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.
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
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
Gather and centralize details about vendors, suppliers and other entities connected to your organization via the Prevalent platform’s automated qualification assessment capability.
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.
Limit access to relevant documents and vendor records based on user role (e.g., procurement, vendor manager, etc.).
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.
Categorize vendors based on a range of data interaction, financial, regulatory and reputational considerations with rule-based profiling and tiering logic.
Understand a new vendor's potential risks based on risks commonly tagged to other vendors in similar categories or tiers.
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).
Leverage Prevalent's business and financial monitoring service to flag potential risks related to financial disclosures, legal actions, compliance issues, and other events.
Built-in workflow capabilities ensure efficiency throughout the entire vendor assessment and management process.
Inform performance reviews and negotiations with a single repository for contracts; terms and conditions; key dates; and SLA and KPI data.
Customizable surveys make it easy to gather and analyze necessary performance and contract data from your vendor management team into a single register.
With the platform’s dedicated contract assessment questionnaire, you can identify potential breaches of contract and other risks that impact and inform renewal negotiations.
Issue proactive vendor assessments related to data breaches, notifications and other events – and dynamically adjust vendor risk scores based on the results.
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.
Quickly gauge vendor health with consolidated views of risk ratings, counts, scores, and flagged responses for each vendor.
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.
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.
See why Prevalent is named a Leader among 23 IT VRM providers
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