TechValidate Research on Prevalent

TechValidate Customer Research Library / Prevalent / Case Studies /

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.

Share

Embed

Download

“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

Company Profile

The company featured in this case study asked to have its name publicly blinded because publicly endorsing vendors is against their policies.

TechValidate stands behind the authenticity of this data.

Company Size:
Medium Enterprise

Industry:
Financial Services

About Prevalent

Prevalent is helping global organizations manage and monitor the security threats and risks associated with third and fourth-party vendors.

Learn More:

Prevalent

Source: TechValidate survey of a Medium Enterprise Financial Services Company
Validated
  Published: Jul. 20, 2021   TVID: 65F-D18-13A




About This Data

This data was sourced directly from verified users of Prevalent by TechValidate.

TechValidate verifies the identity and organizational affiliation of all participants that contribute to published research data. When research participants so desire, we also guarantee their anonymity so that they may share information honestly and freely.


More Research on Prevalent



© Copyright 2024 SurveyMonkey. All marks used on this site are the property of their respective owners. Privacy Policy Terms of Use