Prevalent Medium Enterprise Professional Services Company

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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

TechValidate Research on Prevalent

Medium Enterprise Professional Services Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

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