Vendor Sourcing & Selection
Automate and add risk intelligence to vendor comparisons
Sourcing and selecting low-risk vendors can be complicated, especially when you rely on manual processes and lack information about their business practices, reputation, past data breaches, sanctions records, and financial histories.
Prevalent helps procurement teams reduce cost, complexity and risk exposure during vendor selection. Our RFx Essentials solution provides centralized distribution, comparison, and management of RFPs and RFIs. It also helps you get ahead of potential supplier risks with demographic, 4th-party, and ESG scores – plus optional business, reputational, and financial risk insights. As a result, you’re able to take an important first step toward tackling risk in the third-party lifecycle.
Key Benefits
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Collaborate across internal departments to speed third-party selection processes
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Unify vendor comparison and grading with a central platform
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Make informed procurement decisions with extensive business, reputational, data breach, and financial intelligence
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Monitor supplier performance and risks, and make more informed renewal decisions
Key Features
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RFx Management
Centralize the distribution, comparison, and management of RFPs and RFIs. Migrate the selected vendor to established contract workflows or third-party due diligence at the end of the RFx process.
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Risk Profiling Snapshot
View a vendor’s demographic information, 4th-party technologies, ESG scores, recent business and reputational insights, data breach history, and recent financial performance to inform risk-based vendor selection decisions.
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Operational Updates
Access qualitative insights from over 550,000 public and private sources of operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.
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Global Sanctions Lists
Screen potential vendors against sanctions lists (e.g., OFAC, EU, UN, BOE, FBI, BIS, etc.), plus over 1,000 global enforcement lists and court filings (e.g., FDA, US HHS, UK FSA, SEC, etc.), to proactively identify prohibited relationships.
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State-Owned Enterprise Screening
Check companies against a proprietary list of government-owned and government-linked enterprises to avoid conflicts of interest.
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Politically Exposed Persons (PEP) Screening
Screening against a global PEP database with access to over 1.8 million politically exposed person profiles, including their families and associates.
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Adverse Media Screening
View consolidated adverse media and negative news coverage sourced from 30,000 global news sources.
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Breach Event Database
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 violations and regulatory issues, providing a real-time view of potential vendor risks.
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Financial Insights
Tap into financial information from a global network of millions of businesses across 160+ countries. Access 5 years of financial performance data, including turnover, profit and loss, shareholder funds, credit ratings, payment history, bankruptcies, investments, and more. Screen new vendors and monitor existing vendors for informed sourcing decisions.
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Contract Lifecycle Management
Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate contract lifecycle management.
We rely on Prevalent’s expertise to help us create vendor short lists. They are providing tons of intelligence on the risks of vendors and suppliers during the RFP process, and helping us create a short list full of secure and trustworthy companies.
— VP, Large Pharmaceuticals Company
Who Wins
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Procurement
Speed purchasing cycles and improve the consistency and fairness of reviews by automating the evaluation of vendor solutions.
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IT Security
Gain an early view of vendor risks to accurately scope further due diligence and better prepare for future audits.
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Risk Management
Reduce the risk of a business disruption by ensuring the viability of both the vendor and their solutions.
The Procurement Risk Playbook
This 10-page paper shares actionable steps for coordinating your team to reduce risk throughout every stage of the third-party lifecycle.
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White PaperExecutive Brief: RFx Management
Discover how to tackle risk from Day One of the third-party lifecycle.
Blog PostVendor Contract Management: The Definitive Guide
A well-defined contract lifecycle management process enables you to streamline negotiations, ensure the consistency of terms...
Blog PostThird-Party Risk Management: The Definitive Guide
Third-Party Risk Management (TPRM) has advanced from being an annual checklist exercise to a critical daily...
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Ready for a demo?
- Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo