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

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Supply Chain Resilience

Assess and mitigate supply chain partner business resilience risks

Supply chain resilience assessments enable you to understand how prepared your suppliers are to handle disruptions that could negatively impact your business. This includes evaluations of their incident response, business continuity, and disaster recovery plans. However, assessing supply chain resilience can be complex and time-consuming – especially if you’re relying on spreadsheets to manage the process.

The Prevalent Third-Party Risk Management Platform includes unified capabilities for assessing, analyzing and addressing weaknesses in supplier business resilience plans. This enables you to proactively work with your supplier community to prepare for pandemics, environmental disasters, and other potential crises.

Key Benefits

  • Centralize visibility into supply chain risk management, including business continuity plans and related risks

  • Make it easy for your team to tackle the most critical issues first with clear risk scores for each supplier

  • Save critical time in a crisis by automating supplier assessment collection, analysis and risk remediation

  • Be better prepared for pandemics, environmental disasters, and other supply chain disruptions with centralized visibility into your entire supplier base

  • Meet auditor and board requirements for business resilience planning

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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Key Features

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    Supplier Pre-Screening

    Rapidly pre-screen suppliers 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 vendors comply with business resilience and continuity 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 and maps 4th-party dependencies across your supply chain.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks and determine the scope of subsequent supplier risk assessments.

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    Business Resilience Assessment

    Leverage Prevalent's built-in business resilience assessment questionnaire to understand supplier incident response, disaster recovery and communications plans. Review and approve assessment responses to automatically register risks, or reject responses and request additional input.

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    Central Risk Register

    Normalize, correlate and analyze results from multiple assessments for unified supply chain risk reporting and remediation.

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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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    Document & Evidence Management

    Store and manage supply chain partner business continuity, disaster recovery and communications plan 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.

  • Icon relationship mapping gold

    Relationship Mapping

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

  • Icon compliance gold

    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework. Demonstrate to auditors and the board that you have a plan to address vendor supply chain disruptions.

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    Risk Reporting

    Identify, alert and communicate exceptions to common behavior with built-in report templates.

Who Wins

  • Procurement

    Ensure that new vendors are prepared to meet their contractual requirements in the face of unplanned disruptions.

    > 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

    Demonstrate compliance to auditors and prove to the board you have plans in place to address supply chain failures.

    > More risk management benefits

Supply Chain Risk Management: The Definitive Guide

SCRM is increasingly raised as a board-level topic as business continuity concerns and product lifecycle management take on more important roles. Get started with these best practices for tackling supply chain risk.

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