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

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Pre-Contract Vendor Due Diligence

Evaluate potential vendors before they expose your organization to risks

Pre-contract due diligence helps to ensure that a new vendor does not introduce unacceptable risks into your environment. It involves conducting assessments of their internal security, compliance, operational and business resilience practices, as well leveraging external sources of information to validate their financial position and reputation.

Most procurement teams struggle to gain a complete picture of vendor risks, because most pre-contract due diligence solutions offer either an internal vendor assessment or an external financial report. This disjointed view can lead to risky gaps and potential exposure.

The Prevalent Third-Party Risk Management Platform delivers a complete vendor due diligence solution that unifies assessment results with financial and reputational monitoring for a continuous, closed-loop view of vendor risks.

Key Benefits

  • Accelerate pre-contract due diligence with instant access to hundreds of thousands of completed vendor risk profiles

  • Make informed procurement decisions with extensive reputational and financial intelligence

  • Reduce procurement costs by leveraging built-in financial, reputational and business insights without requiring additional tools

  • Gain leverage in vendor negotiations with up-to-the-minute insights on important vendor information

 Blog grc audit 1 jan 2020

Prevalent has significantly reduced the time I have to spend managing our vendor due diligence process while achieving results that would be difficult and costly to replicate in-house. 

— CISO, Golden Tree Asset Management

Key Features

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    Supplier Pre-Screening

    Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk, assessment results and real-time reputational monitoring.

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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 relationships.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks and determine the right assessment approach.

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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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    Adverse Media Screening

    View consolidated adverse media and negative news coverage sourced from 30,000 global news sources.

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    Global Sanctions Monitoring

    Simultaneously screen against the world’s most important sanctions lists (including OFAC, EU, UN, BOE, FBI, BIS, etc.), over 1,000 global enforcement lists, and court filings (such as the FDA, US HHS, UK FSA, SEC and more) to proactively identify prohibited business relationships.

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    Politically Exposed Persons (PEP) Screening

    Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to instantly identify potential leadership risks.

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    Corruption Perception Index Scoring

    Corruption Perception Index (CPI) scores of company head office countries add more business context to vendor risk analysis by delivering insights into a vendor’s viability and ethics.

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    State-Owned Enterprise Screening

    Avoid conflicts of interest by checking companies against a proprietary list of government-owned and government-linked enterprises.

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    Breach Event Database

    Access a database containing 10+ years of data breach history for thousands of companies around the world. Includes types and quantities of stolen data, as well as compliance and regulatory issues, providing a real-time view of potential vendor risks.

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    Relationship Mapping

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

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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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    Built-in Remediation Guidance

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

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    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework.

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    Risk Reporting

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

Who Wins

  • Procurement

    Reduce the risk that new vendors can introduce into your organization with comprehensive internal and external view of potential exposures.

    > More procurement and sourcing benefits

  • IT Security

    Provide procurement with a list of suitable and secure vendor alternatives by referencing a library of completed standardized vendor risk assessments.

    > More IT security benefits

  • Risk Management

    Quickly determine compliance status and head-off problems prior to vendor selection with easy-to-use reporting against dozens of regulations.

    > More risk management benefits

3 Approaches to Vendor Due Diligence

Is your vendor due diligence process keeping pace with rapidly evolving risks? Here are three approaches to assessing vendor resilience in today’s changing business environment.

Read the blog post
Blog 3 approaches to vendor due diligence 1020
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