Prevalent, Inc., the company that takes the pain out of third-party risk management, today announced three new third-party risk solutions, bringing procurement and IT security teams together to efficiently scale supplier risk assessments, while decreasing supply chain risks.
Procurement Third-Party Risk Solutions
Procurement and IT security teams struggle to achieve efficient third-party risk management visibility because organizations are still overly reliant on manual, spreadsheet-based methods for assessing vendor risk. Prevalent’s new solutions replace spreadsheets and other inefficient manual methods, empowering organizations to efficiently scale supplier risk programs, while minimizing supplier risk.
Procurement Jump Start: Start a Supplier Risk Assessment Program in 30 Days or Less
For organizations that need help quickly starting a supplier risk assessment program, Prevalent introduces Procurement Jump Start. With a comprehensive quick start guide and built-in content templates, Prevalent Procurement Jump Start automates the assessment, scoring and remediation of supplier risks related to business resilience, environmental and social governance (ESG), anti-bribery and corruption (ABAC), diversity, modern slavery, pandemic preparedness and SLA performance in 30 days or less.
Procurement Due Diligence Service: Outsource the Hard Part to Prevalent
The new Procurement Due Diligence Service provides resource-strapped procurement teams with additional support and resources to build their supplier risk management program beyond Jump Start’s capabilities. This managed service delivers everything from onboarding vendors and collecting due diligence, to continuously monitoring for reputational and financial exposures. Performed by the Prevalent Risk Operations Center (ROC) managed services team, the Procurement Due Diligence Service handles collecting and monitoring for risks so teams can focus on managing and remediating risks instead.
Supplier Risk Monitoring Service: Continuous Insights into Potential Supplier Performance Problems
Most third-party risk management solutions fail to deliver important real-time financial and reputational intelligence to their customers, leaving procurement teams to manually search for and collate data. The new Prevalent Supplier Risk Monitoring Service is a managed service performed by the Prevalent ROC that continuously monitors 550,000+ public and private sources of information to deliver real-time insights into supplier reputational risks, state owned enterprises, global sanctions checks and financial and credit history, among others. Procurement teams use the Supplier Risk Monitoring Service to maintain continuous visibility into vendor risks between annual contract reviews.
According to customers, Prevalent’s ROC managed services reduce the time they spent on assessments by 50%, result in 44% fewer days required to achieve a complete assessment, and improve team productivity by a factor of 3.
“Most organizations – regardless of size – are resource-strapped, making it extremely difficult to have a pulse on the supplier risks that could dramatically impact their business,” stated Alastair Parr, senior vice president of global products and delivery operations for Prevalent, Inc. “Based on our recent survey, we understand that this is becoming increasingly problematic in today’s environment as many organizations require more than IT security assessments to be performed. With Prevalent’s new procurement third-party risk management offerings, organizations can ditch manual labor-intensive spreadsheets for efficient, scalable solutions to minimize supplier risks while easily integrating into the risk assessment processes of the IT security team.”