Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions
Vendor Inherent Risk Scoring
Improve risk visibility to prioritize vendors
Vendors come in all shapes and sizes. That’s why right-sizing your due diligence activities by profiling, tiering and categorizing vendors can be the secret to a sustainable TPRM program. And that starts with assessing inherent risk, which is a vendor’s risk level before accounting for any specific controls required by your organization
Prevalent builds comprehensive vendor profiles that include inherent risk scores based on the likelihood and potential impact of security, compliance and operational incidents. Our data-driven assessment process clearly scores and categorizes vendors, delivering prescriptive recommendations regarding the level and scope of due diligence for each type of vendor.
Key Benefits
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Take a strategic, structured approach to assessment planning by tapping into inherent risk insights from across your third-party portfolio
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Right-size due diligence activities by prioritizing and categorizing vendors according to their potential risk to your organization
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Meet the vendor management needs of IT, security, procurement, legal and other departments with comprehensive risk profiles
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Get the intelligence you need to identify potential cyber, financial, reputational and inherent business risks before contracting with suppliers
Key Features
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Inherent Risk Scoring
Use a simple assessment with clear scoring to capture, track and quantify inherent risks for all third parties.
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Profiling & Tiering
Automatically tier suppliers according to their inherent risk scores, set appropriate levels of diligence, and determine the scope of ongoing assessments.
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Categorization
Categorize vendors with rule-based logic based on a range of data interaction, financial, regulatory and reputational considerations.
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Community Scoring
Understand potential exposure from new vendors based on risks tagged to other vendors in similar categories or tiers.
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Risk Scoring
Quickly gauge third-party risk levels with consolidated views of risk ratings, counts, scores and flagged responses for each vendor.
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Automated Response Actions
Leverage a library of workflow rules to trigger automated playbooks that enable you to appropriately assess and monitor vendors based on their relationship and potential impact to the business.
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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.
Jump Start Your Inherent Risk Scoring
Jump Start Discover enables you to centrally manage vendors and calculate their inherent risk. With services included, Jump Start enables you to launch your TPRM program in about 30 days!
Who Wins
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Procurement
Gain an accurate picture of a vendor’s inherent risk to determine what level of further due diligence is required.
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IT Security
Tier vendors according to the risk they pose to your business by scoring them across cyber, business, financial and other categories.
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Risk Management
Understand risks from potential vendor breaches, compliance violations, and supply chain disruptions with continuously updated threat intelligence and security ratings.
Prevalent allows us to manage third-party risk in an organized way.
— Medium Enterprise Insurance Company
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Template/ToolkitThird-Party Profiling and Tiering Template
A customizable template that will help you apply consistency to third-party profiling and tiering.
Analyst ReportThe 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...
Blog PostComparing Inherent Risk, Residual Risk, and Profiled Risk
Learn when to measure inherent risk vs. residual risk vs. profiled risk when assessing vendors, suppliers...
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Ready for a demo?
- Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
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