Prevalent Large Enterprise Professional Services Company

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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

TechValidate Research on Prevalent

Large Enterprise Professional Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

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