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Third-Party Risk Management | Prevalent
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78.9%
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Prevalent have been a pleasure to work with form the moment we engaged them. The tech has delivered exactly what was promised and is very simple to use. We have all of our third parties out of Excel and into a system providing MI to the team and business. Using entities allows us to map our service ecosystem to a granular level including data mapping for GDPR. The digital risk register and exports allows us to quickly navigate what's important, focus in the right areas and report to the exec.
Being a SaaS product, what we want as the next feature may not be coming until much further down the roadmap.
We have reduced our operating costs especially on 2nd and 3rd tier suppliers. It's brought a level of consistency across all third parties and enables us to react and respond to industry threats rapidly. We understand our Supply Chain in great detail which simply wasn't possible before using the platform.
Being able to record different types of risks in one place
Being able to map out your supply chain which helps with our procurement department
Being able to articulate risks
Having anyone from the business access the tool easily
GUI presentation, very slick and easy to use
Lack of integration options so far within the platform, but understand more to come
If you are serious about managing your supply chain effectively and not treating it as a tick boxing activity, then I suggest really implementing the tool properly to get the best out of it
Being able to have all suppliers in one place and being able to correlate risks for trends in our supply chain
Being able to mobilize assessments and track quickly
Being able to automate our process more, reducing admin tasks
Prevalent is extremely easy to use! The platform itself is clean and straightforward, and the workflows are easily maneuvered. It is not difficult to access the list of vendors or pull reports from the data Prevalent has collected. Prevalent's customer service and support is excellent. Our representative has gone above and beyond to communicate with our team and work through any requests we might have.
I think it would be wonderful if our organization was able to customize the appearance of our profile in Prevalent's platform. It's very clean and organized, but it would be nice if we were able to choose colors, etc. It would also be nice to be able to have the option of a quick 'review' of a potential third party vendor, rather than having to fully invest one of our licenses in a vendor, as we do not always move forward with every vendor we screen.
We are working with Prevalent to monitor the third parties we work with that our organization has deemed as high risk and business critical. It has been extremely beneficial to have a continual monitoring of these parties, as well as have quick access to any issue that may arise and be able to mitigate the situation as quick as possible.
The best part of using Prevalent was their managed offerings, where remediation and the surveys themselves were handled for us. I also really liked that the surveys for the vendors were templated for many different categories, as well as the monitoring, onboarding, and remediation.
The platform is very complex, and the onboarding process for the tool was overwhelming for us, as we were completely new to this process. The GUI and system could also be easier to use and more intuative.
We are using Prevalent to improve our compliance with our compliance mandates, as well as helping us improve our security posture related to third party vendors. We are also using the program to ensure that our vendors are compliant with our business security needs and to help improve their security.
Ease of use! The platform is straightforward to navigate and intuitive. The ability to access monitoring data and reports is quick and easy, and the monitoring data is current, clear, and concise.
Highly value the ability to quickly view business, financial and cyber monitoring data on our vendors, and spot any risks that are scored high-risk.
Prevalent's customer service and support, and staff are exceptional.
We were able to implement single-sign on.
I would like to see more details regarding identified risks within the cyber monitoring findings (but I believe Prevalent is already working on this with their external party).
The platform is clean looking, but it could use a cosmetic facelift, so it's more eye-appealing.
Would appreciate the ability to do a quick peek on a vendor during an RFP process (without buying a full year license).
We are using Prevalent to monitor our high-risk, business-critical third parties continuously. We are alerted when risks are identified, which allows us to analyze and mitigate the risk quickly.
Centralized management and the dashboard views
Some limited export capabilities of data
Solving the management of Vendors in one centralized and informative portal. Eliminates extensive communications and the use of spreadsheets, with workflows and questionnaires.
Platform is easy to navigate and makes reviewing assessments simple.
Nothing at this point, still in our first year using the tool.
N/A
Assessing Vendor risk and reporting that data out to management.
The service and support were really what won us over. They were very helpful in getting us up to speed and keeping in touch with new recommendations.
The user interface was good but that is where we did see some room for improvement. It could be more intuitive.
It is helping us identify risks we have in our supply chain and pointing us in the right direction of were we need to seek other services.
Prevalent portal is a great vendor management tool that automates the process and allows customization on survey questions and risks which is usually not available in other platforms.
Report functionalities are limited in the portal. There are also limited resources in the Help Centre that provides guidelines on new functionalities in the portal.
It allowed us to maintain an organized record of our assessments and service providers giving us the ability to have a standardized process for all assessments.
The automated email notifications sent for some actions in the portal also helped in lessening some admin work during reviews.
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The services provided to manage and assess vendor security.
I have no dislikes. There are a couple of convenience features that could be added, but they take criticism very well and make suggestions to their team for improvements.
I have a much better understanding of vendor's security measures, and can better assess risks present in certain relationships.