Securely wind down business relationships
All vendor relationships eventually come to an end, but your risk exposure doesn't disappear when the contract is terminated. There are final obligations to meet, data destruction procedures to follow, ongoing service agreements to consider, vendor access and credentials to remove, and final payment terms to confirm.
Despite this, 60% of companies say they are not actively assessing third-party risks during offboarding. How can you ensure all critical offboarding tasks are complete in order to minimize your company's risk exposure?
The Prevalent Third-Party Risk Management Platform automates contract assessments and offboarding procedures to reduce your organization’s risk of post-contract exposure.
Streamline the complex task of determining post-contract risk exposure
Reduce the risk of a post-contract business disruption
Gain visibility into the entire vendor risk lifecycle – from onboarding to offboarding
Schedule tasks to review contracts to ensure all obligations have been met. Issue customizable contract assessments to evaluate status.
Leverage customizable surveys and workflows report on system access, data destruction, access management, compliance with all relevant laws, final payments, and more.
Increase efficiency with an automation and rules engine that automatically suggests actions based on answers to offboarding assessments and routes tasks to additional reviewers.
Centrally store and manage documents and certifications, such as NDAs, SLAs, SOWs and contracts.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Identify, alert and communicate exceptions to common behavior with built-in report templates.
Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework.
We appreciate not only the platform, but also the willingness to stand behind it and enhance it with human interaction.
— Information Security Analyst, Financial Services Company
Ensure offboarded vendors do not create the potential for risk by leveraging a programmatic process for assessing third parties at contract termination.
Reduce the risk of a post-contract breach with visibility into data access, physical and virtual security controls, and built-in remediation guidance.
Centralize the management of risks throughout the vendor lifecycle.
How to Get More from Third-Party Risk Scores
Learn how to avoid pitfalls and build a more comprehensive, actionable and cost-effective vendor risk monitoring program.
See why Prevalent is named a Leader among 23 IT VRM providers
This complimentary guide distills 5 key best practices for third-party risk management from our 15+ years...