TechValidate Research on Prevalent

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

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.