Centrally monitor, manage and report on 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 measuring program effectiveness and analyzing SLAs. This enables you to determine compliance, verify adherence to contract terms, and strengthen vendor negotiations.
Determine whether vendors are meeting SLAs, applying remediations, and adhering to compliance mandates
Get clear reporting and analysis for better-informed negotiations, contract updates and renewals
Centralize security, vendor performance, SLA monitoring, and compliance reporting across multiple teams through a single reporting and analytics dashboard
Reduce risks from gaps in vendor oversight by automating contract and performance assessments
Spot potential and actual disruptions with proactive supplier performance and SLA monitoring
Speed reporting on regulatory, legal and industry compliance with templates tailored to multiple internal stakeholders
Dedicated and custom contract assessment questionnaires enable comprehensive reviews by identifying potential breaches of contract and other risks.
Customizable surveys make it easy to gather and analyze necessary performance and contract data in a single risk register.
Collaborate on documents and certifications, 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.
Gain visibility into vendor contract status, contact information, risk and compliance status, performance metrics, and more via centralized dashboards, and leverage PowerBI integration for custom reporting.
Quickly gauge the health of each of your vendors with consolidated views of risk ratings, counts, scores, and flagged responses.
Leverage Prevalent's business and financial monitoring service to flag potential risks related to financial disclosures, legal actions, compliance issues and other events.
Enable vendors to submit proactive event assessments – or issue assessments related to data breaches, notifications and other events – and dynamically adjust vendor risk scores based on the results.
Identify, alert and communicate exceptions to common behavior with built-in report templates.
Visualize and address compliance requirements by automatically mapping assessment results to regulatory and industry frameworks.
Track resolution of issues throughout the remediation process to show risk reduction progress over time and report against KPIs.
We have risk reporting on time when we need to report to the authorities. Consistent reporting metrics is another key benefit.
— S&P 500 Financial Services Company
Centrally manage vendors and monitor their performance against contractually established SLAs and KPIs using a customizable survey with built-in workflows.
Get unparalleled insights into risk trends, status and outliers with the latest machine learning analytics, leveraging from the most risk intelligence sources available.
See which vendors pose the most risks and in what areas, helping to align your overall enterprise risk management strategy.
Discover the key metrics to consider when maturing your third-party risk management program.
Discover how you can correlate performance and risk metrics for more informative TPRM program reporting.