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Prevalent Introduces a New Solution for Centralizing and Automating Vendor Contract Lifecycle Management

Banking CIO Outlook | Friday, December 10, 2021

 

Prevalent makes third-party risk management easier (TPRM). Our software and services help businesses eliminate the security and compliance risks associated with working with vendors, suppliers, and other third parties throughout the vendor risk management lifecycle

Fremont, CA: Prevalent, the company that takes the pain out of third-party risk management (TPRM), released Contract Essentials recently. This SaaS solution centralizes the distribution, discussion, retention, and review of vendor contracts while leveraging workflow to automate the contract lifecycle from onboarding to offboarding. Contract Essentials provides procurement and legal teams with a single solution for the first time, allowing them to connect with broader vendor risk management programs and improve business owner participation in the contracting process.

"Managing contracts can be one of the most frustrating and time-consuming aspects of vendor management for a variety of reasons," said Alastair Parr, senior vice president of global products and services at Prevalent, Inc. "Contract Essentials enables organizations to eliminate spreadsheets and endless back-and-forth communication, which not only saves money but also significantly reduces risk."

Today's organizations must act quickly to ensure that they have the services and products necessary to compete. Unfortunately, current contracting processes are time-consuming and inefficient, and many teams and business units avoid them to minimize operational stumbling blocks. However, the procurement and legal teams' lack of visibility into contracts increases costs and business risk. Prevalent Contract Essentials provides the necessary visibility, ensuring that organizations are better protected from third-party risk management threats. The following are some of the most important Contract Essentials advantages:

Simplify the Management and Tracking of Dates and Other Key Attributes

Contract Essentials enables procurement and legal teams to track all contracts and contract attributes such as type, start and end dates, contract value, reminders, and status in a centralized location, with customized views based on their role. In addition, with the ability to customize reminders, such as when a contract expires, teams across the enterprise can reduce the risk of missing important details.

Structure Vendor Contract Management to Reduce Manual Processes

Contract Essentials begins by standardizing contract intake and onboarding by providing a web-based form with pre-built templates or an API for ingesting vendor contract data from other systems. The customizable workflow then automates the progression of contracts through their lifecycle – from negotiation and terms to signatures and review – using contract-specific workflow. Procurement managers can use this workflow to assign and track tasks like automated reminders or overdue notices against contracts while maintaining clear communication with all parties involved.

Unify Third-Party Vendor Risk Management

Contract Essentials is a component of a comprehensive third-party risk management platform that enables organizations to centralize the management of third-party security, privacy, business, financial, and contract risks in a single enterprise-wide solution supported by a common risk register, risk scoring, remediation, and reporting. This method closes previously unknown risk gaps and improves operational maturity.

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