Latest Analyst Report: The 2023 Gartner® Market Guide for Supplier 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

  • Icon arrows actions gold

    RFx Management

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

  • Icon contract flexible license

    Contract Lifecycle Management

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

  • Icon dashboard gold

    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.

  • Icon survey gold

    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.

  • Icon consolidate

    Central Risk Register

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

  • Icon ai chat gold 2

    Virtual Third-Party Risk Advisor

    Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.

  • Icon remediate health

    Built-in Remediation Guidance

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

  • Icon compliance gold

    Compliance Mapping

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

  • Icon vendor risk scale

    Performance & SLA Reporting

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

  • Icon news newspaper

    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.

  • Icon onboarding gold

    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.

  • Icon industry risk

    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.

  • Icon monitor magnifying glass

    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.

  • Icon workflow gold

    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.

  • Icon analytics graph bar

    Analytics & Reporting

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

  • Icon relationship mapping gold

    Supplier Ecosystem Mapping

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

  • Icon offboarding exit gold

    Offboarding & Termination

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

The 2023 Gartner Market Guide for Supplier Risk Management

Get the latest insights on the SRM market, what you can expect it to do in the short term, and which solution providers can enable your program.

Read Now
News gartner 2023 srm market guide

Who Wins

  • Ready for a demo?
  • Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
  • Request a Demo