Name: Prevalent Third-Party Risk Management Platform Overview
Uploaded: 2020-03-26T20:31:56.000Z
Duration: 2 min 8 s
Description: A brief video showing how Prevalent increases the visibility, efficiency and scale of a third-party risk management program.

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### Vendor Assessments
Users generally praise Prevalent Third-Party Risk Management Platform's vendor assessment capabilities. Reviewers appreciate the platform's ease of use, customizable questionnaires, and automated processes for vendor assessments. The ability to monitor high-risk vendors continuously and receive timely alerts for identified risks is highlighted as a valuable feature. Additionally, users find the platform intuitive, providing detailed information at a glance and streamlining the vendor assessment process. Despite some minor suggestions for improvement, such as enhancing the cosmetic appeal of the platform and providing more detailed insights into cyber monitoring findings, users overall find the vendor assessment functionality of Prevalent to be effective and beneficial for managing vendor relationships.

### Supplier Monitoring
Users consistently praise the efficiency and effectiveness of Prevalent Third-Party Risk Management Platform's monitoring capabilities. The platform's supplier monitoring functionality is lauded for its ease of use, quick access to monitoring data, and clear presentation of risks associated with third-party vendors. While some users express a desire for more detailed information on identified risks and a more visually appealing interface, overall, the ability to quickly assess and mitigate risks with high-risk vendors is highly valued. Additionally, the managed offerings, templated surveys, and continuous monitoring provided by Prevalent are highlighted as valuable features that enhance the vendor management process.

### Supply Chain Management
The feedback from users regarding Prevalent Third-Party Risk Management Platform's supply chain management capabilities is predominantly positive. Users appreciate the platform's ability to streamline supplier risk assessment and enhance visibility across the entire supply chain. The automation features have significantly reduced operating costs and improved consistency in managing third-party relationships. While some users mention areas for potential improvement, overall, the platform is seen as a valuable tool for effectively managing and monitoring supply chain risks.

### Risk Assessment and Mitigation
Users appreciate the automation and ease of use provided by Prevalent Third-Party Risk Management Platform for risk assessment and mitigation processes. While some users desire more detailed information on identified risks, overall, the platform is commended for its ability to help organizations identify, monitor, and mitigate risks associated with third-party vendors effectively. The templated surveys for various categories, along with continuous monitoring and remediation support, are highlighted as valuable features that contribute to enhancing compliance and security postures. Suggestions for improvement include enhancing the platform's visual appeal and providing more flexibility in accessing vendor information during the RFP process. Despite minor areas for enhancement, users find that Prevalent's risk assessment and mitigation functionalities play a significant role in strengthening their overall risk management strategies.

### Compliance and Regulations
Users appreciate the platform's ability to streamline compliance processes and ensure adherence to local regulations. The automation and user-friendly interface have significantly improved the efficiency of managing compliance requirements related to third-party vendors. While some users have noted minor areas for improvement, overall, the consensus is that the platform effectively supports compliance and regulatory needs.

### Security and Cyber Risk Management
Users consistently highlight the Prevalent Third-Party Risk Management Platform's adept handling of security and cyber risk management tasks. They appreciate the platform's efficiency in capturing and assessing vendor cyber risks to ensure compliance with regulations. The automation and user-friendly interface have notably streamlined processes, replacing cumbersome manual methods with ease and accuracy. While some users suggest minor improvements in data presentation and accessibility, overall, the platform's security and cyber risk management functionalities are well-regarded for their effectiveness and reliability.

Users of the software have found it to be extremely helpful in identifying risks within their supply chain. By using the platform, they are able to easily assess risks in specific relationships and gain a better understanding of vendor security measures. This has allowed them to make more informed decisions about which suppliers to engage with and has directed them towards seeking other services when necessary.

Another way in which the product has been beneficial is by reducing operating costs, particularly with second and third-tier suppliers. It brings consistency and rapid response to industry threats, allowing users to effectively mitigate risk. Additionally, customers appreciate having all suppliers in one place and being able to correlate risks for trends in the supply chain.

The platform's ability to quickly mobilize assessments and track them, as well as automate processes, has significantly reduced administrative tasks for users. They also benefit from continuous monitoring of high-risk and business-critical third parties, enabling them to quickly mitigate any issues that arise. Moreover, the software provides an organized record of assessments and service providers, allowing for a standardized process.

