Vendor Offboarding & Termination
Securely wind down business relationships
All vendor relationships eventually come to an end, but your risk exposure doesn't disappear when the contract is terminated. There are final obligations to meet, data destruction procedures to follow, ongoing service agreements to consider, vendor access and credentials to remove, and final payment terms to confirm.
Despite this, 60% of companies say they are not actively assessing third-party risks during offboarding. How can you ensure all critical offboarding tasks are complete in order to minimize your company's risk exposure?
The Prevalent Third-Party Risk Management Platform automates contract assessments and offboarding procedures to reduce your organization’s risk of post-contract exposure.
Key Benefits
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Streamline the complex task of determining post-contract risk exposure
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Reduce the risk of a post-contract business disruption
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Gain visibility into the entire vendor risk lifecycle – from onboarding to offboarding
Key Features
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Contract Assessment & Review
Schedule tasks to review contracts to ensure all obligations have been met. Issue customizable contract assessments to evaluate status.
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Automated Offboarding
Leverage customizable surveys and workflows report on system access, data destruction, access management, compliance with all relevant laws, final payments, and more.
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Workflow
Increase efficiency with an automation and rules engine that automatically suggests actions based on answers to offboarding assessments and routes tasks to additional reviewers.
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Document Management
Centrally store and manage documents and certifications, such as NDAs, SLAs, SOWs and contracts. Leverage built-in automated document analysis based on AWS natural language processing and machine learning analytics to confirm key criteria are addressed.
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Built-in Remediation Guidance
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
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Risk Reporting
Identify, alert and communicate exceptions to common behavior with built-in report templates.
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Compliance Reporting
Visualize and address compliance requirements by automatically mapping assessment results to any regulation or framework.
Minimize Risk After the Contract Ends
Download the Vendor Offboarding Due Diligence Guide to gauge your program against 40+ recommended offboarding tasks.
Who Wins
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Procurement
Ensure offboarded vendors do not create the potential for risk by leveraging a programmatic process for assessing third parties at contract termination.
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IT Security
Reduce the risk of a post-contract breach with visibility into data access, physical and virtual security controls, and built-in remediation guidance.
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Risk Management
Centralize the management of risks throughout the vendor lifecycle.
Prevalent manages risk across the entire customer lifecycle, they have helped with intake, monitoring, all he way through to offboarding.
— VP, Large Banking Firm
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Blog PostVendor Offboarding: A Checklist for Reducing Risk and Simplifying the...
Follow these 7 steps for more secure and efficient offboarding when third-party relationships are terminated.
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Template/Toolkit
The Ultimate Third-Party Onboarding & Offboarding Checklist
Follow these 100 essential tasks to securely begin and end vendor and supplier relationships
On-Demand WebinarHow to Take a Holistic Approach to Vendor Onboarding & Offboarding
It’s crucial to begin – and end – vendor relationships the right way to effectively minimize...
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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