Hero vendor performance management

Vendor Performance Management

Centrally monitor and manage vendor performance

Effectively reducing vendor risk requires an understanding of how vendors are performing against expectations. However, traditional vendor risk management products are unable to deliver the visibility necessary to manage and track performance across the vendor lifecycle.

Prevalent bridges the gap between procurement, risk and vendor management teams by centrally monitoring, managing and auditing vendor security, compliance and performance metrics.

Key Benefits

  • Simplifies the vendor management lifecycle from onboarding to offboarding

  • Improves risk visibility by providing a simple, standardized risk scores for each vendor

  • Centralizes vendor performance, SLA monitoring, and compliance through a single reporting and analytics dashboard

  • Bridges procurement, vendor management and risk management teams

 Quote retail

Prevalent has automated and brought consistency to the initial onboarding of all third parties, which has allowed the team to focus on what matters.

— Global 500 retail company

Key Capabilities

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    Discovery

    Gather and centralize details about vendors, suppliers and other entities connected to your organization via the Prevalent platform’s automated qualification assessment capability.

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    Sourcing, Selection and Procurement

    Speed sourcing and procurement by viewing risk scores and profiles for potential vendors on the Prevalent vendor risk network. Examine cyber, business and credit health information. Conduct tendering surveys to rate and grade vendor candidates based on a consistent set of questions.

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    Negotiation and Document Management

    Collaborate on documents, such as NDAs, SLAs, SOWs and contracts, with built-in version control, task assignment and auto-review cadences. Manage all documents throughout the vendor lifecycle in centralized vendor profiles.

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    Role-Based Access

    Limit access to relevant documents and vendor records based on user role (e.g., procurement, vendor manager, etc.).

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    Onboarding

    Easily import entities via a spreadsheet or through an API connection to your existing vendor management solution. Role-based access enables you to populate data from vendors and invite colleagues to contribute to vendor onboarding initiatives.

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    Vendor Profiling, Tiering & Categorization

    Categorize vendors based on a range of data interaction, financial, regulatory and reputational considerations with rule-based profiling and tiering logic.

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    Vendor Consolidation

    Understand a new vendor's potential risks based on risks commonly tagged to other vendors in similar categories or tiers.

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    Risk Assessment

    Start by scheduling a simple assessment to score and track inherent risk for all vendors. Drill down further by leveraging our library of 50 standardized risk assessment surveys, a custom survey creation wizard, and a questionnaire that maps responses to compliance regulations and frameworks (see below).

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    Business Risk Event Monitoring

    Leverage Prevalent's business and financial monitoring service to flag potential risks related to financial disclosures, legal actions, compliance issues, and other events.

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    Workflow

    Built-in workflow capabilities ensure efficiency throughout the entire vendor assessment and management process.

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    Performance & SLA Reviews

    Inform performance reviews and negotiations with a single repository for contracts; terms and conditions; key dates; and SLA and KPI data.

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    Custom Performance Surveys

    Customizable surveys make it easy to gather and analyze necessary performance and contract data from your vendor management team into a single register.

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    Contract Reviews

    With the platform’s dedicated contract assessment questionnaire, you can identify potential breaches of contract and other risks that impact and inform renewal negotiations.

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    Event Reporting

    Issue proactive vendor assessments related to data breaches, notifications and other events – and dynamically adjust vendor risk scores based on the results.

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    Compliance Reviews

    Build custom compliance assessments or leverage the Prevalent Compliance Framework questionnaire, which maps to GDPR, NYDFS, NYMITY, SOX, HIPAA, ISO27001, NIST, SSAE18, and other regulations.

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    Risk Scoring & Analysis

    Quickly gauge vendor health with consolidated views of risk ratings, counts, scores, and flagged responses for each vendor.

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    Reporting & Dashboards

    Gain visibility into vendor contract status, contact information, risk and compliance status, performance metrics, and more via centralized dashboards, and leverage Power BI integration for custom reporting. Track resolution of issues throughout the remediation process to show risk reduction progress over time and report against KPIs.

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    Offboarding

    Securely end business relationships via customizable surveys and workflows that streamline information gathering regarding system access, data destruction, final payments, and more. Workflows include dates for tracking progression throughout all off-boarding stages.

  • Ready to get started?
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