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