TechValidate Research on Prevalent

50 Case Studies – Page 1 of 2


Prevalent Case Study

Crown Equipment Corporation

Introduction

This case study of Crown Equipment Corporation is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service.

“Prevalent has made assessing vendors infinitely easier than any manual method. Additionally, having a well-developed platform has given credibility to the program.”

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)

Use Case

Currently assessing their vendors for the following:

  • Cybersecurity

Results

Prevalent’s level of importance within Crown Equipment Corporation lifecycle stages:

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

Strongly 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
  • 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 provides a programmatic process to offboard vendors that reduces risk

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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.

“Makes our jobs easier.”

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
  • Complex, manual assessment processes (e.g., using spreadsheets)

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

Results

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

  • Important for intake and vendor onboarding
  • Important for scoring inherent risks: very Important
  • Very important for assessing vendors and remediating risks
  • Important in 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
  • Prevalent reduced the time and complexity required to perform vendor risk assessments
  • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
  • 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.

“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

Fortune 500 Automotive & Transport Company

Introduction

This case study of a Fortune 500 automotive & transport 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.

“Formalized using a standard methodology to evaluate risk in hundreds of supplier environments.”

Challenges

Their primary vendor risk assessment pain points were:

  • Lack of visibility into the baseline risks with a new vendor
  • No real-time insight into vendor cyber, reputational, and/or financial risks

Use Case

Currently assessing their vendors for the following:

  • Business Resilience
  • Cybersecurity
  • Data Privacy

Results

Prevalent is considered important in the following vendor lifecycle stages:

  • Sourcing and selection of vendors
  • Intake and vendor onboarding
  • Scoring inherent risks
  • Assessing vendors and remediating risks
  • Continuously monitoring for vendor cybersecurity, reputational and financial risks

Agrees with Prevalent’s abilities and results:

  • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
  • 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

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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.

Challenges

Their primary vendor risk assessment pain points were:

  • Complex, manual assessment processes (e.g., using spreadsheets)

Use Case

Currently assessing their vendors for the following:

  • Cybersecurity

Results

Prevalent is critical on the following vendor lifecycle stages:

  • Sourcing and selection of vendors
  • Intake and vendor onboarding
  • Scoring inherent risks
  • Assessing vendors and remediating risks
  • Continuously monitoring for vendor cybersecurity, reputational and financial risks
  • Managing ongoing vendor performance and SLAs
  • 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
  • Prevalent reduced the time and complexity required to perform vendor risk assessments
  • 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 provides a programmatic process to offboard vendors that reduces risk

Prevalent Case Study

Small Business Professional Services Company

Introduction

This case study of a small business professional 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.

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

Estimated time spent on vendor sourcing and selection:

  • Before Prevalent: 1 week+
  • Since Prevalent: 2-4 hours

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

Results

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

  • Critical for sourcing and selection of vendors
  • Essential for intake and vendor onboarding
  • Important for scoring inherent risks
  • Important for assessing vendors and remediating risks
  • Critical for continuously monitoring for vendor cybersecurity, reputational and financial risks

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 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

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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.

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 sending reminders/getting responses to risk assessments

Estimated time spent on vendor intake and onboarding:

  • Before Prevalent: 4+ hours
  • Since Prevalent: 2-4 hours

Use Case

Currently assessing their vendors for the following:

  • Business Resilience
  • Cybersecurity
  • Data Privacy
  • Financial & Credit
  • Reputation

Results

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

  • Very important for sourcing and selection of vendors
  • Critical for intake and vendor onboarding
  • Essential for scoring inherent risks
  • Essential for assessing vendors and remediating risks
  • Critical for continuously monitoring for vendor cybersecurity, reputational and financial risks

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 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 Case Study

Medium Enterprise Professional Services Company

Introduction

This case study of a medium enterprise professional 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 helped us mature and streamline our vendor risk management. "

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
  • 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 day+
  • Since Prevalent: 2-4 hours

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:

  • Business Resilience
  • Cybersecurity
  • Data Privacy
  • Reputation

Results

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

  • Very important for sourcing and selection of vendors
  • Essential for scoring inherent risks
  • Critical for assessing vendors and remediating risks
  • Essential 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
  • Prevalent reduced the time and complexity required to perform vendor risk assessments
  • They 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 provides a programmatic process to offboard vendors that reduces risk

Prevalent Case Study

Small Business Insurance Company

Introduction

This case study of a small business insurance 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.

“Reduced our risk exposure by allowing us to be aware of our vendors’ risks and perform mitigation steps.”

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)

Estimated time spent on vendor sourcing and selection:

  • Before Prevalent: 1 day+
  • Since Prevalent: 2-4 hours

Estimated time spent on vendor intake and onboarding:

  • Before Prevalent: 2-4 hours
  • Since Prevalent: Less than 1 hour

Use Case

Currently assessing their vendors for the following:

  • Cybersecurity
  • Data Privacy

Results

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

  • Important for intake and vendor onboarding: very Important
  • Critical for scoring inherent risks
  • Critical for assessing vendors and remediating risks
  • Very important for continuously monitoring for vendor cybersecurity, reputational and financial risks
  • 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
  • Prevalent reduced the time and complexity required to perform vendor risk assessments
  • They 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 a programmatic process to offboard vendors that reduces risk

Prevalent Case Study

Medium Enterprise Professional Services Company

Introduction

This case study of a medium enterprise professional 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.

“It provides an automated approach to issuing, tracking and ensuring completion of questionnaires.”

Challenges

Their primary vendor risk assessment pain points were:

  • Too much time spent manually onboarding new vendors

Estimated time spent on vendor sourcing and selection:

  • Before Prevalent: 1 week+
  • 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

Results

Prevalent is considered very important for the following vendor lifecycle stages:

  • Intake and vendor onboarding
  • Scoring inherent risks
  • Assessing vendors and remediating risks
  • Continuously monitoring for vendor cybersecurity, reputational and financial risks

Agrees with Prevalent’s abilities and results:

  • 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 Case Study

Small Business Professional Services Company

Introduction

This case study of a small business professional 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.

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

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
  • Reputation

Results

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

  • Very important for sourcing and selection of vendors
  • Essential for intake and vendor onboarding
  • Essential for scoring inherent risks
  • Essentialassessing vendors and remediating risks
  • Criticalcontinuously monitoring for vendor cybersecurity, reputational and financial risks

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 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 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

Utmost Limited

Introduction

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

“Streamlined the vendor questionnaire 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
    • Complex, manual assessment processes (e.g., using spreadsheets)

Use Case

  • Currently assessing their vendors for the following:
    • Business Resilience
    • Cybersecurity
    • Financial & Credit
    • Modern Slavery
    • Reputation

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: 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 Professional Services Company

Introduction

This case study of a medium enterprise professional 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.

“Allows us to access vendor cybersecurity information from a single source that is reliable.”

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
  • 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

Results

  • Prevalent is critical on the following vendor lifecycle stages:
    • Sourcing and selection of vendors: critical
      **Intake and vendor onboarding: very Important
    • Scoring inherent risks: very Important
    • Assessing vendors and remediating risks: very Important
    • Continuously monitoring for vendor cybersecurity, reputational and financial risks: important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: 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

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

S&P 500 Pharmaceuticals Company

Introduction

This case study of a S&P 500 pharmaceuticals 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.

“It has enhanced it and reduced turnaround times immensly.”

Challenges

  • Their primary vendor risk assessment pain points were:
    • Too much time spent manually onboarding new vendors
    • Complex, manual assessment processes (e.g., using spreadsheets)

Use Case

  • Currently assessing their vendors for the following:
    • Cybersecurity

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: agree
  • Prevalent is critical on the following vendor lifecycle stages:
    • Intake and vendor onboarding: essential
      **Scoring inherent risks: very Important
    • Assessing vendors and remediating risks: critical
  • Strongly agree with the following:
    • 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
  • We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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 allows us to focus on why we ask vendors to complete a SIG – since they focus on the what and how plus when and who.”