Automation plays a crucial role in streamlining vendor management by eliminating extensive communications and the use of spreadsheets. Users rely on the software for assessing and reporting vendor risk, which frees up their time to focus on other tasks. It also helps meet compliance requirements and enhance security posture related to third-party vendors.

Key use cases of the product include supplier risk assessment, supply chain risk management, onboarding and due diligence of new suppliers, and annual risk reviews of subcontractors. The ease of use and automation provided by the software are highly appreciated by users who have transitioned from spreadsheet-based processes.

Overall, this product addresses critical pain points such as lack of oversight, manual processes, and the need for continuous monitoring. It allows users to recognize all risks associated with third-party vendors, making vendor risk management easier and more efficient.

Helpful Service and Support: Many users have expressed their appreciation for the assistance they received from Prevalent's service and support team. They found them to be very helpful in getting up to speed with the platform and receiving new recommendations.

Simplicity and Ease of Use: Several reviewers have praised the simplicity and user-friendly nature of Prevalent's platform. They mentioned that it delivers on its promises and is easy to navigate.

Effective Vendor Security Management: Users have highlighted the effectiveness of Prevalent's platform in managing and assessing vendor security. They specifically appreciate features such as the ability to record various types of risks, map out supply chains, and articulate risks easily.

Users have provided several recommendations for using Prevalent effectively in managing the supply chain. 

Firstly, it is important to implement the tool properly in order to achieve the best results. Users emphasize the need to understand what they want to assess and monitor, as well as their risk appetite, in order for the system to work optimally.

Secondly, working closely with Prevalent is advised when reviewing different regulations and identifying overlapping risks. This collaboration enables users to reduce overhead by streamlining processes and ensuring compliance.

Lastly, users recommend having a clear understanding of their process and goals before getting started with Prevalent. This proactive approach helps users tailor the system to their specific needs and maximize its effectiveness.

Overall, users have had positive experiences with Prevalent and would recommend it without hesitation.

Delivered via the cloud, the Prevalent platform, now from Mitratech, unites automated vendor assessments, continuous threat monitoring, and a network of standard shared assessments for organizations to gain a 360-degree view of vendors to simplify compliance.

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Vendor Risk Management

The Entity Dashboard that centrally manages third parties, launch and check the status of assessments, see a centralized view of vendor risks, assign and manage tasks, see and report on risks.

Real-time insights into vendor risks through integrated Cyber & Business Monitoring, which ingests more than 200 sources of risk intelligence to inform risk scoring and assessments.

Compliance status is visualized against more than 50 industry and regulatory frameworks with built-in Compliance Mapping. Project future compliance after the application of remediations.

For
over 30 years, Mitratech has been committed to solving the complex needs of
legal and compliance professionals. Our long standing focus on the unique
challenges facing legal departments, compliance and risk functions uniquely
positions Mitratech to help companies across the globe use innovative
technological solutions to break down the barriers between legal, regulatory
and compliance, as well as operational risk. Our technology unlocks opportunity
and reduces the impact of adverse events with transparency, predictability and
control. 
Expanding global business operations, demanding regulatory environments, and
multifaceted legal matters are changing the way business leaders look at
opportunities and manage enterprise risk. Legal requirements, regulatory
changes and operational concerns create complex, overlapping obligations that
corporations are forced to manage. Passive management, or worse, reactive
response, is no longer an option. The risks and resulting costs of complacency,
both in terms of opportunities unrealized and the negative impact on
profitability, can be too damaging. These elements intersect to create a
complexity unprecedented in our history. 
 
Our portfolio of Enterprise Legal and Risk Management solutions serve the needs
of corporations through the legal department, compliance and risk functions,
and their executive leadership teams.

Mitratech

Prevalent Third-Party Risk Management Platform datasheet.

A brief video showing how Prevalent increases the visibility, efficiency and scale of a third-party risk management program.

Prevalent Third-Party Risk Management Platform Overview

With Prevalent, you increase the visibility, efficiency and scale of your third-party risk management program by:

•  Automating vendor data collection and analysis, so you can focus on reducing risk;
•  Producing reports that map vendor controls to compliance mandates and industry guidelines; and
•  Following a proven maturity methodology that’s backed by our expert services teams.

Everything is integrated for complete, 360-degree visibility into third-party risk, enabling you to close security gaps and ensure compliance throughout your vendor ecosystem.

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