Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions
Third-Party Risk Management (TPRM)
The only purpose-built, unified platform for third-party vendor and supplier risk management
With cyber-attacks increasingly traced to third parties, privacy concerns driving new regulations, and disruptions impacting global supply chains, it’s critical to ensure that your vendors and suppliers have the controls and processes in place to protect your organization.
However, manually collecting, maintaining and analyzing data across an ever-expanding risk landscape is inefficient, error-prone and costly.
Prevalent simplifies and speeds risk reduction and compliance with our unified, automated Third-Party Risk Management (TPRM) platform. The Prevalent TPRM platform is a SaaS solution that combines automated, standardized risk assessment with continuous risk monitoring, assessment workflow, and remediation management across the entire third-party lifecycle.
The Prevalent platform is complemented by vendor intelligence networks offering on-demand access to completed, standardized risk reports on thousands of companies. Our solutions are backed by expert professional services and managed services to help you optimize and mature your TPRM program.
Get to Know the Prevalent Platform
See how the Prevalent Third-Party Risk Management platform can help you gain unmatched visibility into vendor and supplier risk with this 2-minute video introduction.
3rd-Party Risk Management Benefits
-
Increases visibility into cybersecurity risks and business exposures from vendors, suppliers and other third parties
-
Unifies and centralizes inside-out vendor risk assessment and outside-in vendor risk monitoring
-
Streamlines vendor assessment, compliance, due diligence and remediation initiatives
-
Informs risk-based decisions to prioritize remediation and verify compliance
-
Provides role-based reports for monitoring compliance and third-party risk mitigation
-
Integrates with other best-of-breed risk and security solutions via the Prevalent Connector Marketplace
-
Strengthens vendor relationships by providing a collaborative platform for identifying and mitigating shared risks
-
Simplifies the earliest stages of the vendor lifecycle, providing an integrated solution to manage the RFx and contracting processes
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
Address the Entire Third-Party Risk Lifecycle
-
Sourcing & Selection
Learn more about sourcing and selectionPrevalent helps procurement teams reduce cost, complexity and risk exposure when sourcing and selecting vendors. RFx Essentials centralizes the distribution, comparison and management of RFPs and RFIs, adding demographic, 4th-party, ESG, business, reputational and financial intelligence to improve risk visibility and automation.
-
Intake & Onboarding
Learn more about intake and onboardingWith the Prevalent Third-Party Risk Management Platform, procurement, security and risk management teams have a single source of supplier risk profiles, intake processes, and onboarding and offboarding workflows. The result is centralized vendor management and reduced third-party risk.
-
Inherent Risk Scoring
Learn more about inherent risk scoringPrevalent builds comprehensive vendor risk profiles that include inherent risk scores to indicate the likelihood and potential impact of security and compliance risks. Our workflow-driven assessment process clearly scores and categorizes vendors, delivering prescriptive guidance on the activities and level of due diligence required for each of your third parties.
-
Risk Assessment
Learn more about assessmentPrevalent streamlines third-party risk management by evaluating vendors against security, compliance, performance, contractual, business continuity, financial, reputational, ethics, and diversity requirements.
-
Risk Monitoring
Learn more about monitoringPrevalent validates assessment results and reveals emerging threats with continuous cybersecurity, business and financial insights for 360-degree risk identification and mitigation.
-
SLA & Performance Management
Learn more about SLA & performance managementPrevalent bridges the gap between procurement, risk and vendor management teams by centrally measuring program effectiveness and analyzing SLAs. This enables you to determine compliance, verify adherence to contract terms, and strengthen vendor negotiations.
-
Offboarding & Termination
Learn more about offboarding & terminationThe Prevalent Third-Party Risk Management Platform automates contract assessments and offboarding procedures to reduce your organization’s risk of post-contract exposure.
We haven’t experienced that level of partnership before. Prevalent’s level of engagement was out of this world.
— Information Security Advisory Services Manager, Global Insurance Company
Key Capabilities for Third-Party Risk Management
-
A Proven TPRM Maturity Process
Speed time to value and mature your TPRM program with our expert planning and advisory services. We’ll help you prioritize your vendors and suppliers, define assessment strategies, and accommodate compliance requirements.
-
Automated Assessments
Measure vendor and supplier internal controls and procedures and gain meaningful risk data with a library of 125+ assessments covering everything from IT security controls to corporate social responsibility issues – or build custom assessments to meet specific needs.
-
Continuous Threat Monitoring
Validate vendor controls by correlating assessments with monitoring for cyber threats (e.g., website vulnerabilities, leaked credentials on the dark web, etc.) and potential business threats (e.g., brand, financial, operational, regulatory, legal, etc.) for a more complete risk score.
-
Shared Vendor Networks
Scale your TPRM program with shared networks of completed vendor risk reports. The Prevalent Exchange, Legal Vendor Network and Healthcare Vendor Network enable you to quickly check risk status and augment your own risk assessment initiatives.
-
Prioritized Remediation
Streamline remediation with built-in workflows, document management and audit trails. Categorize vendors and prioritize communications based on risk levels and business criticality.
-
Stakeholder-Specific Reporting
Enable enterprise-wide vendor risk and compliance awareness with tailored stakeholder reports. Provide executives with broad visibility for strategic decision making and board reporting, while enabling assessors to drill-down on specific risks and control failures.
-
Connector Marketplace
Share data between the Prevalent Platform and other best-of-breed business, risk and security solutions to ensure your program doesn’t operate in a silo.
-
Contract Lifecycle Management
Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate contract lifecycle management – including performance and SLA monitoring.
-
RFx Management
Centralize the distribution, comparison, and management of RFPs and RFIs, adding automation and risk intelligence to vendor selection decisions.
A Unified Third-Party Risk Solution
-
Software
Leverage our SaaS-based platform to unify IT vendor risk management, supplier risk management, and monitoring throughout every stage of the third-party lifecycle.
-
Services
Let us do the hard work of TPRM with expert vendor risk assessment services, supplier risk monitoring services, and procurement due diligence services.
-
Networks
Tap into our vendor risk networks containing thousands of completed, standardized assessments to quickly check risk scores and complement your 1:1 assessment activities.
Navigating the Vendor Risk Lifecycle: Keys to Success
This complimentary guide details best practices for successfully managing risk throughout the vendor lifecycle. See what we've learned in our 15+ years of experience working with hundreds of customers.
-
Blog PostThird-Party Risk Management: The Definitive Guide
Third-Party Risk Management (TPRM) has advanced from being an annual checklist exercise to a critical daily...
-
Blog Post
Third-Party Risk Management Frameworks: An Overview
There is no single approach to TPRM, but some commonly used frameworks serve as a solid...
-
Analyst Report
The 2022 Gartner® Market Guide for IT Vendor Risk Management Solutions
This in-depth report defines the IT VRM market, explains what clients can expect it to do...
Don't Just Take Our Word for It ...
-
Ready for a demo?
- Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo