Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions

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Vendor Risk Management

Identify, assess, analyze, remediate, and continuously monitor vendor information security, operational, and data privacy risks

Major network, data and privacy breaches are traced to IT solution vendors and service providers on an almost daily basis. However, many organizations still rely on manual, spreadsheet-based methods for their IT vendor risk assessment and compliance initiatives. This leaves critical gaps in risk visibility, complicates reporting, and increases costs.

The Prevalent Third-Party Risk Management Platform enables organizations to stay ahead of information security and cybersecurity risks. Our customers centralize and automate IT vendor risk assessment, continuous monitoring, analysis and remediation – while efficiently mapping the results to common IT security control frameworks and compliance requirements.

Backed by expert managed services and a vendor intelligence network, the Prevalent platform delivers the automation, visibility, and scale required to effectively reduce risk and meet compliance requirements at every stage of the IT vendor lifecycle.

Key Benefits

  • Automate the collection, analysis, and scoring of vendor IT controls data with a centralized, workflow-driven platform and/or expert managed services

  • Simplify compliance by instantly mapping assessment results to common IT control frameworks and generating regulatory-specific reports

  • Identify new and emerging vendor and supplier IT risks with continuous cybersecurity monitoring

  • Streamline risk reduction and mitigation with built-in remediation guidance

 Case study finance

Prevalent has allowed me to allocate more of my time to dealing with actual risks, rather than on collecting and tracking assessment responses.

— Medium Financial Services Organization

Key Features

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    Pre-Contract Screening & Due Diligence

    Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk and standardized IT security assessment results.

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    RFx Management

    Centralize the distribution, comparison, and management of RFPs and RFIs, providing automation and risk intelligence to selection decisions. Migrate the selected vendor to established contract workflows or third-party due diligence at the end of the RFx process.

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    Automated Onboarding & Offboarding

    Import vendors via a spreadsheet template or through an API connection to an existing solution, eliminating error-prone, manual processes.

  • Icon contract flexible license

    Contract Lifecycle Management

    Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate the contract lifecycle – including performance and SLA monitoring.

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    Comprehensive Vendor Intelligence Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive vendor profile that includes ownership, financial performance, CPI scores, industry and business insights, and maps potentially risky 4th-party relationships.

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    Inherent Risk Scoring for Triage

    Use a simple assessment with clear scoring to track and quantify inherent risks, tier vendors, and chart the right path for a complete assessment based on relative risk and compliance mandates.

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    Comprehensive Assessment Library

    Leverage Prevalent's library of 125+ assessment templates aligned with IT controls frameworks and regulatory mandates, or build your own using a drag-and-drop wizard.

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    Assessment Scheduling

    Conduct assessments proactively, on a fixed schedule, or both; monitor real-time questionnaire completion progress; and set automated chasing reminders to keep surveys on schedule.

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    Central Risk Register

    Normalize, correlate and analyze assessment results; map risks to controls; and remediate risks in a centralized environment.

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    Connector Marketplace

    Access dozens of pre-built connectors that use a low-code approach to aggregate external data and integrate with the Prevalent Platform.

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    Continuous Vendor Risk Monitoring

    Continuously monitor cybersecurity, data breach, business news feeds, reputational, and financial risks. Natively integrate the results in a central risk register for uniform response and controls validation.

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    AI/Machine Learning Analytics

    Reveal risk trends, status, and exceptions to common behavior with embedded AI/ML insights. Identify outliers across assessments, tasks, risks, and other factors warranting further investigation or score changes.

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    Workflow to Automate Risk Review & Response

    Leverage a library of workflow rules to trigger automated playbooks that enable you to review and approve assessment responses to automatically register risks, or reject responses and request additional input.

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    Vendor Risk Reporting

    Centrally track risk status and changes over time in a central dashboard and vendor scorecard, and produce stakeholder-specific reporting.

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    Vendor Dashboard

    Centralize security, vendor performance, SLA monitoring, and compliance reporting across multiple teams through a single reporting and analytics dashboard.

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    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to regulatory requirements and IT controls frameworks, and providing reports to auditors.

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    Built-in Remediation Guidance

    Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance. Centrally log, plan, and track remediation with workflow-driven follow-up processes based on exceptions.

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    Data Breach Event Notification Monitoring

    Access a database containing 10+ years of data breach history for thousands of companies around the world. Includes types and quantities of stolen data; compliance and regulatory issues; and real-time vendor data breach notifications.

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    Central Repository to Collaborate on Documents and Evidence

    Provide role-based access to internal and external parties, with email alerts when assessments are complete or when supporting documentation and evidence has been added.

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    Vendor Portal

    Provide vendors self-service access to the Prevalent Platform to complete assessments, upload evidence, and track status.

The Gartner® Market Guide for IT Vendor Risk Management

Get your complimentary copy! This in-depth report defines the IT VRM market, explains what clients can expect it to do in the short term, and examines 20 IT VRM providers.

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Who Wins

  • Procurement

    Reduce the potential for business disruptions by ensuring that new vendors adhere to sound IT security practices.

    > More procurement and sourcing benefits

  • IT Security

    Ensure that vendors have IT security controls and policies in place to reduce the risk of breaches and security incidents, and to meet IT compliance requirements.

    > More IT security benefits

  • Risk Management

    Achieve a comprehensive view of third-party vendor and supplier risks, aligned with accepted control standards.

    > More risk management benefits

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