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
    • 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: 4+ hours
    • Since Prevalent: 2-4 hours
  • Estimated time spent on vendor intake and onboarding:
    • Before Prevalent: 2-4 hours
    • Since Prevalent: less than 1 hour

Use Case

  • Currently assessing their vendors for the following:
    • Business Resilience
    • 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
  • Prevalent is critical on the following vendor lifecycle stages:
    • Sourcing and selection of vendors: important
    • Intake and vendor onboarding: very Important
    • Scoring inherent risks: critical
    • Assessing vendors and remediating risks: very Important
    • Continuously monitoring for vendor cybersecurity, reputational and financial risks: critical
    • Managing ongoing vendor performance and SLAs: important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: 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

Prevalent Case Study

Large Enterprise Automotive & Transport Company

Introduction

This case study of a large enterprise automotive & transport 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.

“Prevalent has supported our journey to evolve and adapt a monitoring process around a global pandemic.”

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
    • Complex, manual assessment processes (e.g., using spreadsheets)

Use Case

  • Currently assessing their vendors for the following:
    • Business Resilience
    • Data Privacy
    • Environmental, Social & Governance (ESG)
    • Financial & Credit
    • Regulatory Compliance

Results

  • Level of agreement:
    • 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:
    • Intake and vendor onboarding: important
    • Scoring inherent risks: important
    • Assessing vendors and remediating risks: important
    • Managing ongoing vendor performance and SLAs: important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: agree
    • Prevalent reduced the time and complexity required to perform vendor risk assessments: agree

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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.

“Reduced time.”

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
    • Complex, manual assessment processes (e.g., using spreadsheets)
  • Estimated time spent on vendor sourcing and selection:
    • Before Prevalent: 1 day+
    • Since Prevalent: 2-4 hours

Use Case

  • Currently assessing their vendors for the following:
    • Business Resilience
    • 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 a programmatic process to offboard vendors that reduces risk: agree
  • Prevalent is critical on the following vendor lifecycle stages:
    • Intake and vendor onboarding: important
    • Scoring inherent risks: important
    • Assessing vendors and remediating risks: important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: 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

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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.

“It helps us to validate the vendor risks.”

Challenges

  • Their primary vendor risk assessment pain points were:
    • Lack of visibility into the baseline risks with a new vendor
    • 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:
    • Business Resilience
    • 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 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: 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: 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 Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional 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.

“Transformed how we did vendor assessments from Ad Hoc to more formalized 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)

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: 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: strongly agree
    • Prevalent provides a programmatic process to offboard vendors that reduces risk: strongly agree
  • Prevelant is critical on the following vendor lifecycle stages:
    • Sourcing and selection of vendors: important
    • Intake and vendor onboarding: essential
    • Scoring inherent risks: essential
    • Assessing vendors and remediating risks: essential
    • Continuously monitoring for vendor cybersecurity, reputational and financial risks: essential
    • Managing ongoing vendor performance and SLAs: very Important
    • Offboarding and termination of vendors: 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: 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.: strongly agree

Prevalent Case Study

State & Local Government

Introduction

This case study of a state & local government is based on a July 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled organization asked to have their name blinded to protect their confidentiality.

“It gives an accurate and measurable look at our vendors from a 3rd party risk management view.”

Challenges

  • Their primary vendor risk assessment pain points were:
    • Cost

Use Case

  • Currently assessing their vendors for the following:
    • Cybersecurity
    • Data Privacy
    • Ethics

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: 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: important
    • Scoring inherent risks: critical
    • Assessing vendors and remediating risks: essential
    • Continuously monitoring for vendor cybersecurity, reputational and financial risks: critical
    • Managing ongoing vendor performance and SLAs: very Important
    • Offboarding and termination of vendors: very Important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: 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

Prevalent Case Study

Large Enterprise Insurance Company

Introduction

This case study of a large enterprise insurance 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.

“Significant reduction in effort reviewing and analyzing vendor due diligence surveys.”

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 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: strongly agree
    • Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
  • Prevelant is critical on the following vendor lifecycle stages:
    • Scoring inherent risks: critical
    • Assessing vendors and remediating risks: critical
    • Continuously monitoring for vendor cybersecurity, reputational and financial risks: very Important
  • Level of agreement:
    • Prevalent allows us to do our job more effectively: 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

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 Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional services company is based on a June 2020 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

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

  • Turnaround time from assessment submission to receiving an adequately completed assessment:
    • Prior to using Prevalent: 11-20 days per assessment
  • Reasons they were not able to complete more assessments prior to utilizing Prevalent:
    • A lack of staffing

Use Case

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

  • Prior to utilizing Prevalent, they were able to complete 1-10 assessments per year.
  • Able to complete 21-50 assessments per year since they began utilizing Prevalent for managed collection and analysis services.

Results

The surveyed company achieved the following results with Prevalent:

  • 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:
    • Confirmed that with the same resources, they are now able to spend time mitigating risks as opposed to validating information. They are focused on the right things
  • Prevalent capabilities in terms of how differentiated they are compared to the competition:
    • Vendor Onboarding: differentiated
    • Vendor Assessment & Evidence Collection: very differentiated
    • Vendor Evidence Review & Analysis: very differentiated
    • Vendor Remediation & Recommendations: very differentiated
    • Program & Actionable Reporting: highly differentiated
  • They are looking to grow the number of vendors they assess in the next year by 1-10%.

Prevalent Case Study

Medium Enterprise Legal Company

Introduction

This case study of a medium enterprise legal company is based on a June 2020 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’s Legal Vendor Network (LVN) has enabled me to perform repeatable vendor risk assessments.”

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: more than 8 hours per vendor
  • Reasons they were not able to complete more assessments prior to utilizing Prevalent:
    • A lack of staffing
  • Turnaround time from assessment submission to receiving an adequately completed assessment:
    • Prior to using Prevalent: More than 20 days per assessment

Use Case

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

  • Vendors evaluated before ultimately choosing Prevalent:
    • CyberGRX

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: 4-5 hours per vendor
  • Turnaround time from assessment submission to receiving an adequately completed assessment:
    • Since using Prevalent: 6-10 days per assessment
  • Able to complete 11-20 assessments per year since they began utilizing Prevalent for managed collection and analysis services.
  • Now that they are utilizing Prevalent:
    • They require fewer resources dedicated to collecting and analyzing questionnaires and vendor-submitted evidence
    • Confirmed that with the same resources, they are now able to spend time mitigating risks as opposed to validating information. They are focused on the right things
  • Prevalent capabilities in terms of how differentiated they are compared to the competition:
    • Vendor Onboarding: highly differentiated
    • Vendor Assessment & Evidence Collection: highly differentiated
    • Vendor Evidence Review & Analysis: highly 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 We are not planning to grow the number of vendors we are assessing in the next year.

Prevalent Case Study

Large Enterprise Professional Services Company

Introduction

This case study of a large enterprise professional services company is based on a June 2020 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

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: 4-5 hours per vendor
  • Reasons they were not able to complete more assessments prior to utilizing Prevalent:
    • A lack of staffing
    • Not enough time
  • Turnaround time from assessment submission to receiving an adequately completed assessment:
    • Prior to using Prevalent: More than 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: 11-20 days per assessment
  • Now that they are utilizing Prevalent:
    • Confirmed that with the same resources, they are now able to spend time mitigating risks as opposed to validating information. They are focused on the right things
  • Prevalent capabilities in terms of how differentiated they are compared to the competition:
    • Vendor Onboarding: very differentiated
    • Vendor Assessment & Evidence Collection: differentiated
    • Program & Actionable Reporting: differentiated
  • They are looking to grow the number of vendors they assess in the next year by 11-25%.

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:

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.



More Research on Prevalent