Prevalent Positioned as the Leader in the 2023 SPARK Matrix™ for Vendor Risk Management by Quadrant Knowledge Solutions
Phoenix, AZ – November 6, 2023 – Quadrant Knowledge Solutions announced today that it has named Prevalent as a 2023 technology leader in the SPARK Matrix: Vendor Risk Management.
The Quadrant Knowledge Solutions’ SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK MatrixTM. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Siddharth Kumar, Senior Analyst at Quadrant Knowledge Solutions, “Prevalent is specialized in third-party risk management (TPRM) solutions that offers an end-to-end vendor lifecycle management including sourcing and selection, intake and onboarding, inherent risk scoring, assessment and remediation, monitoring and validation, SLA and performance management, and termination and offboarding. The company has a wide range of tools and frameworks for conducting comprehensive assessments of third-party vendors. This involves evaluating vendors for compliance with regulatory requirements, security standards, and contractual obligations. The company TPRM solution is hosted entirely on SaaS with a broad suite of AWS security and auto scaling technologies to ensure the infrastructure is suitably available, hardened & secured for enterprise accounts. The solution can be fully customized to meet the specific needs and risk tolerance of individual organizations across various industries and provides multilanguage monitoring support. Owing to Prevalent’s overall sophisticated Vendor Risk Management offerings, the strong value proposition for customers, and robust strategy and roadmap, the company has received strong ratings across the parameters of technology excellence and customer impact and is positioned as a leader in the 2023 SPARK Matrix™: Vendor Risk Management.” adds Siddharth.
Vendor Risk Management (VRM) is a comprehensive process that organizations use to assess, monitor, and mitigate risks associated with their third-party vendors, suppliers, contractors, and service providers. VRM aims to ensure that these external partners meet the organization's standards for security, compliance, performance, and reliability. Effectively managing vendor risks is crucial in today's interconnected business environment, where third parties often have access to sensitive data and can impact an organization's operations, reputation, and compliance.
“Prevalent is pleased to be a Leader in the SPARK Matrix: Vendor Risk Management again this year. This recognition reflects our singular focus on serving customers and helping them navigate increasingly sophisticated third-party risks through a pragmatic and innovative third-party risk management solution,” said Brad Hibbert, chief strategy officer and chief operations officer, Prevalent.
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About Prevalent
Prevalent takes the pain out of third-party risk management (TPRM). Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors and suppliers throughout the third-party risk management lifecycle. Our customers benefit from a flexible, hybrid approach to TPRM, where they not only gain solutions tailored to their needs, but also realize a rapid return on investment. Regardless of where they start, we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time. For more on how Prevalent can help, visit www.prevalent.net.
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://quadrant-solutions.com/market-research/
Prevalent Contact
Angelique Faul, Silver Jacket Communications, 513-633-0897, angelique@silverjacket.net
Quadrant Contact
Ajinkya Ingle, Quadrant Knowledge Solutions, 978-605-1066, ajinkya@quadrant-solutions.com