reporting

    Reveal risk trends, statuses, and exceptions to common behavior with embedded machine learning insights.

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    Supplier Ecosystem Mapping

    Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and risks in your extended supplier ecosystem.

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    Offboarding & Termination

    Leverage customizable surveys and workflows to report on system access, data destruction, access management, compliance with relevant laws, final payments and more.

The Supply Chain Resilience Toolkit

Based on ISO 22301 standard practices, the Supply Chain Resilience Toolkit provides instant access to expert guidance, customizable templates, and structured worksheets.

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Who Wins

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