Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced it has been named a Leader in the 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools. Compared to the previous year, Prevalent has been recognized as a Leader in the Magic Quadrant based on Gartner’s criteria for completeness of vision and ability to execute, improving its position on both axes. The company was previously recognized as a Visionary.
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The Prevalent Third-Party Risk Management Platform is a SaaS solution that enables customers to automate the critical tasks required to manage, assess and monitor their third parties across the entire vendor life cycle.
Prevalent believes its Magic Quadrant recognition validates its key differentiators including:
- Choice and flexibility of products, networks and managed services: Prevalent delivers unmatched flexibility and expertise by equipping organizations with a) a platform that automates vendor assessments; b) the largest network of completed, standardized vendor surveys and intelligence for accelerating risk identification and management; and c) the ability to outsource vendor risk management activities to the Prevalent team of experts.
- Proven return on investment (ROI): Prevalent customers have reported identifying risks 44% faster, reducing manual work by 50%, and increasing productivity by a factor of three by leveraging Prevalent’s solutions.
- Complete, inside-out/outside-in risk visibility: The Prevalent VRM platform is unique in that it integrates cyber and business monitoring with assessments natively to provide a complete view of vendor risks. Prevalent is the only vendor with a fully integrated, native continuous monitoring solution to complement vendor assessments.
“We believe having the strongest strategy among pure VRM providers further validates the strength of our vendor risk management approach,” said Kevin Hickey, CEO of Prevalent. “To us, being named a Leader in the Magic Quadrant for IT Vendor Risk Management Tools clearly illustrates not only the hard work of our team, but also the dedication to delivering innovative solutions to our customers. As today’s pandemic continues to create more obstacles for the supply chain and an increase in malicious activity, it’s more important than ever for companies to implement a vendor risk management program that combines execution against today’s threats and a strong strategy for the future. Prevalent delivers fast time-to-value and deep VRM capabilities, helping companies mitigate today’s risks.”
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