Prevalent: Prevalent Financial Services Customers

Prevalent Customer Testimonial

Prevalent Improves Team Productivity

It made things a lot easier to manage. Taking over the program they had in place quickly boosted organization and productivity.

— Jacob Gregoire, Security Officer, Wright Express Corporation

Prevalent Case Study

Wright Express Corporation

Introduction

This case study of Wright Express Corporation is based on a June 2020 survey of Prevalent customers by TechValidate, a 3rd-party research service.

“Prevalent made things a lot easier to manage. Taking over the program they had in place quickly boosted organization and productivity.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Time on average devoted to sending assessments, finding and interacting with contacts, and verifying that questions were adequately answered:
- Prior to using Prevalent: 2-3 hours per vendor
Reasons they were not able to complete more assessments prior to utilizing Prevalent:
- Not enough time
Turnaround time from assessment submission to receiving an adequately completed assessment:
- Prior to using Prevalent: 11-20 days per assessment

Use Case

The key features and functionalities of Prevalent that the surveyed company uses:

Prior to utilizing Prevalent, they were able to complete 21-50 assessments per year.
Able to complete 50 or more assessments per year since they began utilizing Prevalent for managed collection and analysis services.

Results

The surveyed company achieved the following results with Prevalent:

Time on average devoted to sending assessments, finding and interacting with contacts, and verifying that questions were adequately answered:
- Since using Prevalent: 1 hour or less per vendor
Turnaround time from assessment submission to receiving an adequately completed assessment:
- Since using Prevalent: 6-10 days per assessment
Now that they are utilizing Prevalent:
- They have been able to redirect resources previously dedicated to collecting and analyzing vendor-submitted questionnaires and evidence to other activities
Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Vendor Onboarding: very differentiated
- Vendor Assessment & Evidence Collection: differentiated
- Vendor Evidence Review & Analysis: very differentiated
- Vendor Remediation & Recommendations: differentiated
- Program & Actionable Reporting: differentiated
They are looking to grow the number of vendors they assess in the next year by 11-25%.

Prevalent Customer Fact

Euromoney Institutional Investor also evaluated CyberGRX, OneTrust, SecurityScorecard, and ServiceNow before choosing Prevalent.

Prevalent Customer Testimonial

Prevalent Delivers Automation

Prevalent is providing a more automated and interactive feature set that allows me to analyze the most important areas.

— IT Specialist, Medium Enterprise Financial Services Company

Prevalent Case Study

Euromoney Institutional Investor

Introduction

This case study of Euromoney Institutional Investor is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Top driver for purchasing their Prevalent third-party risk management solution:
- Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
Challenges that deploying Prevalent solved for their organization:
- A lack of automation in collecting and analyzing vendor surveys
- A limited ability to continuously monitor vendors
- Having no centralization of TPRM functions
Vendors evaluated before choosing Prevalent:
- CyberGRX
- OneTrust
- SecurityScorecard
- ServiceNow

Use Case

Regulations or industry frameworks they must regularly report against:
- GDPR
- ISO 27001
- PCI
Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Breadth of available surveys: differentiated
- Assessment scheduling and automated chasing reminders: differentiated
- Automated risk and compliance register: very differentiated
- Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
- Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
- Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
How long it took to complete an assessment:
- Before deploying Prevalent: 2-3 weeks
- After deploying Prevalent: 1-2 weeks
Saved 1 day per assessment on average by utilizing the Prevalent Platform.

Prevalent Case Study

Medium Enterprise Financial Services Company

Introduction

This case study of a medium enterprise financial services company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Prevalent is providing a more automated and interactive feature set that allows me to analyze the most important areas.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Top drivers for purchasing their Prevalent third-party risk management solution:
- Compliance – reporting against specific regulatory or industry framework requirements
- Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
Challenges that deploying Prevalent solved for their organization:
- A lack of automation in collecting and analyzing vendor surveys
- A limited ability to continuously monitor vendors
- An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
- Having no centralization of TPRM functions
- An inconsistent methodology for vendor risk management

Use Case

Regulations or industry frameworks they must regularly report against:
- GDPR
- HIPAA
- ISO 27001
- NIST 800-53
- PCI
Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Breadth of available surveys: differentiated
- Assessment scheduling and automated chasing reminders: differentiated
- Automated risk and compliance register: differentiated
- Create tasks, flags, and risks based on results of assessment responses in risk register: very differentiated
- Identify key controls and apply reporting to the most critical relevant risks: very differentiated
- Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
- Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
How long it took to complete an assessment:
- Before deploying Prevalent: more than a month
- After deploying Prevalent: 3-4 weeks
Saved several days per assessment on average by utilizing the Prevalent Platform.

Prevalent Customer Testimonial

Prevalent Delivers Consistent Risk Reporting

We have risk reporting on time when we need to report to the authorities. Consistent reporting metrics is another key benefit.

— Financial Analyst, S&P 500 Financial Services Company

Prevalent Case Study

S&P 500 Financial Services Company

Introduction

This case study of an S&P 500 financial services company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“We have risk reporting on time when we need to report to the authorities. Consistent reporting metrics is another key benefit.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Top drivers for purchasing their Prevalent third-party risk management solution:
- Compliance – reporting against specific regulatory or industry framework requirements
- Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
- Greater risk-based intelligence
Challenges that deploying Prevalent solved for their organization:
- A limited ability to continuously monitor vendors
- A lack of guidance in addressing industry standards or third-party regulatory compliance requirements for cyber risk, InfoSec, or data privacy
- An inconsistent methodology for vendor risk management

Use Case

The key features and functionalities of Prevalent that the surveyed company uses:

Regulations or industry frameworks they must regularly report against:
- GDPR
- HIPAA
- ISO 27001
- PCI

Results

The surveyed company achieved the following results with Prevalent:

The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Breadth of available surveys: very differentiated
- Assessment scheduling and automated chasing reminders: very differentiated
- Automated risk and compliance register: very differentiated
- Centralized document/evidence management: very differentiated
- Create tasks, flags, and risks based on results of assessment responses in risk register: very differentiated
- Identify key controls and apply reporting to the most critical relevant risks: very differentiated
- In-solution communication with suppliers on remediating risks: very differentiated
- Scan third-party networks and apply business intelligence to provide and “outside-in” weighted score of risks: very differentiated
- Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: very differentiated
- Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
How long it took to complete an assessment:
- Before deploying Prevalent: more than a month
- After deploying Prevalent: 2-3 weeks
Saved about 1 week per assessment on average by utilizing the Prevalent Platform.

Prevalent Customer Testimonial

Streamlined the process.

— Robert Fernandes, Chief Security Officer, The Investment Center

Prevalent Customer Testimonial

Prevalent has allowed for my time to be better allocated in dealing with the actual risks rather than tracking and collection management of information.

— Security Manager, Medium Enterprise Financial Services Company

Prevalent Customer Satisfaction Rating

A Security Manager at a medium enterprise financial services company would be likely to recommend Prevalent for this reason:

Prevalent Customer Testimonial

Less time spent sourcing information manually. Allows multiple stakeholders in our enterprise environment (cyber, legal, finance) to have centralized repository.

— Security Officer, Medium Enterprise Financial Services Company

Prevalent Customer Review

4.5/5 Stars

How our organization uses Prevalent:

Review the cyber, legal, and finance information needed to complete due diligence and onboarding.

Would you recommend Prevalent?

Prevalent Customer Testimonial

We did not have a cohesive strategy before, but Prevalent has transformed our business outcomes and goals.

— Engineer, Medium Enterprise Financial Services Company

Prevalent Customer Satisfaction Rating

An Engineer at a medium enterprise financial services company would be very likely to recommend Prevalent for this reason:

Prevalent Customer Satisfaction Rating

Robert Fernandes, a Chief Security Officer at The Investment Center, would be likely to recommend Prevalent for this reason:

Prevalent Customer Satisfaction Rating

A Risk Manager at a medium enterprise financial services company would be very likely to recommend Prevalent for this reason:

Prevalent Case Study

Medium Enterprise Financial Services Company

Introduction

This case study of a medium enterprise financial services company is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Prevalent has allowed for my time to be better allocated in dealing with the actual risks rather than tracking and collection management of information.”

Challenges

Their primary vendor risk assessment pain points were:

Too much time spent manually onboarding new vendors
Lack of visibility into the baseline risks with a new vendor
Complex, manual assessment processes (e.g., using spreadsheets)
No real-time insight into vendor cyber, reputational, and/or financial risks

Estimated time spent on vendor sourcing and selection:

Before Prevalent: 1 week or more
Since Prevalent: 1 day+

Estimated time spent on vendor intake and onboarding:

Before Prevalent: 1 week+
Since Prevalent: 1 day+

Use Case

Currently assessing their vendors for the following:

Cybersecurity
Data Privacy
Financial & Credit
Reputation

Results

Prevalent’s level of importance on the following vendor lifecycle stages:

Essential in sourcing and selection of vendors
Essential for intake and vendor onboarding
Critical for scoring inherent risks
Very important for assessing vendors and remediating risks
Very Important for continuously monitoring for vendor cybersecurity, reputational and financial risks
Important for managing ongoing vendor performance and SLAs

Agrees with Prevalent’s abilities and results:

Prevalent allows us to do our job more effectively
Prevalent’s vendor risk assessment process is invaluable to our group
Prevalent reduced the time and complexity required to perform vendor risk assessments
They realized major cost savings with Prevalent’s vendor risk management process
Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need

Prevalent Case Study

Medium Enterprise Financial Services Company

Introduction

This case study of a medium enterprise financial services company is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Less time spent sourcing information manually. Prevalent allows multiple stakeholders in our enterprise environment (cyber, legal, finance) to have a centralized repository.”

Challenges

Their primary vendor risk assessment pain points were:

Too much time spent scouring through disconnected sources of information to make good risk-based vendor selection decisions
Too much time spent manually onboarding new vendors
No real-time insight into vendor cyber, reputational, and/or financial risks
No defined vendor offboarding process

Estimated time spent on vendor sourcing and selection:

Before Prevalent: 1 week+
Since Prevalent: 4+ hours

Estimated time spent on vendor intake and onboarding:

Before Prevalent: 1 week+
Since Prevalent: 4+ hours

Use Case

Currently assessing their vendors for the following:

Cybersecurity
Data Privacy

Results

Prevalent’s level of importance on the following vendor lifecycle stages:

Essential for sourcing and selection of vendors
Essential for intake and vendor onboarding
Critical for scoring inherent risks
Essentialassessing vendors and remediating risks
Critical for continuously monitoring for vendor cybersecurity, reputational and financial risks
Very important for managing ongoing vendor performance and SLAs
Important for offboarding and termination of vendors

Agrees with Prevalent’s abilities and results:

Prevalent allows us to do our job more effectively
Prevalent’s vendor risk assessment process is invaluable to our group
They reduced the time and complexity required to perform vendor risk assessments
we have realized major cost savings with Prevalent’s vendor risk management process
Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need
Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks

Prevalent Case Study

Medium Enterprise Financial Services Company

Introduction

This case study of a medium enterprise financial services company is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“We did not have a cohesive strategy before, but Prevalent has transformed our business outcomes and goals.”

Challenges

Their primary vendor risk assessment pain points were:
- Lack of visibility into the baseline risks with a new vendor
- Complex, manual assessment processes (e.g., using spreadsheets)
- No real-time insight into vendor cyber, reputational and/or financial risks
- Lack of insight into vendor success (e.g., measuring whether they live up to their contractual commitments)
Estimated time spent on vendor sourcing and selection:
- Before Prevalent: 4+ hours
- Since Prevalent: 2-4 hours
Estimated time spent on vendor intake and onboarding:
- Before Prevalent: 1 day+
- Since Prevalent: 2-4 hours

Use Case

Currently assessing their vendors for the following:
- Cybersecurity
- Data Privacy
- Financial & Credit
- Reputation

Results

Level of agreement:
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: strongly agree
- Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: strongly agree
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
Prevalent is critical on the following vendor lifecycle stages:
- Sourcing and selection of vendors: important
- Intake and vendor onboarding: very Important
- Scoring inherent risks: essential
- Assessing vendors and remediating risks: essential
- Continuously monitoring for vendor cybersecurity, reputational and financial risks: essential
Level of agreement:
- Prevalent allows us to do our job more effectively: strongly agree
- Prevalent’s vendor risk assessment process is invaluable to our group: strongly agree
- Prevalent reduced the time and complexity required to perform vendor risk assessments: strongly agree
- We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Case Study

The Investment Center

Introduction

This case study of The Investment Center is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service.

“Streamlined the process.”

Challenges

Their primary vendor risk assessment pain points were:
- Too much time spent scouring through disconnected sources of information to make good risk-based vendor selection decisions
- Too much time spent manually onboarding new vendors
- Lack of visibility into the baseline risks with a new vendor
- Complex, manual assessment processes (e.g., using spreadsheets)
- No real-time insight into vendor cyber, reputational and/or financial risks
- Lack of insight into vendor success (e.g., measuring whether they live up to their contractual commitments)
Estimated time spent on vendor sourcing and selection:
- Before Prevalent: 1 day+
- Since Prevalent: 4+ hours
Estimated time spent on vendor intake and onboarding:
**Before Prevalent: 1 week+
- Since Prevalent: 4+ hours

Use Case

Currently assessing their vendors for the following:
- Business Resilience
- Cybersecurity
- Data Privacy
- Financial & Credit

Results

Level of agreement:
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides a programmatic process to offboard vendors that reduces risk: agree
Prevalent is critical on the following vendor lifecycle stages:
- Sourcing and selection of vendors: important
- Intake and vendor onboarding: important
- Scoring inherent risks: important
- Assessing vendors and remediating risks: important
- Continuously monitoring for vendor cybersecurity, reputational and financial risks: important
- Managing ongoing vendor performance and SLAs: important
- Offboarding and termination of vendors: important
Level of agreement:
- Prevalent allows us to do our job more effectively: strongly agree
- Prevalent’s vendor risk assessment process is invaluable to our group: agree
- Prevalent reduced the time and complexity required to perform vendor risk assessments: agree
- We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Case Study

Medium Enterprise Financial Services Company

Introduction

This case study of a medium enterprise financial services company is based on a July 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

Their primary vendor risk assessment pain points were:
- Too much time spent manually onboarding new vendors
- Lack of visibility into the baseline risks with a new vendor
- Complex, manual assessment processes (e.g., using spreadsheets)
Estimated time spent on vendor sourcing and selection:
- Before Prevalent: 1 week or more
- Since Prevalent: 4+ hours
Estimated time spent on vendor intake and onboarding:
- Before Prevalent: 1 day+
- Since Prevalent: 2-4 hours

Use Case

Currently assessing their vendors for the following:
- Cybersecurity
- Data Privacy

Results

Level of agreement:
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides a programmatic process to offboard vendors that reduces risk: agree
Prevelant is critical on the following vendor lifecycle stages:
- Sourcing and selection of vendors: very Important
- Intake and vendor onboarding: critical
- Scoring inherent risks: essential
- Assessing vendors and remediating risks: essential
- Continuously monitoring for vendor cybersecurity, reputational and financial risks: very Important
- Managing ongoing vendor performance and SLAs: very Important
Level of agreement:
- Prevalent allows us to do our job more effectively: strongly agree
- Prevalent’s vendor risk assessment process is invaluable to our group: agree
- Prevalent reduced the time and complexity required to perform vendor risk assessments: strongly agree
- We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Financial Services Customers

Read how Prevalent's financial services customers have benefited from our third-party risk management platform.

Prevalent Improves Team Productivity

Wright Express Corporation

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Prevalent Delivers Automation

Euromoney Institutional Investor

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Prevalent Delivers Consistent Risk Reporting

S&P 500 Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

How our organization uses Prevalent:

Would you recommend Prevalent?

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

The Investment Center

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent