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

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Vendor Business Resilience Assessment

Assess vendor and supplier business resilience and continuity

Data breaches, cybersecurity events, pandemics, natural disasters, resource constraints, and other challenges can make it difficult for third-party vendors and suppliers to meet contractual obligations. That’s why it is essential to proactively and continually assess vendor and supplier business continuity and resilience plans.

Too many organizations rely on spreadsheets and manual processes to assess third-party business resilience practices. This approach makes document management, risk scoring, and remediation overly complex and time consuming.

The Prevalent Third-Party Risk Management Platform automates the assessment, continuous monitoring, analysis, and remediation of third-party business resilience and continuity – while automatically mapping results to NIST, ISO, and other control frameworks. This proactive approach enables our customers to minimize the impact of third-party disruptions and stay on top of compliance requirements.

Key Benefits

  • Automate due diligence and evidence collection with a centralized, workflow-driven platform

  • Benchmark vendor business resilience procedures against industry-standard best practices with automatic control framework mapping and reporting

  • Identify new and emerging vendor and supplier risks with continuous cyber, business, reputational, and financial monitoring

  • Streamline risk reduction and mitigation with built-in remediation guidance

 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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    Vendor Pre-Screening

    Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk and standardized IT security assessment results.

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    Automated Onboarding & Offboarding

    Import vendors via a spreadsheet template or through an API connection to an existing solution, eliminating error-prone, manual processes.

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    Centralized Intake

    Populate key supplier details with a centralized and customizable intake form and associated workflow. This is available to everyone via email invitation, without requiring any training or solution expertise.

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    Comprehensive Supplier Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive vendor profile that includes industry and business insights and maps potentially risky 4th-party relationships.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks, tier vendors, and chart the right path for a complete information security assessment.

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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.

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    Continuous Cybersecurity Monitoring

    Automate the monitoring of criminal forums; onion pages; dark web special access forums; threat feeds; and paste sites for leaked credentials — as well as several security communities, code repositories, and vulnerability databases.

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    Data Breach Event Notification Monitoring

    Access a database containing 10+ years of data breach history for thousands of companies around the world. Includes types and quantities of stolen data; compliance and regulatory issues; and real-time vendor data breach notifications.

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    Operational Updates

    Access qualitative insights from over 550,000 public and private sources of operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.

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    Financial & Credit Monitoring

    Tap into financial information from a global network of millions of businesses across 160+ countries. Access 5 years of financial performance data, including turnover, profit and loss, shareholder funds, credit ratings, payment history, bankruptcies, investments, and more. Screen new vendors and monitor existing vendors for informed sourcing decisions.

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    Central Risk Register

    Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.

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    Automated Risk Review & Response

    Leverage a library of workflow rules to trigger automated playbooks that enable you to review and approve assessment responses to automatically register risks, or reject responses and request additional input.

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    Machine Learning Analytics

    Reveal risk trends, status and exceptions to common behavior with embedded machine learning insights. Identify outliers across assessments, tasks, risks, and other factors warranting further investigation or score changes.

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    Compliance & Risk Reporting

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

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    Built-in Remediation Guidance

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

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    Automated Incident Response

    Rapidly identify and mitigate the impact of vendor breaches by centrally managing vendors, conducting event assessments, scoring identified risks, and accessing remediation guidance.

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    Document & Evidence Management

    Store and manage 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.

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    Relationship Mapping

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

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.

Access Now
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Who Wins

  • Procurement

    Reduce the potential for business disruptions by ensuring that new vendors adhere to sound business continuity and resilience practices.

    > More procurement and sourcing benefits

  • IT Security

    Ensure that vendors have IT security controls and policies in place to reduce the risk of breaches and security incidents.

    > More IT security benefits

  • Risk Management

    Achieve a comprehensive view of third-party vendor and supplier risks, aligned with accepted control standards.

    > More risk management benefits

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