Vendor Inherent Risk Scoring
Improve risk visibility to prioritize vendors
Vendors come in all shapes and sizes. That’s why right-sizing your due diligence activities by profiling, tiering and categorizing vendors can be the secret to a sustainable TPRM program. And that starts with assessing inherent risk, which is a vendor’s risk level before accounting for any specific controls required by your organization.
Prevalent builds comprehensive vendor profiles that include inherent risk scores based on the likelihood and potential impact of security, compliance and operational incidents. Our data-driven assessment process clearly scores and categorizes vendors, delivering prescriptive recommendations regarding the level and scope of due diligence for each type of vendor.
Key Benefits
-
Take a strategic, structured approach to assessment planning by tapping into inherent risk insights from across your third-party portfolio
-
Right-size due diligence activities by prioritizing and categorizing vendors according to their potential risk to your organization
-
Meet the vendor management needs of IT, security, procurement, legal and other departments with comprehensive risk profiles
-
Get the intelligence you need to identify potential cyber, financial, reputational and inherent business risks before contracting with suppliers
Key Features
-
Inherent Risk Scoring
Use a simple assessment with clear scoring to capture, track and quantify inherent risks for all third parties.
-
Profiling & Tiering
Automatically tier suppliers according to their inherent risk scores, set appropriate levels of diligence, and determine the scope of ongoing assessments.
-
Categorization
Categorize vendors with rule-based logic based on a range of data interaction, financial, regulatory and reputational considerations.
-
Community Scoring
Understand potential exposure from new vendors based on risks tagged to other vendors in similar categories or tiers.
-
Risk Scoring
Quickly gauge third-party risk levels with consolidated views of risk ratings, counts, scores and flagged responses for each vendor.
-
Automated Response Actions
Leverage a library of workflow rules to trigger automated playbooks that enable you to appropriately assess and monitor vendors based on their relationship and potential impact to the business.
-
Machine Learning Analytics
Reveal risk trends, status and exceptions to common behavior with embedded machine learning insights. Identify outliers across assessments, tasks, risks, and other factors warranting further investigation or score changes.
Navigating the Vendor Risk Lifecycle: Keys to Success
This complimentary guide details best practices for successfully managing risk throughout the vendor lifecycle. See what we've learned in our 20+ years of experience working with hundreds of customers.
Who Wins
-
Procurement
Gain an accurate picture of a vendor’s inherent risk to determine what level of further due diligence is required.
-
IT Security
Tier vendors according to the risk they pose to your business by scoring them across cyber, business, financial and other categories.
-
Risk Management
Understand risks from potential vendor breaches, compliance violations, and supply chain disruptions with continuously updated threat intelligence and security ratings.
Prevalent has enabled us to streamline and speed up our risk assessment processes, to assess more suppliers, and to identify and focus on more key risks.
— Risk Manager, XPS Pensions Consulting Limited
-
Template/ToolkitThird-Party Profiling and Tiering Template
A customizable template that will help you apply consistency to third-party profiling and tiering.
Blog PostThird-Party Risk Scoring & Tiering: A Comprehensive Guide
Learn the essentials of third-party risk scoring and tiering. Discover how to effectively assess, categorize, and...
Blog PostUnderstanding Inherent Risk vs. Residual Risk
Examine the similarities and differences between inherent risk and residual risk, a learn how they provide...
-
Ready for a demo?
- Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo