Prevalent Medium Enterprise Financial Services Company

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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

TechValidate Research on Prevalent

Medium Enterprise Financial Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

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