Vendor Risk Management

Key Features

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  Pre-Contract Screening & Due Diligence

  Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk and standardized IT security assessment results.

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  RFx Management

  Centralize the distribution, comparison, and management of RFPs and RFIs, providing automation and risk intelligence to selection decisions. Migrate the selected vendor to established contract workflows or third-party due diligence at the end of the RFx process.

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  Automated Onboarding & Offboarding

  Import vendors via a spreadsheet template or through an API connection to an existing solution, eliminating error-prone, manual processes.

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  Contract Lifecycle Management

  Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate the contract lifecycle – including performance and SLA monitoring.

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  Comprehensive Vendor Intelligence Profile

  Tap into 550,000+ sources of vendor intelligence to build a comprehensive vendor profile that includes ownership, financial performance, CPI scores, industry and business insights, and maps potentially risky 4th-party relationships.

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  Inherent Risk Scoring for Triage

  Use a simple assessment with clear scoring to track and quantify inherent risks, tier vendors, and chart the right path for a complete assessment based on relative risk and compliance mandates.

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  Comprehensive Assessment Library

  Leverage Prevalent's library of 125+ assessment templates aligned with IT controls frameworks and regulatory mandates, or build your own using a drag-and-drop wizard.

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  Assessment Scheduling

  Conduct assessments proactively, on a fixed schedule, or both; monitor real-time questionnaire completion progress; and set automated chasing reminders to keep surveys on schedule.

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  Central Risk Register

  Normalize, correlate and analyze assessment results; map risks to controls; and remediate risks in a centralized environment.

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  Virtual Third-Party Risk Advisor

  Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.

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  Connector Marketplace

  Access dozens of pre-built connectors that use a low-code approach to aggregate external data and integrate with the Prevalent Platform.

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  Continuous Vendor Risk Monitoring

  Continuously monitor cybersecurity, data breach, business news feeds, reputational, and financial risks. Natively integrate the results in a central risk register for uniform response and controls validation.

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  AI/Machine Learning Analytics

  Reveal risk trends, status, and exceptions to common behavior with embedded AI/ML insights. Identify outliers across assessments, tasks, risks, and other factors warranting further investigation or score changes.

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  Workflow to Automate Risk Review & Response

  Leverage a library of workflow rules to trigger automated playbooks that enable you to review and approve assessment responses to automatically register risks, or reject responses and request additional input.

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  Vendor Risk Reporting

  Centrally track risk status and changes over time in a central dashboard and vendor scorecard, and produce stakeholder-specific reporting.

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  Vendor Dashboard

  Centralize security, vendor performance, SLA monitoring, and compliance reporting across multiple teams through a single reporting and analytics dashboard.

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  Compliance Reporting

  Visualize and address compliance requirements by automatically mapping assessment results to regulatory requirements and IT controls frameworks, and providing reports to auditors.

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  Built-in Remediation Guidance

  Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance. Centrally log, plan, and track remediation with workflow-driven follow-up processes based on exceptions.

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  Data Breach Event Notification Monitoring

  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 and regulatory issues; and real-time vendor data breach notifications.

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  Central Repository to Collaborate on Documents and Evidence

  Provide role-based access to internal and external parties, with email alerts when assessments are complete or when supporting documentation and evidence has been added.

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  Vendor Portal

  Provide vendors self-service access to the Prevalent Platform to complete assessments, upload evidence, and track status.