Prevalent: Vendor Analysis — Third-party risk management solution overview, roadmap, competitors, tech selection tips, analyst summary

This Spend Matters PRO Vendor Analysis provides an overview of Prevalent and its third-party risk management (TPRM) solution. Prevalent allows users to continuously monitor third-party vendors for security, privacy, compliance and supply-chain-related risks. The provider offers 598 pre-configured templates in its survey library.

Third-party risk management as a whole is a rapidly growing segment of broader risk management. Long-term concerns about ESG, GRC and general supplier and risk management are being packaged as TPRM in new solutions that are both opening customers up to wider enterprise markets beyond procurement and allowing companies to have more cross-functional visibility of risk data.

As TPRM by nature intersects with several areas of the source-to-pay process, Prevalent customers have access to a number of different tools to reduce risk. These include RFx management, SLA management, automated vendor onboarding and offboarding, residual risk scoring, vendor profiles and demographics, custom risk assessments with built-in workflows, cyber/business/reputational/financial risk monitoring, compliance and risk reporting, remediation management and more.

Prevalent also offers managed services for customers that want the benefits of TPRM but may not have the resources (in terms of employees or time) to carry out the necessary processes themselves. Customers that use the provider's managed services will not have to onboard, assess, remediate or (in some cases) actively manage the risks themselves, but still will receive all of the solution’s benefits.

Here’s why Prevalent matters:

• To the market — Prevalent is a rapidly growing TPRM vendor that removes organizational silos and enables organizations to have all the risk data they need to make better decisions.
• To customers — Prevalent’s breadth, flexibility and managed services allow it to be crafted to each customer’s specific needs.
• To potential buyers — Prevalent is known for its quick return on investment and covers dozens of common risks.

This Spend Matters PRO Vendor Analysis explains what differentiates this vendor, gives an overview of its capabilities and competitors, provides tech selection tips and closes with key analyst takeaways.