Challenges
The business challenges that led the profiled company to evaluate and ultimately select Prevalent:
- Top drivers for purchasing their Prevalent third-party risk management solution:
- Compliance – reporting against specific regulatory or industry framework requirements
- Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
- Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
- Greater risk-based intelligence
- Challenges that deploying Prevalent solved for their organization:
- A lack of guidance in addressing industry standards or third-party regulatory compliance requirements for cyber risk, InfoSec, or data privacy
- An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
- An inconsistent methodology for vendor risk management
- Vendors evaluated before choosing Prevalent:
Use Case
- Looking to grow the number of vendors they assess in the next 12 months by 11-25%.
Results
The surveyed company achieved the following results with Prevalent:
- The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Breadth of available surveys: differentiated
- Assessment scheduling and automated chasing reminders: very differentiated
- Automated risk and compliance register: very differentiated
- Centralized document/evidence management: very differentiated
- Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
- Identify key controls and apply reporting to the most critical relevant risks: very highly differentiated
- In-solution communication with suppliers on remediating risks: very differentiated
- Identify and visualize relationships between entities to demonstrate dependencies and flows of information: differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
- How long it took to complete an assessment:
- Before deploying Prevalent: more than a month
- After deploying Prevalent: 1-2 weeks
- Saved more than 1 week per assessment on average by utilizing the Prevalent Platform.
