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
Gather and centralize details about vendors, suppliers and other entities connected to your organization via the Prevalent platform’s automated qualification assessment capability.
Easily import entities via a spreadsheet or through an API connection to your existing vendor management solution.
Categorize vendors based on a range of data interaction, financial, regulatory and reputational considerations with the platform’s rule-based profiling and tiering logic.
Leverage over 50 standardized risk assessment surveys, a custom survey creation wizard, and a questionnaire that maps responses to compliance regulations and frameworks (see below).
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.
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.
Securely end business relationships via customizable surveys and workflows that streamline information gathering regarding system access, data destruction, final payments, and more.
Gartner’s 2019 Magic Quadrant for IT Vendor Risk Management reviews 16 VRM providers.
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